Pensioners receive a pension from the statutory pension insurance scheme, while retirees as former civil servants or equivalent persons receive retirement benefits from their employer. In most cases, the pensioners ‘remuneration is higher than the pensioners’ retirement income, but they often receive additional income from a development pension or a company pension scheme.
The fact that most financial institutions are hesitant to approve a loan application for pensioners is not due to the low amount of the pension or the low personal creditworthiness. Rather, the pensions of today’s recipients of retirement pensions are in most cases sufficient to support themselves and to repay a loan. In addition, pensioners serve their financial obligations more reliably than the average of young people. However, the increased risk of default on a loan for pensioners cannot be disputed by the possible death of the credit customer during the term.
The risk of death naturally increases with age, and protection against the loan loss that becomes more likely can be taken out. Instead of insurance, the loan for pensioners can also be secured by a message from an heir that is only valid in the event of death. The usually high demands on the economic performance of a loan guarantee do not have to be fully met if the expected inheritance covers the amount of the guarantee.
In addition to classic commercial banks, a loan for pensioners can also be taken out via a brokerage platform for personal loans. To do this, the pensioner signs up on the Internet and describes the reason for his loan request. The operator supplements this information with information on the creditworthiness of the applicant. Despite the extensive and visible data for every registered lender, lenders and borrowers remain mutually anonymous, since only the operator of the platform knows the respective bank details and contact addresses.
Since private lenders alone decide on lending, they draw up a requested loan for pensioners from a social perspective, precisely because commercial banks are reticent towards potential senior customers as potential credit customers. Formally, a licensed commercial bank grants the personal loan, in this way the legal requirements for organized lending are met.