Myths and realities of loans to retirees and pensioners

It is common to find advertisements from companies that promise to grant a loan with all possible facilities and which claim not to consult the Credit Bureau to grant it, which for many people can be attractive, because their credit history can reveal some situation of default.

But this promise, if you opt for it, can become the worst nightmare for many, because sometimes these companies that promise loans with all the facilities in the world, can result in scams and even damage the most vulnerable sectors of the population , like seniors.

Later I will explain the issue of scams , but not before detailing the context surrounding this situation.

Placement of credits with senior citizens

Placement of credits with senior citizens


As is known, the financial ecosystem offers a variety of products for different segments that are according to the age of a person, employment status, region, activity , in short. There are so many factors to consider in order to access a financial product that suits our needs.

In this context, it is obvious that there are formal companies that specialize in granting loans for retired and pensioned persons, especially for former employees of state-owned companies.

These companies, which are usually banks and sofomes, often offer facilities to these people to grant them a loan and even, the amount they receive from their pension can serve as an incentive to give such credit , as part of what a person receives It would be discounted to pay for such financing automatically.

There are some companies that grant loans to retirees and pensioners ranging from 2,000 to 200,000 dollar, in a scheme similar to payroll financing, where the amount the worker receives as salary, in this case, pension, serves as a guarantee for Settle the credit.

That is why the formal financial companies that offer this kind of credits usually say in their advertising that they do not consult the Credit Bureau ; however, they take other factors to decide whether or not to grant credit to a senior citizen , such as health, years of life, company with which he retired, among others.

Can the credit be a fraud?

Can the credit be a fraud?

Having explained this, I will go on to detail the other side of the coin: fraud . I will give an example to measure the size of the problem only in the United States.

According to the National Council on Aging in that country. The annual amount stolen from senior citizens, via scams, amounts to $ 36.5 billion, as detailed by the United States Securities Commission.

We still do not have a census on the size of the affectation, but what has been detected are the mechanisms by which the population is scammed, especially the elderly.

Identify financial fraud

Identify financial fraud

Typically, fraudsters present themselves to people as a 100% formal organization. Their facilities may appear legal, but in the end they only seek to take money from their victims .

Once you have contact with them, they explain the facilities they offer if you choose to get a loan, which although they do not appear as financial entities , they do so as credit managers , that is, they are the intermediaries to get the loan. A formal financial institution.

Since you accept the proposal, they immediately ask for an amount , either in cash or that is deposited to a bank account, on the occasion of a guarantee to set aside the loan or for procedures that have to be done to obtain the desired amount.

In the end, the victim delivers an amount without obtaining the desired loan and the fraudster alleges endless excuses for not returning what was given or giving credit. Situation that could leave a terrible debt to the person.

Recommendations for not falling into fraud

Recommendations for not falling into fraud


Next, a series of recommendations from the National Commission for the Protection and Defense of Financial Service Users  to avoid falling into this trap:

  • If financing is required, you must make sure the identity and registration of the company or institution before Condusef . It is much safer to go to duly authorized institutions.
  • Do not be fooled by the apparent speed for granting credit.
  • Do not deliver personal documents or credit or debit card information, if you are not sure it is a serious company.

Before giving the commission for management expenses, make sure the viability of the credit .


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