Lending concerns mainly concern the minimum age of borrowers, ie what the minimum age at which credit can be granted, only that the borrower can both morally and materially manage to meet such serious and responsible obligations as credit obligations.
Creditors’ opinions and positions on this issue are different.
There are creditors who believe this age could be 18 years, but there are also lenders who think this age could only be 20 or 21 years. The same disagreement is also prevalent in the question of setting the maximum age.
There are lenders who only grant credits up to the age of 60, but there are also lenders who lend up to 85 years of age.
Minimum retirement age of 62.5 years old
As Latvia currently has a minimum retirement age of 62.5 years old it now appears that young pensioners are not likely to get credit for just two lenders – Good Finance and Good Lender The maximum age of borrowers is 60 years. However, as we know, pensioners are not only 60.5 or 62.5 years old, but also parents, so the maximum age limits set by all non-bank lenders should be considered.
Retirees are not only individuals who are 60.5 or 62.5 years old
As we know, retirees are not only individuals who are 60.5 or 62.5 years old, but also those who are already pensioners at a much younger age because of the specific nature of their work, so if the age permits, it is also possible to get a loan at the same time. Good Finance and Good Lender, which issue credits for up to 60 years. It should be noted that the disagreement in the setting of minimum and maximum ages is only in the non-banking sector, as the banking sector, for example, has unanimously decided that the minimum age for earning a credit is 18 years, but no maximum age is set, which, unless credit history and creditworthiness allow, possibility to take credit regardless of age.