For years, pensions have been saving the economy of many families, because, although it is known that they are something in danger of extinction, and they have been falling more than eight years, they are still the paw that supports many families.
According to the newspaper pyronewspaper, more than 300,000 families have the pension as their only income, and this reality makes it difficult for people living in this situation to pay their monthly bills.
That is why it is not strange that many retirees choose to request a personal loan for pensioners in order to face their economic difficulties.
How do I apply for a personal loan if I am a pensioner?
The problem comes when you are a pensioner and you do not have a payroll, and you go to the bank to request your credit and they tell you that they can not grant it.
This has been the reality for many years, but now there are other options thanks to the private banks that are helping many families to spend those economic bumps derived from having the pension as the sole source of income. There are personal loans for which you do not need to have a payroll, and you can request them up to a maximum of 76 years. Let’s see some of them.
Online loans for retirees
If you receive payments for your retirement, including the pension, and are looking for a loan, you may find that your options are somewhat limited. Lenders have stricter criteria for those who receive their income from a retirement pension, disability pension or old-age pension. It is important to know that there are loans and options for financing for retired people or pensioners. It is even more important to know how to compare these options to find the right product for you. Keep reading to see what is available for you, compare your options and find out how to apply for financing even if you are receiving a pension.
Personal loans with the broadest age limit
As you move into your older years, your lifestyle changes and your finances too. When that happens, you may find that accessing financing is not as easy as it was when you were earning an income from employment. However, now there are lenders who consider you qualified for a personal loan as a retiree or pensioner. These loans can help you access the money if you do not have enough time to save for it, or if you do not want to spend your capital. Discover now what your loan options are in our guide below:
Credit guide for users charging pension or retirement
Now we present a list of credits and mini-credits that can be requested by charging a pension. If you need money and receive a pension this can be a good way to get it. Take good note of each of these loans for people over 75 or people who receive a pension.
zaloan: This private loan company offers loans to its clients up to 70 years.
The maximum amount that we can request if we have already been your clients is € 700 and if we are new, up to € 300. If you wish to request, click on the following button.
hypocredit: Vivus offers a fast online credit service for people up to 76 years old.
The maximum offered is € 800 for people who have been clients, but if you are a new client you have the advantage that even if you can only request € 300, it will be FREE.
That is, without interest or commissions, a service adapted to your needs. Click on the button to see more information about this credit.
loanescent: The maximum age to apply for a loan with Twinero is 70 years.
We can ask for up to € 600, € 300 if we are new customers. If you want to request this credit click on the button.
viloan: this lender allows us to request your credits of up to € 500 if we are under 80 years of age.
It is a higher age limit than OkMoney, which will undoubtedly come in handy for many retirees or pensioners who need a quick loan. We hope that this guide can help you find the most suitable financing for your personal economy.
If you want to know more mini-credits to which you can have access, visit our small credit comparison. On the other hand if you are receiving a pension and you need a larger amount of money then you can look for a personal credit from the 1,000 euros in our personal credits section.
How to apply for a personal loan if I am a pensioner?
In addition to meeting the age we have just mentioned, and having a pension that guarantees that we have a constant income with which we can repay the loan, during the application process we must present the following documents:
- Accreditation that identifies you as a retiree or pensioner
- ID number
- Bank account where you want to transfer the personal loan
Having at hand the previous documentation, you just have to follow some simple steps:
- Compare between these lenders and choose which option is best suited to your needs. In case you are not sure and need the quick money, you can send requests to all three and then choose among those that are accepted.
- Click on Request now to go to the official website of the entity.
- Indicate the amount and date of reimbursement.
- Complete the online questionnaire and send the required papers in the manner indicated.
In the world of online quick loans, a person who is retired and receives his monthly pension has a high probability of getting a personal loan.
This is because the main requirement of online credits is to have a minimum and constant source of income that allows you to pay the credit without problems.
In fact, pensioners are considered by private lenders one of the best applicant profiles, because although they do not have a payroll, they are guaranteed to receive money every month and, therefore, their chances of generating debt are very low.
