Not only at a young age, but also in old age, people still have goals, wishes, dreams and needs. While it is usually not a problem for middle-aged adults to fulfill a wish with the help of a loan, this can look different in old age.
Age limit 70 for lending
Many banks have set the age of 70 as the upper limit for the provision of a loan. So it is almost impossible to get a loan for people over 70. The reason is the fear that the loan can no longer be repaid, precisely because life expectancy may no longer be too high. The fact that the regular income is secured by the pension payment hardly plays a role here. If you are in this situation too and would like to apply for a loan for people over 70, you will find that this is anything but easy.
exceptions prove the rule
But like almost everywhere in life, there are exceptions. Do not be afraid to get several offers and ask the various providers. For example, banks and lenders abroad may be willing to grant you such a loan. Get help and advice, and always take a second look at the terms and conditions here. In this way it can still be possible to get a loan for people over 70 years old.
Collateral is the be-all and end-all
As with almost all loans, the question of collateral often plays a decisive role here. It may also be the case that, to the extent that collateral is available, a German bank grants and makes a loan available to you on site for over 70 year olds. Because with a certainty the respective lender can be sure that he will get his money back in any case. Possible collateral can then be, for example, a guarantor, deposited savings or real estate.
Use and accept private help
Often there are small wishes that you still want to fulfill. A little trip, a nice new TV armchair or something similar. Here it may not always have to be a loan from a bank or other company. Maybe there is someone in your family or acquaintances who can lend you the money. Or let yourself be given plenty of presents for your birthday and collect money for your heart’s desire. Even so, you can still make your dreams and dreams come true, even in old age.