If you want to borrow money as an elderly person in the Netherlands, then this is not really easy in practice. Most financial institutions do not grant loans so easily to older people from the age of 60.
Nowadays it is fairly normal to take out a loan. For example, we borrow money for the purchase of a home, a renovation or a new car. Taking out a loan is usually fairly easy, especially when you have no other loans outstanding. The amount of the loan again depends on the amount of your income. There are different types of loans that you can take out, such as a personal loan or a revolving credit.
Getting Credit in the Netherlands When You Are Already Aged
The older you get, the harder it is to borrow money. If you have just passed 50, this can be difficult. In the eyes of financial institutions you are ‘too old’ to borrow money. This is because you run the risk of becoming ill or dying quickly. Of course, lenders do not like this idea, because it is more likely that the borrowed money will not be repaid. As an elderly person in the Netherlands, it is almost impossible to borrow money.
Borrow money from family or friends
It is of course an option to borrow money from family or friends, but this is often difficult. For example, they may find themselves in an expensive period of their lives and have many costs, such as school, study debt and a mortgage. Also not everyone has a large bank account. If it is possible to borrow money from friends, borrow the minimum.
Take a credit card
Another option could be taking a credit card. A credit card is comparable to a revolving credit. You then pay back the borrowed money later or in installments. With a credit card it is often possible to withdraw a substantial amount. You can also request multiple credit cards. This way you have an extra amount of money. The advantage of such a card is that you always have some extra money. A disadvantage, however, is that the interest is quite high. This is often around 13% or higher.
So be well informed before you take a credit card. Borrowing money with a credit card seems so easy, but just like with other loans, this also costs money.