A loan is a cash loan in cases when a person does not have enough of his / her own money. They are issued by both banks and private lenders. However, to qualify for such a cash loan, you must meet the lender’s criteria.
Loans are for all social groups, but over time it is much harder to get cash loans than before
A person must be a Latvian citizen, with a regular income and a good credit history. However, in addition to these factors, the potential borrower must be in the age group specified by the lenders. Starting in February 2013, people over the age of majority are no longer eligible for credit – at least 20 years old.
It is also harder to get a loan if you are over 70 years old. However, loans for pensioners are possible – all you have to do is study all the offers and find a lender who can give you a cash loan.
People who are already retired can get both fast internet loans and cash loans from banks, such as consumer credit. If a pensioner wants to get a quick loan, then the age limit for all private creditors must be investigated first. While most people under 70 can find quite a few lenders, there are also lenders who give credit under 65.
Likewise, if a person is between 70 and 75 years old, there are still lenders like smscredit.lv, ondo.lv, vivus.lv that can grant a cash loan. Unfortunately, for those over 75, it is virtually impossible to get a quick loan. However, private lenders are competing with each other, so by checking all the possible lenders you can find someone who can offer a cash loan.
Because fast loans are popular precisely because you don’t even have to leave home to get them, you just need a computer with an internet connection, but this easy way for seniors can be problematic. People over the age of 60 now have their computers and the internet without their lives. Of course, there are retirees who have mastered these technologies and know very well how to take advantage of the Internet, but most Latvian retirees do not learn to use a computer for fundamental reasons. Similarly, older people often have health problems and vision problems, so they do not use computers for health reasons, especially for visual reasons. However, in order not to lose this part of the clientele that does not know or want to work with technology, fast lenders offer the opportunity to go to the lending companies and apply for their credit there.
One of the most important factors for getting a loan at all is also regular income
Most retirees do not have a job, but this age group has other monthly income. It is a pension that serves as a guarantee for lenders that the pensioner will be able to repay the cash loan on time. In addition, for people who have not yet retired, regular income is made up of money earned at work.
These people are not guaranteed to work the same job all the time, so there is always a risk of losing their job. However, pensioners do not have such a risk, so retirees are, in a sense, less risky borrowers than others.
Like all other borrowers, retirees have the opportunity to get their first loan free of charge, unless age is an obstacle to getting a loan. This means that when you first apply for a loan to a creditor whose service has not been used so far, the borrower repays the same amount of money at the end of the repayment period as he originally borrowed. Of course, this does not apply to borrowers who are unable to repay the money within the time limit initially set. With the extension of the loan repayment, the terms of the free credit, which do not have to pay interest on the loan, change – the loan has to be repaid, as well as the interest on the loan.
However, one of the most important factors for a credit application to be approved is a good credit history. While individuals who have only recently reached the age of majority are much less likely to have a negative credit history, then retirees have had much more opportunity and time to damage their credit history.
Although quick loans are only available in Latvia since 2007, other types of loans available at banks, such as consumer loans or some kind of long-term credit, were available to people long before the quick loans. Credit history shows all past and present human credit obligations. It also lists all the debts that were due. In addition, if a person has a debt, it is also recorded in the credit or debtors register.
Even if the debts have long been settled, information about it can still be found for another 10 years
This means that it is always important to understand the means and the speed at which a cash loan can be repaid before taking out a loan. Therefore, when considering your actual repayment options, you need to choose the most appropriate type of credit.
As with fast loans for retired people, the main source of income for consumer loans is the personal pension. It is important for the creditor to know how high a regular income is in order to determine how much credit a person can be given in order for the borrower to repay it on time. When assessing a person’s ability to pay, the lender checks that the loan payment is no more than 40% of the person’s monthly income, that is, the loan should not pay more than 40% of the total monthly pension.
Credit is an opportunity for people to get money in emergency situations
Health problems are one of the reasons for this kind of cash loan. Seniors are more likely to suffer from health problems, so fast credit, for example, allows people to pay for medical services. Consumer credits are often used by retirees to go on long-deserved rest, such as traveling abroad.
Both retirees and everyone must be responsible for their loans and repayments. It is always necessary to reconsider the need for credit several times.