Your age matters when you need to borrow money. If you are under the age of 18, it is not possible to borrow money anywhere. However, even if you are of age, your specific age will still be important. If you want to borrow money through your bank, they will certainly, in addition to your financial situation, also assess your age. Here, older people who have reached retirement age may find it difficult to borrow. This is because the bank will be as confident as possible in getting the money back. Therefore, they will consider that the risk of older people not being able to repay is too high, as their income is primarily relatively low and is not expected to increase. Second, they are at an age when it is unknown how many years they have left and thus how many years they have to repay the loan.
Online loan providers are also looking at your age
It is not only the banks that assess a person’s loan options based on their age, but also the many online loan providers use age as one of their most important parameters. If you are between the ages of 18 and 20, you will have very few loan providers to choose from if you are 20 or older. If you are 25 years of age, you can choose freely in the market between all the loan providers. If you are close to filling either 20 or 25, it may be an idea to wait to borrow, as you will soon have far more options.
Loans as a pensioner
Although the various online loan providers appear to be going up a lot in age, in turn they do not write anything about an age restriction at the other end of the scale. Therefore, it seems immediately that you can borrow from them no matter how high up in the years you have come. However, there is no guarantee as each application is assessed individually. If your bank thinks you are too old to borrow, you may still want to consider applying online.