First of all, you have to keep in mind that the maximum age limits refer to the age you will have when you get the expiration date of your contract. Age is one of the very important aspects for analyzing your profile and calculating risk. Usually, for traditional financial institutions, advanced age means a high risk of default if the borrower has no guarantee or no other guarantee.
When requesting a personal loan, retirees of less than 75 years of age are usually required to contract repayment insurance (or life insurance) to guarantee payment. The repayment term depends on the age you will have when you finish it, since it cannot exceed the established limit. In case you are older than 75 years, it is usually inevitable to have a guarantor who will be responsible for the debt in case of default, or with another guarantee of any kind.
Financing available for pensioners
In fact, just the fact of being retired does not limit you in enjoying different forms of financing for any need, whether they are urgent contingencies or a larger project. Much more important is to have a source of regular income, regardless of whether it is a payroll or pension. Since many private lenders consider pensioners one of the best applicant profiles. However, each type of loan has different conditions and characteristics.
Mini short term loans
Microcredits and fast loans are used to solve unexpected situations and urgent and specific problems. If you need emergency money it can be a good way to get it, since these types of loans are usually available to all people who have a regular, demonstrable and sufficient income. Regardless of your age, you can dispose of the money without delays and use it for any purpose.
In case you need money to finance a high expense, be it the reform of your home or car purchase, you have to look at offers of personal loans. There are several different types of personal loans available to retirees and those who are collecting a pension. From unsecured loans where you are not required to attach any assets as collateral, to secured loans that require a good of value as collateral. It always depends on the amount requested and the period required to repay the loan.