Not all employees stay in employment until their regular old-age pension, so pensioners are often significantly younger than 65 or 67. The most common reason for early retirement is occupational or incapacity to work, and the early retirement for some occupations, which is earlier than the standard old-age pension, is stipulated by law. Credit Bureau-free loans in the full sense are not only granted without prior request to the credit protection, but also not reported to Credit Bureau.
The self-applied Credit Bureau free pensioner loan
A Credit Bureau-free loan for pensioners can be applied for directly from a bank in Liechtenstein or in Switzerland if the loan seeker is an early retiree and the amount of the pension still exceeds the seizure allowance. The federal banks have set a relatively low maximum age of 53 to 58 years for direct lending, depending on the bank, so that retirees are not eligible as customers.
An alternative is a Credit Bureau-free loan for pensioners through an insurance company. Since private pension insurance usually already provides monthly benefits, only additional life insurance policies are available for mortgages. Loan processing without Credit Bureau is possible because the pensioner taking out the loan guarantees the insurer with his own payment claims.
The loan application for pensioners through a credit intermediary
Foreign banks can get a Credit Bureau-free loan for a pensioner through a credit intermediary. When applying for a loan through an intermediary, the strict guidelines regarding the maximum age do not apply, so that retirees can also get a Credit Bureau-free loan from Switzerland or Liechtenstein. When choosing a credit broker, pensioners make sure that they work properly and do not charge any upfront costs, but only a reasonably high commission.
The likelihood of the desired Credit Bureau-free loan being paid out to the pensioner increases when the customer is ready to take out residual debt insurance. Pensioners have a secure income, but lenders fear the customer’s demise before the loan is fully repaid. As an alternative to the residual debt insurance, the guarantee can be provided by a signed heir.