How to get a reduced Personal Payday loan as a pensioner?

We may need to borrow not only at the beginning of capitalism, but also later, as we can decide to renovate our apartment or replace our car even in our retirement years. Nothing prevents you from taking out a Personal Payday loan at this stage of life, but you have to pay attention to other aspects in this case. We’ve collected the most important terms for applying for a Personal Payday loan.

The most important factor is age

Banks usually set a lower and upper age limit when it comes to applying for a loan. The age limit applies not only to the time of the loan application, but also to the age at the end of the planned term. Therefore, the bank may impose additional conditions even if we have already reached the upper age limit and even if we become “overweight” for the bank during the repayment.

It is important that banks only refuse to apply for a loan on the grounds of age. If they do so, they violate the law because the age. According to paragraph 8, protected properties are included. If age is also involved in the credit assessment of the bank’s decision, the bank must prove that it has made a lawful decision.

A co-applicant may be a solution if you are too old

If we cross the above age limits, it does not mean that our age would be a disqualification for banks, as we can apply for a loan with the help of a co-claimant. In this case, the co-applicant will have to undergo the same credit assessment and will be subject to the same conditions as the debtor. The same is true if we become a taxpayer in a loan agreement.

Income is also an important factor

Retired credit applicants must meet the same income conditions as active workers. Since we can take home less as a pensioner, it is not so easy for anyone who wants to be a pensioner to fulfill all the conditions. This is also confirmed by the figures: the minimum pension is currently HUF 28,500 and the average pension is HUF 134,000 in 2019.

The average pension is sufficient for most banks to get a Personal Payday loan. Generally, 250,000 forints are needed for the best deals, but that doesn’t mean that you can’t find good deals with lower earnings.

We have summarized in a table the conditions for banks’ age and minimum net income.

These are the best Personal Payday loan offers

We have been looking for credit offers that can even be taken by an average pensioner. The most favorable loan was found by the Personal Payday loan Calculator.

Suppose you want to claim $ 1 million for a 60-month term. To do this, we have set up the calculator to display offers that are available for a monthly net income of $ 250,000.

Under these conditions, Personal Payday loan is the most favorable. The APR is 11.73 percent, the monthly installment is HUF 21,814, and the total repayable amount is HUF 1,308,840. For this loan you need 1 20 thousand HUF income.

These documents are needed as a pensioner

With a few exceptions, the same documents will be required for the claim as if we were applying for the loan as a worker.

  • Valid identity card – identity card, driving license or passport

  • home address card 

  • tax card,

  • pensioner or pension certificate,

  • Named and paid utility bills not older than 30 days.

If you do not apply for a loan at the bank where your bank account is located, you will probably need to present your bank statement back to 3 months. In addition, banks may request additional documents.

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