An instant payday loan for pensioners is generally eligible. Nevertheless, the payday loan opportunities are not automatically given to all retirees to a comparable extent. What matters when it comes to instant payday loans for seniors, so the article is divided.
The instant payday loan for retirees is not always automatically easy to grant. Good payday loan opportunities exist for young retirees. Many banks have set age limits as part of internal regulations. Although there are no statutory age limits, freedom of contract applies in Germany. Each payday loan institution decides itself on which criteria payday loan applications are eligible. Mostly, around 70 years of life are the normal retirement age for the payday loan.
The positive first. An instant payday loan for pensioners is usually a small payday loan up to 5,000 euros payday loan amount. Small payday loans are processed using the simplified procedure. This makes the payday loan payable faster and also reduces the payday loan burdens. Instead of a comprehensive payday loan check, only the safe income, the clean remark and the scoring are checked in principle.
The hurdle for pensioner payday loan is the pension amount. There are two different official statements about the average pension. From the Ministry comes an indication of 950, – Euro as a monthly pension for Westrentner. The second figure comes from the German pension insurance. From their numbers, an average pension for all of Germany can be derived from about 1,100 euros.
No matter which of the two numbers is really correct, one thing becomes clear. An average pensioner is not payday loanworthy. If the ministry votes were correct, then the pension is already impoundable. The attachment exemption limit was set at 1,050 euros for single persons without maintenance obligations. The second figure would already be enough for a simple mobile phone contract, so that lending is at least not easy to approve.
If the actual pension amount of the applicant is well above the exemption limits, then there is no problem with lending. If it is lower then payday loanworthiness is no longer sufficient for lending. This becomes particularly clear when looking at the survivor’s pensions. Widows without a pension, who have lived a traditional model of life, rarely have a payday loan chance at all.
The easiest way to make the instant payday loan for retirees still viable, is the guarantee of a solvent guarantor. Alternatively, collateral could close the payday loan gap.