At the same time, many people are looking forward and apprehensive about the thought of retirement. The smile on their face gives them the thought of the leisure they will have, but the black thoughts give them no peace because they know that they will not be able to enjoy carelessly.
As pensions are basically quite low, only a few can afford a dream pension. Numerous loans, loans and borrowings have emerged in the market, the idea of which is to help retirees.
Why was it difficult to get a loan until recently when you retired?
Until recently, neither banks nor other credit and financial institutions recognized retirees as potential consumers. But the climate has changed in recent decades, primarily due to longer life expectancy, better health and a more active lifestyle.
Retirees thus found themselves among regular clients, most of whom were seeking less money and with a shorter repayment period. So they came up with a way to get money urgently.
What are the most favorable cash loans for retirees?
The most favorable cash loans for retirees or retirement loans are cash loans intended exclusively for retired people. Most banks and credit and financial institutions range from 55 to 85 years of age. This basically means that the client must not be more than 85 years old at the time of applying for a loan.
Some banks, however, have a different attitude, so the customer may not have more than 85 years of life at the time of loan repayment. But it all depends on the terms on offer.
What is the term of repayment of the most favorable cash loans for retirees?
These are smaller amounts ranging from HRK 1,000 to tens of thousands of HRK. The repayment period depends on the amount of money being borrowed, which can last from several months to seven years.
The interest rate for the most favorable cash loans in Croatia for retirees basically ranges from 6 percent to 7.5 percent. The interest rate is usually fixed over the entire repayment term, with banks and other financial institutions allowing early repayment at no additional cost.
For smaller amounts, the interest rate may be lower, but in this case a pledge in the form of a promissory note or other property is also expected. Sometimes a co-debtor or guarantor is also required, but more often with larger sums of money.
What if retirees have a foreign pension?
Given that a large number of retirees return to Croatia in the old days after having spent their working lives abroad, banks and other credit and financial institutions also have loans for them.
While banks require loan beneficiaries to be domiciled in Croatia, other financial institutions only ask for an open account with regular income. It is also important that retirees do not have an account blocked and that they have all their debts duly settled.
Benefits of the best cashback for retirees
The biggest advantage of this type of loan is that the interest rate is fixed throughout the repayment period. Banks and other credit and financial institutions, because of their smaller sums of money, almost never ask for a collateral from their clients and provide a more favorable credit rating tailored specifically for retirees.
They have recognized the needs of the market, so the age of the loan beneficiaries has increased and allows loans and loans to people over 80.