Loans.org Finds the Elderly Have Easier Access to Personal Loans
Rancho Cucamonga, CA (PRWEB) July 15, 2013 -- It is too easy to dismiss the elderly members of society as being in a position where they no longer need to borrow personal loans. It can even be said that they would have a hard time borrowing money for personal needs since they don’t have much time left to repay any debts.
This couldn’t be further from the truth.
According to interviews conducted by loans.org, the elderly actually have a much easier time borrowing money when compared to younger generations.
“In some ways, the elderly demographic is more stable since they tend to budget better, manage money effectively and are not usually impulse shoppers,” said Leslie Tayne, Esq. of the Law Offices of Leslie H. Tayne P.C.
As a result, lenders view them much more favorably over younger generations. Even if a lender were to discriminate against an elderly applicant, legal repercussions would be soon to follow.
“If a firm were discriminating against seniors in their lending practices, they would be in some very deep trouble with the Consumer Financial Protection Bureau and others,” said Gregory B. Meyer, Community Relations Manager at Meriwest Credit Union.
Meyer said that personal loan lenders prefer to look at other financial aspects rather than an applicant’s age.
“We review their credit scores and determine their debt-to-income ratios,” he said. “In the case of a car, boat, or home loan, we will do our due diligence on the property to be encumbered/secured by a loan. If the credit score and debt-to-income ratios are within our guidelines and the security fits our standards, they get approved.”
Unlike younger generations, the elderly have had their entire lives to build up their credit scores, pay off their cars and mortgages, and purchase valuable collateral. The same cannot be said of younger generations who are still struggling in a slowly recovering economy amid record high student loan and credit card debt.
To read the entire news story in its entirety, please visit http://loans.org/personal/news/elderly-have-advantage-borrowing-money-92926.
Additional articles, interviews, news and frequently asked questions about the personal loan industry are available at http://loans.org/personal.
About loans.org:
loans.org is a leading lending authority website that covers financial news, produces informative articles, and answers frequently asked questions. In addition to providing lending-related information, loans.org also hosts a variety of free online application forms for prospective borrowers to use when applying for loans.
Isaac Juarez, Loans.org, http://loans.org/, (909) 784-2467, [email protected]
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