You need a steady income to get a loan. If you have one in the form of a pension, it should not be a problem to get cash from a bank or other non-bank institution.
All banking institutions have a similar approach to lending policy, for them, the main determinant is the amount of income they receive. However, in the case of a loan for a pensioner, the age of the borrower is also an important factor. Elderly retired people found it much harder to take a loan in 2012. Today it is much easier and if such a person is under 85 years old, one of the banks will surely give her a loan.
As you know, many banks operate in the Polish market
Their offers are very similar to each other, however, by choosing the cheapest loan offer from them, we are able to save a lot of money on a monthly installment. That is why it is so important to choose a bank, which is difficult to make taking into account only the advertising message or the opinions of friends.
Using online loan comparison websites can help a lot and exclude some bank offers from the start of your search for an attractive loan. However, let’s keep in mind that the comparison websites are not fully aware of our situation, so check your offer by submitting an application.
It will be easiest in our bank to which the retirement receives. You can even get a loan without additional documents because each transfer is numbered after the retirement decision.
It is difficult to specify the general rules for granting loans
To retired persons -institutions’ financial approach to each client individually. However, they mainly take into account the amount of benefit received, age and credit history. Therefore, a person who receives a pension in the amount of about USD 1000, unfortunately, several banks will refuse to grant any loan due to the cost of living that may be higher than the benefit.
The documents needed by pensioners to obtain a loan are, of course, an ID card and confirmation document income, i.e. the last pension or bank statement for the last month. The minimum required income is about 550 USD.
Formalities connected with granting a loan are usually dealt with during one visit to the bank and situations where the pensioner leaves the bank after 30 minutes with cash on their account are common. This is due to the stability of the income achieved, however, before joining a loan, however, it is worth first to report your desire to obtain a loan by phone or online, then the initial decision on granting the loan will be known before visiting the bank outlet.