As we have mentioned before, if you need quick money to solve any economic situation that has been presented to you, you can request your financing from several entities and then choose among the accepted ones. In this way you can streamline the process of acceptance and income of your financing. You also have the possibility to request an agile credit card through the Internet, without waiting and without unnecessary paperwork.
As for credit and debit cards we have to be very careful with the commissions. Especially when we talk about withdrawing cash. It is important that we know how to withdraw cash at ATMs without having to pay commissions.
Loans that are available for pensioners
There are some different types of personal loans available to you as a retiree or if you find yourself receiving a pension of whatever kind.
Secured personal loans
These loans require you to attach a high-value asset as collateral and, in exchange, you can borrow money for the value of that asset as a loan. Examples of assets include vehicles, time deposits or equity in your home. Real estate or land.
Unsecured personal loans
You do not have to attach any assets to this loan, since it is not guaranteed. You can use this loan for investment purposes, to make a vacation, buy a used vehicle or to consolidate your outstanding debt. These unsecured loans are easier and faster to request, you can see a good example of them on our website..
Loans for cars
If you are looking for money to buy a new or used vehicle you can consider a car loan. These loans offer competitive rates because the vehicle you buy is used to secure the loan.
These loans offer you a line of credit, a regular income stream or payment of a lump sum for loans against the income in your home. Although traditionally considered to be high risk, reverse mortgages are becoming a safer lending method. Already in other occasions we have talked about how we can avoid reverse mortgages since it is not highly recommended to use this type of financing.
If you have a bad credit history or need emergency financing, a Mini Credit for a small amount of money may be an option to consider. Keep in mind the high cost of these loans before requesting this type of fast financing. If you want to know more about Mini-credits on the Internet you can read all the information we have about them in our section dedicated to this type of quick financing.
How do I know if I can apply for a loan?
If it is not clear if you meet the minimum eligibility criteria for this type of financing, for example, you can have investment income that is not “regular”, then it is better to contact a lender before submitting your application. Each personal loan application will appear on your credit history and may affect your chances of being approved for subsequent loans.
Lenders can not tell you with certainty if you will be approved until you submit your application, but can clarify certain criteria or provide additional details. To give yourself the best chance of being approved, make sure you have all your information at hand before starting the application. You may be able to save the application form if you do not have all the information at hand to return to it later. Or download a PDF of the application form from the lender’s website to find out everything you need before you start.
Personal loan applications usually take no more than 10 to 15 minutes to complete if you have all your information at hand.
What kind of pensioner situations are accepted?
It would be good to know the different retirement situations that can be given to know which one fits best. If you can find out whether or not you can access adequate financing for your personal and economic circumstances.
If you earn income from investments such as rental properties, stock market, bonds, etc… your profile is of a self-financed retiree. If you are in this situation you may require access to financing because you do not have assets in cash or you need faster access to financing than your situation allows. While your situation may make it difficult for some lenders to evaluate you as appropriate, you are still eligible for personal loans.
Make sure you have as many documentary evidence of your assets and income as you can, to show the lender that you will be able to repay your loan.
Those of the old-age pension, or the disability pension
Having income from social security as a means of living, even if it is your only income, does not disqualify you from financing. Check the table on our website to see the loan options that are available to you.
The older Spaniards who are still employed
If you have a stable job, even if it is only part time, this income will be considered by the lenders. Remember that the minimum income criteria will apply, so check this before submitting your application.
Most lenders will require that you be a Spanish citizen or a permanent Spanish resident. However, some lenders accept non-residents for loans even if they are older.
Those in difficult financial situations
If you receive a low income due to your family situation, debts, or you are in need of emergency funding, there are options for you. from creditore we try to give each one of the users access to their financial needs, the pensioners are also our goal, to help them to obtain a worthy and fair financing.
We want to help you get your financing
If we have doubts about what is the best fast credit for pensioners in the market, what is the best personal loan for retirees in the market or simply we need advice as to which option to choose.