Loans for retirees – the best offers
There are about 9 million people in Poland receiving a retirement pension every month. Money lending institutions consider them reliable customers. For this reason, pensioners usually have no trouble getting funds. So where do you apply for a pensioner?
Where can I apply for a loan for a retired person in addition to those listed above? We’ve gathered all the companies in the tabs below. By clicking one of the buttons below you will be taken to the appropriate section.
Non-bank companies are happy to lend to pensioners
Non-bank companies and banks are most willing to grant loans to those who have a steady income and pay their liabilities on time. Pensioners are considered reliable lenders and that is why financial institutions willingly grant them loans for small amounts. Both banks and loan companies do not underestimate this group of customers, even if, every year, more and more people acquire the right to receive retirement and disability benefits.
When it comes to loans for retirees and pensioners, the biggest obstacle is age. It is true that both banks and non-bank companies lend small amounts of money to persons receiving retirement and disability benefits, but they often set an upper age limit, e.g. 70.75 or 80 years. In addition to the conditions under which the loan will be granted, this is the main criterion to which attention should be paid when comparing available offers.
What do pensioners borrow for?
The analysis carried out by BIG InfoMonitor shows that two out of five pensioners support their loved ones financially. 41% of respondents who took part in the survey say that they help children and grandchildren. It is the youngest family members who are often the weak point of retirees and they most often benefit from financial support.
What do pensioners usually use the money for? Most often for current expenses of the immediate family and renovations. Many take out a loan to buy ADG or electronic equipment for their children or grandchildren. There are also those who allocate funds received to finance family celebrations, e.g. weddings or baptisms.
How much do pensioners borrow?
What amounts are retirees interested in to meet the needs of their loved ones? The analysis shows that the amounts range from $ 9,700 to 9,900. Pensioners who need funds for their own needs borrow less – the average amount is $ 6,700. Seniors financially supporting their loved ones usually do it on a donation basis – they do not expect repayment of borrowed money. As a result, it is often on their shoulders to give back the loan they have taken out.
The above amounts are large if you look at the average amount of retirement benefits received by retirees. According to the Central Statistical Office of Poland, in 2017 the average pension amounted to $ 2,138 gross, i.e. slightly more than the minimum wage applicable at the time.
A loan for a pensioner does not have to be expensive
Pensioners can go to a bank or a loan company for a loan. The latter have a more flexible approach to borrowing money. In addition to formal issues, such as the lack of the need to provide a certificate of income, the maximum age of the borrower remains. Some loan companies do not set an upper age limit – they consider each application.
From the lenders’ point of view, pensioners are clients who reliably pay their debts. Products designed for them are not more expensive. In many non-bank companies, seniors can get their first loan for free. This is a tempting option that can also influence the decision to apply for funds, especially since most loans have no age restrictions. This option is not offered even in the case of credit.
Loan for a pensioner without age restrictions
When applying for a bank loan, the biggest problem will probably be age. As many as 10 of the largest Polish banks set the upper age limit at 70 years. In a few others, to apply for a loan, the maximum age is 65. Only 4 banks offer financing for persons up to 75 and 80 years old. Of course, this is not a good news for retired people. In the case of the latter, additional life insurance is required. Most often, this is why an online non-bank loan has an advantage over credit. Most companies do not have a maximum age limit, and the whole process is much faster. We invite you to check short loan offers and installment loans with no age restrictions for retirees.
Also check: Indexation of pensions – who will get a raise?
What should borrowing pensioners especially watch out for?
In the media and on the Internet you can find a whole lot of stories about loan fraud cases. Often the victims of such situations are pensioners, i.e. the elderly. Fraudsters use specialized vocabulary and difficult names for the simplest things, so that the client does not really know what costs the loan will entail. This type of situation occurs almost always in the case of ads posted at a bus stop or on a pole. This is often used for loans and credit collateral. The pensioner does not really know what percentage he has borrowed and he may face a sad surprise if he cannot recover the mortgage or worse. That is why, before signing the contract, it is worth consulting a person who is talking about loans, or simply choose the company whose services were used by friends.