The 60+ generation is considered one of the most lucrative sales markets in the German economy. Financially strong and unbound, consumers at an advanced age are willing to spend money and thus offer companies in all industries revenue opportunities.
If seniors wish to fulfill their wishes and take out a loan,
Many banks are stubborn and refuse to grant a loan by pointing to their age. Often it is not possible for older people to take advantage of cheap bargains because the necessary liquidity can not be generated. However, not all banks refuse to lend to clients in their prime: a handful of banks specialize in the wealthy clientele and also provide loans for anyone over sixty years of age.
Anyone wishing to take out a senior credit is well advised to use the services of an experienced credit intermediary who works with many banks to quickly identify the best deal. The walk to the house bank will be punished with high probability with a refusal of the money house. Credit brokers have the option of providing loans to seniors if certain conditions are met.
Information-free loans which are issued to Credit bureau without a request from the lending bank and which are also not entered in the database of the credit bureau are not available to borrowers over sixty; the risk of default seems too high for all banks due to the fact that they are not far from retiring.
Senior loans are flexible
To receive a loan, senior citizens – like all borrowers have to provide proof of sufficient income to repay the loan properly. As a rule, money houses are required to submit the last three pay slips or pension notices. The minimum net income for single borrowers usually amounts to around 1000 usd.
Senior loans are very flexible in terms of purpose: As a rule, no restrictions are imposed and any wishes can be fulfilled. Depending on the age and income situation, however, it is possible that banks demand the cession of assets as collateral this must be clarified in individual cases. Credit intermediaries also help with such operations.