Borrow money after your 60th birthday: is that possible?

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After your 60th birthday you can still borrow money or transfer an existing loan.

Read more about the options and what you should pay special attention to if you want to take out a loan at a later age.

What type of loans can you apply for?

What type of loans can you apply for?

As a person over 60 you can choose from two types of loans, namely: a personal loan and a revolving credit . Various banks offer a special senior citizen loan. This is often a personal loan.

Personal loan

Personal loan

With a personal loan you borrow a fixed amount. The term, the interest and the monthly amount are fixed for the entire term of the loan. A personal loan is ideal for renovations, for example.

Moreover, the interest for the purchase, improvement or renovation of the home is tax deductible. You can take out a personal loan up to your 75th year. The borrowed amount must then be repaid within 5 years.

A revolving credit

A revolving credit

With a revolving credit you can withdraw money flexibly whenever you want. However, due to the retirement age, the loan must be phased out in time. Do you already have a revolving credit? Then it would be wise to transfer your revolving credit to a senior citizen’s loan. This is often a personal loan.

Moreover, with a revolving credit, banks often increase the repayment to 2% when you are 60 and then often also at a high variable interest rate. That makes it more difficult for you to pay off quickly because of the monthly installments. With a senior loan or personal loan you pay a fixed amount per month for a low monthly term and with a fixed term. That way you know where you stand.

What happens to your loan when you retire or die?

What happens to your loan when you retire or die?

You would rather not think about it, but it is nevertheless wise: what happens to your debt if you die? If you take out a personal loan, it is wise to also insure yourself with a credit protector in the event of your death. With this insurance the payment obligation expires in the event of death. The insured amount is released in the event of death so that you do not leave your relatives behind with your loan.

Take out a loan after your 60th with the Credit System

Take out a loan after your 60th with the Credit System

Securing a personal loan with confidence after your 60th birthday is very easy and safe online at the Nederlands Good Checker.

In a fully secured loan environment you can submit your application entirely digitally when it suits you. In addition, you can be advised by us free of charge. Our expert credit specialists are happy to help you with a suitable loan proposal.

 


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