Unfortunately, a loan for 80 year olds is not easily available. However, many seniors in old age are facing investments that require increased funding.
Despite the high demand, many banks and other financial service providers no longer lend money beyond a certain age. This is especially the case when it comes to medium- or long-term financing.
Problem solved – explained in a nutshell
- Each lender has the right to set any age limit or leave the age issue open
- Credit offers without age limits are shown by the attached credit comparison
- You even discover the individually fitting offer very simply
- Make your application now – without obligation – the rest will be done automatically by the software
Credit for 80 year olds – that is how the house bank reacts
Senior citizens with a loan request usually turn to their house bank first. For generations, this house bank is often a branch of a savings bank or a Folksbank and Reasierbank.
Credit for 80 year olds – find loan offers without age limits
These banks are also referred to as universal banks, as they handle all types of money transactions and offer accounts, investments, loans, credit cards and cash. A loan for 80-year-old bank customers is very difficult. If a loan can be granted at all, it is a short-term loan or short-term financing. The disposition credit is set up in the checking account.
As a rule, the size of the credit line is one or two times the monthly income. However, the bank can set this individually. After consultation with the responsible clerk, it is often also possible to override the agreed credit line. However, this is very costly because the interest rates for this loan are in the high double digits.
Short-term installment credit – the chances are low
A short-term installment loan is much cheaper than a discretionary loan. The terms for short-term installment loans are usually between 12 and 36 months. Whether a bank approves a loan term for a 80-year loan is rather questionable. Since the term is very short, even a small loan amount can be claimed. As with any credit transaction with a German bank, a private credit statement is obtained. This information should only contain positive characteristics.
The scoring of the information is included as a factor in the creditworthiness calculation. With sufficient credit, the house bank can approve the loan. If the credit rating is too low and the bank customer has no further collateral, the loan will be declined. As collateral securities financial institutions accept various personal security. Bank security can name a guarantor as personal security. The inclusion of a life partner in the loan agreement is possible. However, this can be difficult with a loan for 80 year olds.
Loan from the internet – money from online and direct banks
Cheap installment loans are provided by numerous online and direct banks on the Internet. These banks offer their financial services almost exclusively online. There are several reasons why these banks offer so cheap credit terms. Online and direct banks have a very narrow corporate structure. This means that these financial service providers are working with very few staff. In addition, no expensive branch operations must be maintained.
Much of the application works automatically over the Internet. Another reason is that more and more online banks are pushing the internet for credit. As there is a lot of competition among the lenders, this has a positive effect on interest rates. Since these banks can not get to know their credit customers personally, creditworthiness is immensely important.
The creditworthiness is determined by the private credit information and the credit rating. A loan for 80-year-old applicants is therefore almost impossible.
Mini or microcredit provider – possibility for older borrowers
Relatively new are the financial services of mini or microcredit providers on the Internet. These lenders are financial companies from other European countries. There are loans from 100 to 1000 euros offered. Individual mini and micro credit providers also provide loan amounts up to 3000 euros.
However, these providers are then equipped with a banking license. The special thing about these small loans is that they usually have to be repaid by the borrower in one installment. Even borrowers with slight negative features in the private credit are often accepted by these lenders. A loan for 80 years can therefore be quite possible. The application is made on the Internet on the website of the provider. New customers will first receive a loan of 500 euros from most credit providers.
Only when this loan amount has been repaid, higher sums are possible. The legitimation and also the transfer of credit documents is made on the computer, smartphone or tablet. The payment often takes place after a few hours.
Credit for seniors – limited choice of lenders
From a certain age, seniors are no longer happy to be served by banks with loans. If a loan is granted to 80-year-old claimants, it is usually only a short-term installment loan with a low payout.
Online banks, credit agencies and credit marketplaces do not lend to older seniors. An alternative to a bank may be a mini or microcredit provider.
These lenders, however, only very small sums are available, which often have to be repaid in one installment. Whether this loan option pays off for seniors, must be decided individually.