The Swiss loan for pensioners is an option if it is no longer possible to grant credit on the credit market in Germany. In Germany, age can lead to problems with loans at an early stage. Nevertheless, miracles cannot be expected from the cantonal banks. At the age of 75, the Fine Bank loan no longer exists.
Swiss loan for pensioners – shifting the age limits upwards
The Swiss loan for pensioners, like any other loan, is linked to realistic repayment ability. In Germany, there is no uniform picture regarding the age limits for credit. Nevertheless, rough divisions can be made so that your own loan request can be assessed more realistically.
The first difficulties in lending real estate loans can be expected in the 50+ age group. Long-term loans that require repayment beyond the pension limit are often no longer possible. All normal consumer loans that are preserved up to the age group 60+.
Now it is becoming inconsistent. Some providers continue to grant credit over the age of 65, but the repayment must be completed before their 70th birthday. Beyond this date, only the Swiss loan for retirees is possible.
Loan requirements for pensioner loans
A significant loss of income is associated with retirement. Thanks to the agenda policy, the creditworthiness of many pensioners has practically disappeared at one stroke. Your pension is secure. It will be transferred to the account on time every month. The garnishment exemption limit hardly exceeds an average pension. As a result, the basic prerequisite for lending is often lacking – sufficient income for secure installment payments.
Of course, there are also pensioners who do not have this problem. For them, only the age limit is the crucial problem. The foreign loan for pensioners shifts this limit to the age of 75. Foreign credit is a good option for sprightly retirees who want to be creditworthy without external help and who are solely liable. Nevertheless, there are a few things to consider when applying.
Cost traps for senior citizens’ loans
Regardless of the country of origin of the loan, the security of their investment has top priority for every lender. Residual debt insurance is therefore often “offered” very emphatically. The costs of such insurance are perfectly acceptable for younger people. For senior citizens, residual debt insurance can go far beyond the budget.
Seniors who are faced with the problem of only getting a loan with residual debt insurance should think about alternatives. It would be significantly cheaper to get a co-applicant, for example one of the children, on board.
The creditworthiness thus rises again to a normal level. Interest rates fall and a pensioner loan can easily be approved again. The Swiss loan for pensioners can now be applied for at significantly more favorable overall conditions.