The loan for 75 year olds, which the house bank refuses, does not have to remain a dream. Various providers have finally reacted to the changed life expectancy and cleaned up with the age limits.
Loan for 75 year olds – the problem
Loan requirements can exist at any age. Only when it comes to loans for 75-year-olds do local loan providers still not offer a comprehensive solution. The background for this is not a legally prescribed age limit. Legislators have no concerns about loans for adults of all ages.
The in-house rules prohibit lending. The different credit institutions are in no way proceeding uniformly. The majority of the age of 69 is the first time for nationwide denial of credit. People who can point to a clean Credit Bureau who have always worked well with their credit institution are unworthy of credit. No one should approach the problem with logic.
There are no uniform guidelines even within the institutions. The best example of this are the savings banks. Depending on the association, the age limit can be set to 70 years or 72 years. Moving to a neighboring group can ensure that you are creditworthy again or lose your creditworthiness. Above this age, pensioners and pensioners are granted at most a very small disposition loan. Installment loans are rejected regardless of income. The risk of death is simply too high for financial institutions.
Citing the law a way out?
From a personal point of view, the loan rejection based on age could call up the General Equal Treatment Act (AGG). Finally, the law, also known as the anti-discrimination law, expressly prohibits discrimination on grounds of age. Getting no credit, even though all the bills and credit obligations were always met in accordance with the contract, is seen as a disadvantage. Discrimination is also obvious to those affected. In old age, technical aids, which unfortunately are no longer available without a health certificate, can significantly improve the quality of life.
Nevertheless, trying to involve a lawyer and thus enforcing the right to a loan has no chance of a prospect. Nobody has the right to a loan. There is freedom of contract in Germany. Every credit institution is free to decide who is given credit and who is not. As in many other life situations, the AGG simply runs into nothing. The loan for 75 year olds depends on the benevolence of the lender.
Escaping the credit crunch for 75 year olds
The “silver surfers”, an increasing number of seniors active in the network, are familiar with ways out of the credit crunch in old age. Various online banks and credit intermediaries, such as Lite Bank, are trying to find ways out of the credit crunch. Cream Bank, for example, grants loans up to the age of 75.
The offers for personal loans could offer another way out. Personal loans are not tied to age restrictions. The private lenders, mostly small investors, are free to choose their lending. They do not have to pay attention to the requirements of a management. The loan for 75 year olds has a fair approval prospect, from person to person.