The old man’s life is cheerful … This fragment of the song suggests that life in retirement is filled with joy and devoid of any problems. Unfortunately, the reality is not always so colorful. This is confirmed by statistics: 10% of older people get quick loans. Seniors usually spend extra cash on minor repairs, repair of home appliances, and even on current expenses. And although retirees are increasingly interested in payday loans, not all loan companies are favorable to older clients.
An unbelievable customer for the bank
Older people who are looking for additional cash cannot usually use the banks’ support in this regard. Low income (although regular) and advanced age of the pensioner make him an incredible customer for the bank. The same applies to pensioners who would like to borrow money. Persons with retirement and disability benefits are a worse category of clients for banks. Even when the senior earns some extra retirement.
Non-bank payday loans
Since pensioners are not welcome in banks, the only source of additional money is non-bank loan companies. And although many of them offer payday loans for seniors (they accept retirement and disability benefits as a source of income), the possibility of taking out a loan is limited in age. That is why an older person should first check the age criterion in a given company before they become thoroughly acquainted with the offer of a particular lender.
Below is a list of sample companies with an offer for people of retirement ageThe largest age threshold is available in Good Finance and Good Lender. Even 80-year-olds can take advantage of the offer of these companies. In the first company you can borrow from 1500 to 7000 USD. The repayment deadline is 6-30 months. In the case of Good Lender, the loan can amount to USD 1000-10,000, and the liability can be repaid within 6-24 months.
Loans without an age limit
However, there are companies on the market that appreciate mature customers. Therefore, they do not impose an upper age limit, and thus make their products available to a wide range of seniors. In this way, more and more companies are opening up to pensioners. Increasing competition in senior products translates positively into the terms of available loans.
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One of the companies that does not apply an upper age limit to their customers is Wonga. The lender offers both payday loans and installment loans to seniors. When using the offer for the first time, you can borrow up to USD 1,500 for 60 days or USD 10,000 for max. 24 months. The lender does not require any additional documents confirming the amount of income.
Quick loans in Monedo Now
Monedo Now, which also does not set an upper age limit, offers loans from USD 1,500 to 10,000. The repayment date depends on the amount of the commitment made and ranges from 6-24 months. The lender also does not require additional documents to take payday pay.
Quick Cash – payday pay for a month
Sure Cash does not limit age, but the repayment period available to new customers. Senior people using payday loans for the first time can borrow between USD 100 and 6000 for 30 days. Only when using the company’s offer once again, the repayment period can be extended to two months. The lender also grants loans only on the basis of an ID card.
Loans for several weeks at Good Finance
A slightly different repayment scheme is proposed by Good Finance. The company also does not specify an upper age limit for customers, which is why seniors can also benefit from its offer. The offer includes a loan from USD 600 to USD 1,400. However, the repayment deadline is calculated in weeks and ranges from 2 to 6 weeks. The above offer applies to loans to new customers. If a senior uses payday loans in Good Finance once again, he can borrow up to 2,200 USD. The lender also allows you to take an installment loan of up to USD 4,000. The repayment period is then 3-12 months.
However, Good Finance requires attachment of the confirmation of receiving the transfer to the account. First of all, transfers from the employer are mentioned, but the company also takes into account the proceeds from retirement or disability pensions. The confirmation must refer to a transfer not older than 30 days.
Advance payment – payday loans for 15 or 30 days
Loans with two payment dates are available in Advance payment. For 15 days a senior can borrow from 100 to 1000 USD. In the case of a monthly repayment period, the loan pool increases to USD 2,000. To take a payday payment, only an ID card scan is required.
Monthly loans in Miloan
Miloan, which also does not apply an age limit to its customers, offers differentiated loan options. Their amount depends on which loan the applicant applies for. Payday loans in the amount of USD 300-1500 are available for new customers. The maximum amount increases with each subsequent one. The largest loan in Miloan is USD 4,000 and is available as a fifth loan. Regardless of the amount of the commitment, the customer has a choice of repayment terms from 1 to 30 days. To use the offer, you only need an ID card.
Free loans for seniors
Seniors who want to take advantage of quick loans should also pay attention to the costs of commitments. The more so because it is free loans that distinguish some companies on the market.
You can use a free loan even in Wonga. By borrowing up to USD 10,000 and returning within 30 days, no additional costs are incurred. Another, quite favorable offer is also a loan for USD 1,500 for 60 days, to which only a commission of USD 10 is added.
Sure Cash also offers free loans. By borrowing up to USD 6,000 for 30 days, no commission is incurred.
Miloan also offers a free payday loan for 30 days. However, in this case a much smaller amount is available – USD 1,500.
When considering the possibility of using a free payday pay, a senior should remember a few things. First of all, such promotions are dedicated only to new clients of the company. If an elderly gentleman uses the services of a particular lender, he will not be able to take advantage of these preferential conditions.
In addition, additional costs are not charged only for timely repayment. However, a delay of even one day may result in high additional costs being charged. Therefore, before signing a loan agreement for USD 0, you should think carefully about whether you will be able to settle the liability within the prescribed period.