One of the financial products that generate more doubts are loans for retirees, due to the particular characteristics of this group compared to others. And is that one of the most frequent questions that many users who come at a certain age ask is: Can I get a loan if I am retired or if I am a pensioner? In this sense it is necessary to clarify that loans for withdrawals require the same conditions as for any other loan or online credit, although from a certain age it is common to meet another set of additional requirements. Here we explain what are the main differences between loans for pensioners and the rest of personal loans online and how to get them.
Requirements to get loans for retirees
As we have said, the most common is that retirees have to meet the same conditions as the rest of mortals for a loan to be approved, but it is true that financial credit institutions will take age into account. For most lenders, the ideal is that they do not exceed 75 years at the time of taking out the loan or, failing that, that there is a figure of a guarantor who supports them.
In addition to age, another relevant factor is the creditworthiness of the applicant, and to prove it, the corresponding documents will be required, but as a general rule it is difficult to obtain loans beyond 70 or 71 years. At least, if there is no guarantee, as indicated by the same sources.
To prove solvency, any financial credit institution will require some information about the last job that was taken and proof of income of the pension, being able to request the existence of a guarantee. In addition, another condition for obtaining both loans for pensioners and an online credit will be the DNI or NIE of the applicant, proving that they reside in Spain.
Account variables to grant loans to retirees
- SOLVENCY: It is the first thing that any credit institution takes into account, whether we are talking about a loan for retirees or for any other group that requests it. If the lender considers that you will not be able to return your fast credit online, it will not approve it. In the case of loans for retirees, solvency will be valued on the income statement and income receipts of the retirement pension mainly.
- AGE: Any lender will take into account whether the borrower will be able to repay his loan no later than 75 years old, since from this age the risk of default increases. The usual practice is that we are required to have a guarantee, usually an heir, who will comply with the loan in case of death or default. Failing that, the requirement can go through non-payment insurance.
Millennials are the ones that consume the most online loans
Although loans for retirees are highly demanded financial products, this is not the main sector of the population that applies for online loans, as revealed by the study published by Copy Lender Bank: Trends in the demand for online loans.
In the aforementioned study, it is affirmed that the population sector that comes most to this financing route is the so-called millennials, born between 1980 and 1997 and Generation X, born between 1966 and 1980. The age range of most applicants Online loan is 30 to 39 years. In this sense, the use of technology and the detachment that this sector has towards traditional banks, makes it understandable that they are the ones who use this type of loans the most.
In the study, credit applications made in Spain have been analyzed through the website during 2016 and in addition to dealing with the age of applicants, it reveals other relevant data such as the preferred time of day to request a loan and the days of the week in which they are most requested as well as the employment and family situation of these users. In this sense, the study states that pensioners have accounted for 10% of loan applications in Copy Lender Bank, compared with 69% of users who declared themselves to be workers.