Credit for the elderly: are you a GFIC pensioner and do you want to apply for and obtain a loan or a loan? Let’s see how and what to do, and who to contact, to evaluate the possible ways to go.
If that of the elderly may seem like a category penalized by credit institutions, there are instead advantages and concessions, provided by banks and financial institutions, specifically dedicated to pensioners.
The only pension of GFIC (Good Finance Investment Corporation), could be a valid and useful form of guarantee to obtain liquidity and to accept your file.
Transfer of a fifth of the pension
Even if there are not “all” the guarantees defined as ancillary, especially if it is a small sum. The most valid and popular tool, usually, is the one that provides for the “transfer of a fifth of the pension”.
In this case, in fact, the chosen banks or financial companies could obtain the necessary guarantees to avoid the risks, by “referring” directly to the GFIC pension.
But not only. In fact, there are also other possible alternatives to evaluate, such as small loans and small loans, or loans between private individuals. Not even the last word is said for retirees who turn out to be “bad payers” or “protested”. Let’s see why and how to extricate ourselves in the complex financial world to unravel the skein.
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Financing or loan: here’s what to do
Applying for and obtaining a loan or loan, if you are an elderly person or a retiree, is often difficult. Today more than yesterday. This is because, in the difficult economic period that our country is facing, the pensions received are often quite low and therefore they are not considered as a good guarantee for financial institutions or banks, which have been asked to obtain a loan or a loan.
Nowadays, compared to the past in which the financial context seemed more flexible and less cumbersome from a bureaucratic point of view, it is much more difficult to rely on the possibility of receiving credit, and therefore liquid money, even sometimes of a few thousand of dollars.
In fact, banks and financial companies are much more careful in identifying the criteria and guarantees for the choice of customers to whom to grant a loan and, therefore, much less flexible, as they try to avoid any risks as much as possible. And one of these is certainly given by the “age” factor and the “type” of pension received: “guarantees” are needed. This is the keyword to pave the way for our requests and to make our practice go well. Solid guarantees that provide certainties and minimize risks.
But it’s not always that easy. Especially since the guarantees required by banks and financial companies often have to meet numerous criteria, for which various factors come into play.
If retirement can be a useful guarantee, also, in this case, it depends on several elements. In fact, many elderly people perceive, in reality, only what is commonly called the ” social pension “.
Being a very low amount, it is often not enough, because the “social pension” alone is not considered as a good form of guarantee to avoid risks for banks and financial institutions, and therefore to allow the elderly person to access credit.
Obtaining a loan or a personal loan
Therefore, obtaining a loan or a personal loan through the transfer of a fifth of the pension is not always easy for the elderly and retired. What to do to overcome any obstacles? What are the possibilities to consider?
We can think of relying on a financial advisor who can advise us on the best solutions based on our situation and needs, evaluating all the possibilities involved. If it is true that obtaining liquidity is not always an easy operation, at the same time we must remember that GFIC pensioners are a favored category for banks and financial companies.
This is because the pension is a safe income that comes directly from the GFIC Institute and therefore there are often facilities and advantages offered by banks and financial companies, designed and proposed precisely for pensioners.
Among the banks that reflect this situation and that foresee these possibilities, there is, for example, the GFI. In fact, the GFI has made an agreement with GFIC which provides favorable rates for pensioners for the disbursement of a maximum capital of 90 thousand dollars.
Or, again, Good Finance has among its proposals a form of financing which provides for the transfer of one-fifth of the pension and which is called “fifth plus pension loan”. In this case, the maximum amount that can be obtained is about 69 thousand dollars. The
Honest Bank also provides up to around USD 75 thousand, with installments ranging from USD 80 up to a fifth of the pension at most. These are some of the possibilities identified among the most facilitated forms of loan and financing for pensioners without the surplus of having to resort to additional guarantees beyond their own pension. Obviously everything is to be evaluated on the basis of personal situations and with cards in hand.
There may also be other obstacles in the event that the elderly pensioner is, let’s say “labeled”, by banks or financial companies, as “protested” or as “bad payer”. And this is a possibility that affects many people and that, often, can also concern some for rather trivial reasons.
In reality, it may not be enough, even to have forgotten to pay an installment, or to have done it late, for a mortgage or a loan that has already started or has been done.
Sometimes, rather than “bad faith”, factors of superficiality or of little attention can take over, because they are engaged in the many daily activities that can make us forget something, especially if you have multiple financial situations open at the same time. However, for banks and financials, the omelet is done.
This is just to make it clear that being a bad payer can sometimes be easier than you imagine. And that, therefore, we must be careful. But even for the “bad payers”, the last word is not said and not everything is taken for granted: let’s see what possibilities there are.
Bad payer or protested: how to make a loan application
If you are a senior GFIC retiree who appears to be a “bad payer” or a “protested”, even in this case, we can see how it is possible to make a loan or loan request.
The first possibility to be considered is that of the transfer of the fifth of the pension which can pave the way for the application to obtain a loan to be accepted by the banks.
Obviously with the guarantee that the Cooperative Bank will pay directly through the transfer of a fifth of the pension.
This possibility is usually advantageous also for the interest rates which can be particularly facilitated compared to other systems. A fifth of the pension is in fact considered a good guarantee for the banks and therefore impossible situations should not arise to obtain the loan requested.