Not only young people but also seniors and pensioners may have to finance unexpected expenses. Then the solution is often effective borrowing. How to do it safely and where to look for the right offer? It is sometimes difficult to finance various urgent expenses from current income.
Then a quick loan at a small amount
It is a way to balance your home budget. In this way, seniors finance the purchase of home appliances/electronics that unexpectedly failed or raise funds for private treatment and operations, wanting to avoid very long queues at the public health service. Many pensioners also take out loans for their children or grandchildren who do not have sufficient creditworthiness.
According to the analysis of the Credit Information Bureau, seniors are extremely active participants of the credit market – they constitute 18% of borrowers in Poland. Credit Checker calculated that 15% of all loans active in our country are liabilities of persons over 65 years of age, among whom women predominate (58%).
Seniors are usually solid borrowers who have a stable income and thus often have no problem borrowing money from a financial institution. However, in the bank, credit procedures often drag on, so when cash is needed quickly, pensioners turn their attention to loan companies.
Loan outside the bank – which option should you choose?
We mentioned that seniors are often seen as solid borrowers. Unfortunately, sometimes age is an obstacle to borrowing money. Virtually all financial institutions introduce age restrictions, which often eliminates the oldest pensioners from the loan market. Fortunately, the upper age limit is set individually by each bank or loan company, which means that the senior can look for an offer that will be available to him.
Thanks to this, many older clients can easily obtain money from us. According to the calculations of the Central Statistical Office, the average pension in Poland is almost USD 2,100 gross.
Sometimes it is worth thinking about a longer repayment period so as to reduce the installment amount to one that does not overload the household budget too much. Below are three different variants of the installment loan at Good Finance Bank:
- A loan of USDN 1,000 for six months – the installment will amount to USD 237.41
- A loan of USDN 2,000 for 12 months – the installment will amount to USD 267.84
- A loan of USDN 3,000 for 15 months – the installment will amount to USD 336.47
We value the time of seniors, so you only need to complete a simple loan application with us, which will be immediately analyzed. In the event of a positive decision, the money will be transferred to the borrower’s account in a very short time.
How to borrow money safely?
Research shows that seniors are more solid in paying their debts than, for example, people aged 40. Unfortunately, sometimes also retirees are too optimistic about their financial possibilities, which in turn can lead to problems with paying their debts. Credit Checker calculated that in 2016 retirees and pensioners constituted 7% of all debtors.
15% of these debts were arrears in repayment of loans and borrowings (source: Credit Checker). In many cases, however, the seniors can avoid such dangers and not give up loans at the same time. However, he should be in debt with his head. First of all, it is worth considering whether additional financial resources are really necessary and whether there is no other way to finance the planned expenditure than the loan.
When the senior comes to the conclusion that this is the best solution, however, he should borrow the amount he needs. For this, you need to choose the repayment period so as to obtain an installment adapted to the financial situation of the borrower.
Last but not least: we encourage all seniors to read the contracts before signing. If there is an incomprehensible entry in them, it is worth asking for clarification. Therefore, we encourage all pensioners once again: take loans carefully and only from reliable lenders such as Good Finance Bank.