Not many people talk about it, but many people do it: borrow money. Borrow a loan for your home to buy a car. The options are numerous. Taking out a loan for some people is less obvious than for others. Do you think people without a permanent contract or people over 60 years old? We wrote earlier that DEFAM offers more possibilities for borrowing money with a temporary contract. This week pay attention to borrow money as a senior citizen.
Higher age risk for banks
You are still full of life at the age of 50. However, taking out a loan from that moment becomes more difficult. It may sound crude, but statistically the chance of death increases more and more. For banks, this means a higher risk when granting a loan. They would of course be happy to repay your entire loan. For younger people, the banks cover this risk with a life insurance policy. This is often not possible for the elderly.
Revolving credit and personal payday loan for 60 plus
Yet financial service providers can also avoid the ever-growing group of people over 60. Did you know that in 2014 almost 12% of the Dutch population was older than 65? This group will have risen to 26% in 2020. That is why, together with our partner banks, we offer two loan products specially developed for the vital elderly: the revolving credit 60+ and the personal payday loan 65+.
Still borrowing money responsibly
The interest you pay for the 60+ revolving credit and the 65+ personal payday loan is higher than for young people. But thanks to these loans you can borrow money responsibly until you are 68. With this, cancellation always applies up to € 12,500 upon the death of the first contractor. You can also co-insure a second contractor or a higher loan amount. Finally: as a person over 60, you can already take out a loan with us from an interest rate of 6.9%. Discover it for yourself!