For pensioners taking a loan can quickly become a nuisance. This is especially true when all the prerequisites have been fulfilled, but the bank nevertheless refuses to grant a loan for pensioners.
The reason: age. The fear is that the borrower will prematurely give up and the bank would have to complain about a credit default.
Especially for people in their prime, going to the bank can be a very frustrating business. But there are ways in which a loan can be granted for pensioners.
When do pensioners receive a loan from the bank?
Some pensioners ask for a visit to the credit institution of their trust not without reason, if, and if so how one can then make the bank now right. A regular income in the form of regular pension payments is available and other collateral of a material nature may also be available.
Nevertheless, the loan was rejected. Banks are often fearing a credit default on biological grounds, much to the annoyance of the applicant, who feels from a biological perspective still outstanding and just wanted to emphasize the fulfillment of a desire.
Many retirees have already begun not to make the loan application themselves, but to use their own relatives, which, because younger, the biological requirements of the bank is even more likely to meet.
Grandsons, sons and daughters can just as well apply for the loan, which means that the pensioner can still fulfill his wish.
For this, however, it is necessary that the younger applicant has sufficient collateral. This primarily concerns sufficient creditworthiness.
Alternatively, however, a guarantee may be sought. In this way, a loan for pensioners is still possible, provided that the guarantor is considered creditworthy. Schufaauskunft and income test are therefore due here.
The guarantor then ensures that the loan will continue to be paid off even if the pensioner, for whatever reason, can not or will not be able to meet the payments himself.
From this point on, the guarantor is liable on his own and can therefore be fully prosecuted by the bank.
The same applies to the co-applicant.
He, too, must have a sound creditworthiness with which the debt service can be mastered alone if necessary. In contrast to the guarantor, however, the co-applicant is liable from the outset on his own account and must thus ensure the debt service from the conclusion of the contract.
Under no circumstances should a pensioner get carried away on worse terms than is usual for the credit for pensioners with existing creditworthiness.
In this case, one can safely turn away as an applicant also the own house bank, because the credit market is large and alternative offers can be found with a little patience and conscientious comparisons quickly.
If there is no guarantor or co-applicant available who could support the pensioner, often the only alternative left is to arrange a residual debt insurance for the credit for pensioners as well. This will then pay off the complete loan at once, should the applicant actually die during the term.
Before, however, enough offers should have been obtained, because residual debt insurance can drive up the price of a loan enormously. The insurance premiums fall over time, as they are always adjusted to the remaining loan amount, but this increases the monthly burden significantly from the beginning.
Whether the residual debt insurance here represents an ideal solution must therefore be weighed up on a case-by-case basis.