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Is it possible to get a loan when you are older than 70?
I have securities, a house, savings.
Since I turned 65 I've been turned away by banks. They don't even bother looking at my loan application.
Any recommendations would be greatly appreciated.
Hi there,
Most Swiss lenders do not provide loans to borrowers above a certain age. Depending on the lender, this age limit could be anywhere between 64 and 70 years old.
Steady employment is also a standard requirement. Pensioners generally are not able to get loans from Swiss banks.
For this reason, few or no results appear in the interactive loan comparison on moneyland.ch when the date of birth or employment status entered indicates that you are not eligible.
Logic behind age-based restrictions: Seniors pose a higher risk for banks because the chances of default (due to death, for example) are considered to be higher.
Alternative options:
Visit your canton's debt counselling service (you can find more information here).
In some cases, Pro Senectute - which offers financial management assistance in emergencies - may be able to help you.
Try to get a private loan from people who know and trust you. Peer-to-peer (p2p) portals offer another avenue through which you can connect with private lenders.
Best regards from Moneyguru
