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Are there loans for pensioners?

Yes, there are many institutions that grant financing to people who receive a pension for retirement, since it is a periodic income that in many cases is enough to pay the installments of the contracted loan. There are several types of loans for pensioners, which we have divided into two large classes:

  • Private loans: loans granted by private companies not supervised by the Bank of Spain. Private equity companies do not usually demand such strict requirements as banking, so we will have more chances of approving our request. The amount that we can obtain with these credits for retirees will depend on the amount of money that we collect monthly and the conditions established by each lender.
  • Personal bank loans: many banks also provide loans for pensioners who receive sufficient income to pay the installments without problems. The price of these products is lower than that of private loans, although to get them we can take several days or even weeks.

Depending on how much money we need and the urgency with which we want to receive it, one type of product or another will suit us. For example, if we want to finance an ambitious project, it will be more important for us to request a loan for retirees from the bank, while if we need money to solve an unforeseen event, it is possible for us to request a loan from a PaydayNOW!  

Locks to get credits for retirees

The main impediment to being able to obtain loans for pensioners is an age since the people who receive a pension for retirement have a risk profile of default for death, illness or disability higher than younger people. Precisely for this reason, banks do not usually grant loans for retirees to applicants who, at the end of the term, have an age that exceeds 75 years. In the case of exceeding this figure, we may ask for an additional guarantee, such as a guarantee.

In addition, to contract a loan for pensioners we must, in most cases, also contract life insurance or payment protection linked to the loan that covers the payment of fees in case of loss of income due to illness, disability or death. As our age is more advanced, this insurance will be more expensive, so the price of the credit will also increase.

The rest of the requirements that we will have to comply with are the same that they would ask us if we were self-employed or self-employed workers. In the first place, they will require us to have a level of income that allows us to pay the monthly installments of the loan for retirees within the term and, secondly, they will demand that we do not have unpaid debts recorded in files of defaulters such as ASNEF, RAI or EXPERIAN. If our data appear in a list of unpaid debts, no bank will grant us financing, although a few private companies will approve our request if our volume of debts is not disproportionate.

Keys to obtain a credit for pensioners at the best price

Precisely because we are retired and we need peace of mind, we do not want the loan we hire to cause us shocks due to unexpected expenses or abusive clauses. If we want to obtain loans for pensioners at a good price and without surprises, we must take into account the following keys:

  • Analyze our reimbursement capacity to know how much money we can ask for and in how much time we should return it.
  • Compare all available offers to find the one that offers the most advantages. With the Comparator of HelpMyCash we can check the conditions of all the loans for marketed pensioners and choose the one that suits us according to our needs and our profile.
  • Read the contract carefully before signing. This will ensure that the content of the clauses matches the conditions previously agreed with the lender.

New low-interest campaign: lend 10,000 euros and pay back only 9,959 euros

Negative Interest Loan: Smava lowers interest rate to minus 5 percent


Alexander Artopé, co-founder and CEO of smava


The loan portal Smava is now reducing the effective annual interest rate on its negative interest loan from minus 0.4 to minus 5 percent. “Thanks to the Smava negative interest loan, consumers are again profiting greatly from the low-interest phase,” explains Alexander Artopé, Managing Director of Smava. “It remains the case: Smava offers the cheapest credit in Germany.” At Smava consumers save by the interest rate of minus 5 percent 76.94 euros, the other provider is less than half.


Rent 1,000 euros, repay 923 euros

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lava negative interest loan at minus 5 percent: lend 1,000 euros, repay 923.06

The negative interest rate of minus 5 percent applies to a net loan amount of 1,000 euros and a term of 36 months- learn more. That means: “I borrow 1,000 euros and only have to repay 923.06 euros,” says Artopé. At present, consumers can not borrow money anywhere else in Germany. “Loans can be applied for by employees, workers and civil servants with good credit ratings. The offer is only available once per borrower. There are no additional costs. A residual debt insurance is not offered. The borrowed money can be used freely. Early repayment is possible to free of charge. Who meets the conditions for the loan, gets 76.94 euros from Smava. The number of negative interest loans is unlimited. The interest rate is valid until 15 June 2018. The loan is offered by Smava in cooperation with Fidor Bank.


Marketing with the aim to reduce costs for borrowers

With persistently low interest rates, many consumers believe that lending is currently particularly favorable everywhere. This is unfortunately a costly fallacy. There are big price differences: in the first quarter, the average loan on the internet was on average 33% or 322 euros cheaper than the national average. In sum, the borrowers in Germany could save 612 million euros. This is shown by data from the Bundesbank, Schufa and the credit portal smava. “It is important to us to make consumers aware of the price differences in loans,” says Artopé. “We do marketing with the goal of cutting costs for borrowers. For anyone who has to borrow money should not have to pay too much for interest. “


smava is a pioneer of negative interest loans for consumers

In July 2017, the credit portal smava was the first provider in Germany to offer consumer credit with a negative interest rate. Since January 2018, the smava negative interest loan has been almost continuously on the loan portal’s offer. Since February 2018, first imitators have reacted to the trend and at times have offered a similar product. “With the smava negative interest loan we offer the cheapest credit in Germany permanently,” says Alexander Artopé, CEO of smava.