What about borrowing money as a senior citizen | Payday Loans

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

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

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!

 

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