It is not only young people with irregular income and people “in the middle of their lives” who are occasionally affected by unwelcome bills that would occasionally need to take a short-term loan. People in the slightly older sections of the population may also need to borrow.
Many pensioners feel that they are turning and turning every penny. This applies both to those who had a relatively high income in the professional life and those who worked in typical low-wage industries. The day you retire, the monthly income drops many times drastically and it becomes a new reality to relate to.
For those who live day by day, it will be a challenge to pay, for example, a larger bill, which was not foreseen, or a visit to the dentist. One solution then is to borrow, and then primarily to take a quick loan. The question then is whether it is possible as a pensioner to take a quick loan? Surely there is an upper age limit in the same way that there is a lowest possible age?
74 years is normally the maximum age
Lending is something that is largely regulated voluntarily between the parties. This also applies to the age limits (except the statutory 18-year limit). Thus, it is free for the lender to lend to a person who is 65 years, 80 years or even 100 years. However, the lender’s risk increases for each additional year, and this is practically due to the risk of the borrower’s death increasing.
In order to be able to lend to pensioners while not taking “unnecessary” risk, the lender collective has unofficially agreed that 74 years is a suitable maximum age for those who want to borrow. For private loans, the age limit is that the entire loan must be repaid before the year the borrower turns 75 years. For fast loans, which are repaid within one or a few months, instead, loans cannot be granted after the month the potential borrower turns 75 years.
The sum of the pension
The most important thing for a lender is the current monthly income and this in relation to the monthly expenses. A person who has a large fortune automatically has a more stable economy, but this factor is of little importance in the lender’s credit control. For a pensioner who wants to borrow, it is therefore the ongoing pension payments that are central.
In the context of loans, the pension is calculated in exactly the same way as “ordinary” income from work. If the minimum requirement for borrowing, for example, USD 100,000 per year (declared income), it does not matter if the money comes from an employer or is in the form of a pension.
If you are under 75 and have a pension that in total per year exceeds the minimum requirement for the relevant lender, you have, provided that your finances are otherwise organized, chances are that you will be granted a fast loan as a pensioner.
Tip – borrow without interest
Taking a quick loan, whether you are retired or in any other stage of life, is something you should do only in exceptional cases. The short repayment period is a risk in itself. The fact that the loan normally runs at a cost that is often substantially increased in relation to the loan amount itself is another disadvantage.
You cannot do the repayment period. However, you can affect the cost and you can actually get it down to USD 0. With interest-free quick loans, you pay nothing for your fast loan if you pay back on time.