Sometimes it may happen that finding loans for disabled retirees is somewhat difficult. Although having a disability or disability is not a condition for refusing a loan, no credit institution reserves particular solutions for this category, least of all if we go even more specifically to pensioners with disabilities.
Some of the lenders to which you can try to request a quote are:
Other solutions are those of Younited Credit (which offers loans between individuals) and of the comparator E-Money (which compares multiple banks and financial companies).
Of course, banks and financial companies must have repayment guarantees, so it may happen that the request is rejected in the event of an age considered too old or a pension deemed insufficient to guarantee the amortization and at the same time keep the minimum vital.
In short, there are many variables involved, but the way of lending to meet particular needs or economic unforeseen events is by no means precluded: let’s immediately see what are the paths that an invalid pensioner can take to access liquidity.
Some of the requirements for disabled pensioners are broadly identical to those due to everyone else.
First of all, the pension slip as a guarantee of repayment, but a distinction must be made between a real pension, which allows access to both traditional and subsidized loans, and a disability allowance. The latter, if definitive, is assimilated to the pension, while if temporary (usually therefore of a three-year duration), it may result in the refusal by the credit institution. In this case, however, we recommend sending more requests because it is not a matter of written law but of custom, moreover with not a few exceptions.
Secondly, age. In fact, loans are now also granted to those over 80, but certainly, the age changes both the amount obtainable and the duration of the amortization plan.
Disabled pensioners must also present medical documentation attesting to the type of disability and the reasons for it. These cards are subject to an insurance check so that they express an opinion on the health conditions and, consequently, on the risk of the financing.
A first loan opportunity for disabled pensioners comes from the national social security institution, which offers more than advantageous conditions designed specifically for this category. Clarification is a must: the Social Security does not provide forms of financing for those who receive only the civil disability allowance, as it cannot be used to obtain the assignment of the fifth (in fact it is a pension of the category “non-transferable” ).
This loan can in fact be granted to those who can demonstrate that they also have another form of income, for example, a salary, an old-age pension or a survivor’s pension (which are in fact “transferable” pensions, which can be used as collateral to access the assignment of the fifth).
The repayment installments are deducted monthly, and automatically, from the salary, and each does not exceed one-fifth of the pensionable pension.
As regards interest rates, it should be noted that those of the Social Security is among the most convenient today, but of course, the APR is extremely variable: it depends on the duration of the loan, the type of invalidity and in part also on the age of the applicant.
Another advantage is that already the pension (or salary) is sufficient guarantees for the institution, therefore access to the loan is practically extended to all those in possession of the requirements, without the need to demonstrate further collateral outside the document. income. This is not subtlety, on the contrary, because this policy allows protesting and bad payers to obtain liquidity.
Speaking of Social Security loans we must actually distinguish two types of financing.
The first, direct, for which you apply directly to the social security institution, also through the website. At the time of the request, you can choose the maximum duration available and the amount of the installment. The fifth, in fact, is not a fixed fee but the highest sum that can be paid by law; it goes without saying that you can, therefore, opt for lighter amortization plans for your finances by extending the repayment period, but keep in mind that, of course, you will pay more interest.
An indirect loan can also be chosen, ie contacting credit institutions affiliated with Social Security. In this case, interest and costs are decided by the bank or finance company, but always respecting a certain range set by the social security institution. These are always subsidized loans, therefore, which could be more advantageous if, for example, you have been good customers of that bank for many years, if the credit history is positive and if you can take advantage of rates lower than those envisaged by the Social Security for a direct loan.
The Loan of Hope was launched by the CEI thanks to an agreement with the Association. Also, in this case, it is a loan at subsidized conditions, subsidized by a guarantee fund financed by 8×1000 revenues, so as to “encourage the work and social inclusion of those in difficulty”.
This loan is intended for individuals, families, associations, businesses, and companies; access requirements change according to whether the applicant is a natural or legal person. In fact, it is not a loan reserved for disabled and disabled people only, but it widens its field of action to more general situations of hardship: precarious workers, unemployed, self-employed, entrepreneurs in the start-up phase of a company.
The banks involved in the agreement are Good Finance which provides liquidity, and Good Credit, which manages it; to apply, you must go to a Caritas or Trust Network counter, and after a positive response (usually, it does not take more than two weeks) you are accompanied to the bank by a contact person, often a volunteer former bank employee, who will follow the practice until the payment of the requested sum.
Speaking of money, let’s see immediately how much you can ask for. The maximum limit is 6,000 dollars, with an APR that does not exceed 4% and an amortization plan of no more than 6 years. In general, we can say that the expenses may be lower, but it all depends on the medical documentation and the ISEE, the cards necessary to claim the loan. In the specific case of disabled civilians, the CEI guarantees interest rates up to 50% lower than what is envisaged in traditional personal loans.
Findomestic does not actually have an ad hoc solution to meet the needs of disabled people, like practically all banks, however, the Other Project’s personal loan could be interesting for disabled pensioners up to 75 years of age.
The APR is fixed at 7.94%, not the lowest that can be found on the market; however, if you need more liquidity than that provided by the two previous Social Security and CEI options, Findomestic’s is an excellent proposal. In the face of demonstrable income requirements, it is in fact possible to request up to 60,000 dollars, which can be spent on legal expenses, medical treatment and specialist visits, which unfortunately in the case of pensioners with disabilities are precisely the categories on which financial support is indispensable.