The loan to pensioners falls within that particular category of financing that we can define as subsidized. The minimum and essential prerequisite, as can already be seen from the phrase, is that of being a pensioner. The pensioner status to access the pensioner loan does not necessarily have to be that of direct pension ownership but also that of indirect retirement, i.e. the survivor’s pension.
Even those who inherited the check (reversibility) have the right of access to loans for pensioners, and this applies both to the loans requested from a classic bank or financial institution, and to those that are requested online.
A pensioner loan
Usually the pensioner loan is granted a little to all pensioners, even if greater difficulty in obtaining the loan occurs for the social pensioners, or for those who take the check or social pension, since the monthly received is so low that does not allow the installment to be withheld and in most cases the request is simply refused.
As regards the type of pensions underlying the loan, almost all the entities and draw up loans to their pensioners both directly and through an agreement. Among the institutions that provide loans to their retirees, we report the following:
- first of all loans to pensioners par excellence, that is, those proposed by social security;
- then we find the Enasarco pension loans (social security agency agents and sales representatives);
- loans to Enpals pensioners (national social security and assistance agency for show business workers);
- CNPR pension loan (national pension fund for accountants and commercial experts);
- EPPI (industrial experts pension fund) retirement loans;
- retired loans IPOST (post-electronic institute);
- Inpdai pension loans (national pension fund for industrial company managers).
Characteristic of the pensioner loan
A characteristic of the pensioner loan is the age of the pensioner himself. Over the years we have witnessed a gradual increase in the age of the applicant for standard loans to pensioners: from the initial 65 – 70 years it has gone up to 75 – 80 years and even today loans to pensioners who have reached the venerable are advertised age of 85 – 90 years.
But how can the loan to a pensioner be reconciled with his life expectancy? In this case, it is necessary to distinguish according to whether the loan expiry falls within or exceeds the average life of the man today. This, it is known, is about 75-78 years for men and 78-82 for women. Well, personal loans to new retirees whose maturity is below average life do not give particular problems and are treated like other loans.
The problem of loan solvency, on the other hand, arises when the maturity goes beyond the average life or is even turned on during this period. What are the solutions? That is, what if you look for a 10-year loan at 85 – 90 years old? In most cases there is a direct refusal, if this does not happen, the most logical solution would be that of a third party guarantor who should guarantee the payment of the installment if the pensioner dies.
However, the solution that is proposed by the lenders is that of the single signature with the stipulation of an insurance policy which guarantees the repayment of the loan in place of the deceased pensioner. It should be noted, however, that this insurance, given the high probability that the death event will occur, has very high costs that profoundly affect the APR of the loan to pensioners in the following way: the higher the age of the pensioner, the higher the cost will be insurance. To conclude, we advise our pensioner to avoid, where possible, to join the financing guaranteed by the policy and rather seek a third party guarantor.