Borrowing money at a later age: the senior citizen loan
Are you a bit older and you want to borrow money, then you will automatically discover that this is not that easy. Many lenders prefer not to lend money to the elderly, simply because older people have fewer years in front of them and may not be able to pay back the entire loan before they die. Are you already of age, but do you still want to be able to borrow money? Then you can take out a senior citizen loan. On this page you can read exactly what this loan is and what the terms and conditions of the loan are.
The senior citizen loan: a short introduction
The senior citizen’s loan is a loan that can be taken out by people who are a bit older, but still want to borrow money. Where most standard loans have a low age limit, this is not the case with the senior citizen loan. This means that you can take out this loan if you are a little older, but up to a certain maximum age. Exactly what this age is varies per lender.
For example, you can use the senior citizen’s loan to renovate your home, so that you can continue to live independently for longer. You can also purchase the loan for other purposes, such as buying a car.
The conditions of the senior citizen loan
To be able to take out a senior citizen’s loan, you must meet a number of conditions. The main terms of the loan are the following:
- You may not be older than the maximum age of the loan. Exactly what this age is varies per lender. This can be 68 years, but it can also be 72 years.
- You may not borrow more than the maximum amount of the loan, which differs per lender. The maximum loan amount can be 5000 USD from one provider, while the other provider lends you a maximum of 50,000 USD.
To find the senior citizen loan that suits you, you can compare various senior citizen loans from different lenders. In this way you can easily find out whether or not you can take out the senior citizen’s loan.