You can find a cheap loan for pensioners with just a few clicks of the mouse on our online calculator or with a single phone call. Advice and mediation by independent experts is completely free and non-binding – both via the Internet and by phone. Who actually writes and advises here? About us
How to apply for a loan for retirees
You apply for a loan for pensioners just like all other groups of people. You do not have to indicate that it is a loan for pensioners when it is used. (Also read the relevant section below.)
How to determine which loan is the cheapest for you.
Use the online loan comparison calculator (at the top of this page) to view cheap loans. To do this, enter the desired loan amount, the purpose and the desired term.
On the basis of your information, you will receive specific loans, either in paper form by post or by email. Decide on the best offer.
Apply for your loan and expect the payment to be made to your account. (Your bank will tell you which documents are required before you apply.)
Please note this when applying
The hurdles for borrowers aged 60 and over are sometimes a bit higher than for other applicants. The most common reason for this is monthly income, which is lower on average at retirement age than among employed people.
If the desired loan amount matches the income, people over the age of 60 generally have no problems in obtaining funding.
Use the free and non-binding comparison calculator at the top of this page to find out whether your income is sufficient for the desired loan.
This information and documents are required
For some information, banks can decide whether to collect the information or not; other information is in turn prescribed by law.
Your certified credit specialist can tell you from our cooperation partner Good Finance which documents and which details are actually required before you apply.
If you go to a post office to confirm your identity, you will need a PostIdent coupon, which will be given to you with the loan application. If the bank where you apply for the loan has its own branch, you can also have the identity check carried out there then of course without the PostIdent coupon.
This is how pensioners ensure a good credit rating
A good credit rating is just as important with a “loan for retirees” as with all other financing. The credit rating indicates whether:
- the borrower can afford the loan (i.e. whether the income is sufficient),
- Payment behavior in the past was satisfactory (open invoices were always paid promptly).
Consider the following things in order to have the best possible credit rating.
- If possible, include a second borrower in the loan application! A second borrower, for example the spouse, on the one hand increases the likelihood that the loan will be approved and on the other hand may provide better conditions.
- For larger sums, think about residual debt insurance. This increases the probability of acceptance, since the bank does not have to bear the costs in the event of a so-called loan default. The insurance will then cover the costs.
- Avoid debts with, for example, your bank (for example, using the overdraft facility).
- Pay your bills to mail order companies and other companies as early as possible. Because the so-called payment behavior has a great influence on your creditworthiness.
- Avoid credit cards! The very existence of a credit card has a (small) negative impact on your credit rating.
- Choose low monthly rates to keep the financial burden as low as possible.
- If possible, pay back current loans. Because current loans are a monthly financial burden, which from the bank’s point of view can lead to problems later when repaying the new loan.
Please note: Whether and how much the above-mentioned measures influence creditworthiness differs from case to case. You can inquire about your creditworthiness once a year from Schufa free of charge. More information can be found here.
Tip for low monthly rates If you want to keep monthly credit installments as low as possible, it’s best to choose a slightly longer term. For example, if you repay a loan of more than USD 2,000 within two but four years, the monthly installment for the loan is only half that amount! (Any changes in interest rates are not taken into account in this example.)
There is no official “senior loan”!
When issuing loans, two questions are particularly important for banks:
1. Can the applicant afford the loan?
2. Is the applicant willing to repay the loan in full and on time?
To answer these two questions, the bank collects the various information and therefore contacts Schufa. If both questions can now be answered with “yes”, there is nothing to prevent approval of the loan application – regardless of whether the applicant is a pensioner, an employee or a person without an employment relationship.
Why banks rate pensioners differently
When it comes to risk assessment by banks, the group of people “borrowers over 60 years” is doing poorly. This may be due to the comparatively lower disposable income. For example, if a person with low income has to pay a craftsman’s bill unscheduled, it can happen that the income in the month in question is only sufficient for essential expenses.
These include, for example: purchasing groceries, transferring rent and paying the electricity bill. The repayment of current loans is not one of them – so that banks are more reluctant to grant loans to people over the age of 60. This is based solely on statistical data.