Are you a pensioner over 70 or over 80 and looking for the cheapest possible loan? This is not easy. Many banks will be very skeptical about your loan request. No bank is likely to tell you that lending alone fails because of your relatively old age.
That would be a reason for you to contact the anti-discrimination body, which would be inconvenient for the bank.
The bank will hide behind the argument that your credit rating is insufficient and therefore, to the credit institution’s regret, it cannot fulfill your credit request.
The creditworthiness argument cannot be completely dismissed
Each bank has its own checking scheme, according to which the credit rating is determined. The core values of the credit bureaus (Credit Bureau and Co), as well as personal and economic conditions, are taken into account. From the bank’s point of view, credit checks are carried out in order to keep the credit default risk as low as possible.
Age plays a role here as a credit-relevant personal characteristic of the credit customer. It can already be argued that the credit default risk for loans for pensioners increases with age.
Bank’s weight characteristics that determine creditworthiness differently. That is why you will find banks where you have no chance at all as a 70-year-old or 80-year-old pensioner, while others are willing to lend in certain circumstances.
The best way to find out is to engage a reputable credit broker through a credit comparison.
Loan for pensioners over 70 with Good Credit
Good Credit is a loan broker. Credit inquiries and the preparation of loan offers are free and non-binding. We recommend Good Credit because the financial service provider is known for its fair and competent advice.
Good Credit will not fool you and will tell you clearly whether and to what extent your credit request can be fulfilled. The credit broker will help you to find the right loan amount with the right term.
Credit brokers receive a commission if the loan brokerage is successful. The commission is included in the APR. This makes it easy to compare with other loan offers. If you find a cheaper loan elsewhere, take out this loan and not the loan brokered by Good Credit. As a rule, brokerage commissions do not make the loan more expensive for borrowers. Rather, the banks are charged alone.
Good Credit claims to provide loans for pensioners who are not older than 75 years.
Find loans for pensioners with E-Money
The E-Money comparison portal is considered a market leader in Germany. The best direct banks take part in the comparison.
You can find out about application requirements and award guidelines by opening the product details.
One application at E-Money is sufficient (free of charge and without obligation), and the financial service provider automatically determines the best loan offer tailored to your personal circumstances among the partner banks.
Of course, your age will be taken into account. The Good Credit loan comparison also includes banks that issue loans to pensioners over 70 years and older.
Lending to retirees: maximum age at individual banks
If you look at the product details of individual banks in the E-Money credit comparison, they will make a gratifying statement. All participating banks generally grant loans to pensioners.
However, information on the maximum age is missing. Banks are not required to disclose their credit rating criteria. Therefore, they do not have to explain the maximum age for loans and where the term limits are.
Some banks do. Below is a selection without claim to completeness.
The information does not have to be up to date. Banks regularly adjust their lending guidelines.
Therefore a tip :
If you decide not to submit a loan request to a loan comparison or a credit broker, simply call the selected bank – direct bank or branch bank – beforehand and inquire whether a loan is basically possible at your age.
Almost all of the banks listed participate in the E-Money loan comparison or are partner banks of Good Credit.