At present the Spanish economy does not live its best days. The unemployment rate is very high, and the number of unemployed is far from falling. With the latest government reforms, the purchasing power of retirees and pensioners has been reduced, so one of the solutions they are considering is to apply for loans for retirees and pensioners. According to data, 25% of households in Spain have only the pension as the only source of income, so this only worsens the situation of the elderly.
This means that retirees and pensioners have to face a large amount of expenses, and the problem is that many of the pensioners subsist on a pension below even the minimum interprofessional salary, receiving $ 617 as a pension, being the pensions received in Spain of the lowest in Europe. Another problem with pensioners today is due to the payment of certain services that until recently were free, or the increase in these services, such as the payment of medicines. This situation has led many retirees and pensioners to be forced to apply for loans and loans to meet unforeseen expenses.
What conditions must a retiree or pensioner meet to qualify for a loan?
In order for a senior citizen to qualify for a loan for retirees and pensioners, it is taken into account that the pension received is sufficient to meet the payment of the loan, that is, to have sufficient repayment capacity. In addition, the requesting person must provide:
- Last income statement.
- Present a credential that identifies you as a retiree or pensioner in addition to the DNI.
- Bank account where to make the loan deposit.
- Document in which bank movements are verified (salary, income in the month, etc.).
Does age matter when applying for a loan for retirees and pensioners?
Due to the crisis that currently plagues the country, banks and entities have seen in retirees and pensioners a possibility of doing business by granting loans and other banking products. This is so, since it is a sector that has a “guaranteed income” at the end of the month, and that today is difficult to find. Once a certain age is exceeded, it is important when requesting a loan for retirees and pensioners, and therefore the entity requests a series of conditions. On the one hand there are the early retirees. When applying for a loan, these pre-retirees have the option of contracting life insurance or amortization insurance, in order to guarantee the capital of the loan to the bank in the event of death or accident.
The difference between the two is that life insurance covers up to 65 years, while amortization insurance covers the pre-retired person up to 70 years. Another case is that of retirees under 75 years old. In addition to hiring life insurance, these people may apply for the loan or credit until such time that the maturity of the loan does not exceed 75 years. Finally we find retirees over 75 years old. In this case, there must be a guarantor, being able to be guarantors both the children of the applicant and any other person, who faces the payment of the loan in case of any event.
Offer of loans for retirees and pensioners:
- Annalisa Club Loan Now, Best Bank: Suitable for financing a housing reform, the purchase of medical assistance devices or to access different services for health and well-being. No opening and study commissions. It allows financing up to 4 years without limit of amount.
- Cash loan, Cream Bank: Financing up to a maximum amount of $ 30,000 to meet any need. No opening or study fees. Repayment term of up to 7 years. It includes the possibility of contracting life insurance or payment amortization.
- Zero loan, Cream Bank: Financing up to a maximum amount of $ 60,000. No opening, study, amortization or early cancellation fees. Repayment term of up to 7 years.
- Bonus Domiciliation Loan, Savers Catch Bank: Financing up to a maximum amount of $ 60,000 This loan is offered with an opening and early repayment commission. Maximum repayment term of 6 years.
These loans for retirees or pensioners usually have the advantages of being offered without commissions, and the amounts granted are variable up to $ 60,000. There are few entities that offer these loans for retirees and pensioners, but considering the situation in Spain and the population’s aging forecasts, it is not ruled out that over time the other entities observe the business opportunity of this sector and Among its products are these loans for retirees and pensioners.
What do you think of these types of loans? Will the number of loans granted to retirees and pensioners increase over time?