Is it possible to make a loan after the age of 60?

After age 60, you can still borrow money or take out an existing loan.

Here is some information to let you know more about the possibilities and points to consider if you want to take out a loan at an older age.

What type of loans can you apply for?

What type of loans can you apply for?

As a person aged 60 and over, you have the choice between two types of loans, a personal loan and a revolving loan. Several banks offer special loans for the elderly. It is often a personal loan.

Personal loans

Personal loans

With a personal loan, you borrow a fixed amount. The duration, the interest and the monthly amount are fixed for the entire duration of the loan. A personal loan is ideal, for example in the event of a renovation.

Interest for the purchase, improvement or renovation of the house is also tax deductible. You can take out a personal loan up to the age of 75. The loan amount must then be repaid within 5 years.

Revolving credit

Revolving credit

With revolving credit, you can withdraw money at any time and in a flexible manner. However, due to the retirement age, the loan must be repaid on time. Do you already have revolving credit? If so, it would be wise to transfer your revolving credit to a senior loan. It is often a personal loan.

In addition, in the case of a revolving loan, banks often increase the repayment to 2% when you are 60 years old and often at a high variable interest rate. It is therefore more difficult for you to repay quickly because of the monthly payments. With a senior loan or personal loan, you pay a fixed amount per month at a low monthly rate and with a fixed term. That way you know where you are.

What will happen to your loan when you retire or die?

What will happen to your loan when you retire or die?

You prefer not to think about it, but it’s still wise: what will happen to your debt if you die? If you take out a personal loan, it is also wise to take out insurance with a credit insurer in the event of death. With this insurance, the payment obligation expires in the event of death. The insured amount will be released in the event of death so that you do not leave your loved ones with your loan.

Also find out how to borrow money without the intervention of the bank.

Credit simulation, loan calculation, loan simulation

 

Taking the time to perform a credit simulation is crucial in order to have all the information in your possession before submitting your credit application online. You will find, on this page, the different simulators available to you in order to perform any type of loan calculation. These simulators cover most of the credits we can offer you.

Credit simulation

Credit simulation

If you cannot find the simulator you are looking for, do not hesitate to contact us in order to obtain a credit offer that meets your expectations and needs. We are at your disposal to help you in your efforts.

Auto credit simulation

If you intend to buy a new vehicle, be it a car, a motorcycle, a motorhome, a caravan,… then we strongly advise you to use our brand new simulator. It will allow you to precisely calculate your monthly payment. Car and other vehicle simulations only take a few seconds, take advantage!

Mortgage credit simulator

Mortgage credit simulator

Becoming a homeowner is an important step in everyone’s life, but not at any cost. It is important to know, from the start, the details of the credit that you will have to repay for 20, 25 or even 30 years. This is the time when ever to become a homeowner, the current mortgage rate we are offering you is very low. A mortgage simulator is at your disposal, do as many mortgage simulations as you want. The tool is there, at your service!

Simulate your personal loan

Simulate your personal loan

Having fun is often good… Whatever the nature of your desire, it is best to know in advance the cost that will generate your desire. To have no surprises, we invite you to consult our simulator where you can perform any type of personal loan simulation. Try all possible combinations and choose the loan that suits you.

Calculate your work loan  

Calculate your work loan  

Ready to embark on renovations or on a larger scale, transformations? If so, do a work loan simulation to see that the rate we offer is one of the best on the market.

Loan simulation

Loan simulation

To go to the desired credit simulator and carry out a loan simulation adapted to your needs, simply click on the “details” link just below the title of the chosen simulator ( see at the bottom of this page ). The simulators are to be used without moderation. Since these are completely free, you might as well take advantage of them!

Loan calculation, user manual

Loan calculation, user manual

Using the credit simulator you have chosen is both extremely simple and intuitive, calculating your loan becomes child’s play, follow the procedure mentioned below and perform your simulation with complete peace of mind:

  1. Choose the vehicle type (only valid for the car loan simulator)
  2. Enter the amount you wish to borrow (for vehicles, choose the type of vehicle first)
  3. Choose the duration
  4. The result is displayed

In this way, you can make your loan request online with full knowledge of the facts.

You will know in advance:

  • The APR (Effective Annual Global Rate)
  • The borrowing rate
  • The monthly payment
  • The total cost of credit

Before its subscription and thanks to the credit simulation, your loan will have no more secrets for you. With Fine Bank, you are guaranteed to take out a tailor-made loan that meets your expectations and that, not surprisingly !