Quote from: tygeade on Today at 03:45:03 PM

Quote from: South Park on November 26, 2024, 04:17:43 PM

Depending on the country where you live, the laws can be vastly different, since in most countries the debts you may have with the government are inherited in the case of your demise, however any debt with a private entity is immediately forgiven, it is because of this many companies and businesses refuse to give loans to the elderly and to the sick, since they do not want to lose money in the case of their death, however it seems that now insurance companies are taking part of that risk by giving insurance to those people so those businesses can offer them loans.

Yeah, my dad for example couldn't get any loans for the past ten years or so, and that's fine, well he could get tiny loans, like few grand, but not mortgage for example. It's clear why nobody would give someone ten year loan, when they are 65-70 years old, it's questionable that they would be paying that back, they might die, and in some cases it's true unfortunately. So all in all, banks do not give debt to elderly, but they are refraining from giving it to young people these days too, the rates are too high, and that means there is really no way most of these people would pay.

This makes default rates increase a lot, and that is why it's really not ideal for most people to get any loans at these rates. They still do give some loans to some people, but they rather give it to companies that does well, that way banks know that companies will pay it back, specially the strong ones, if Apple asks you for loan, would you reject it? Of course not.

Thats how business works and banks would really be that having that kind of criterias on who would be the one that they will really be giving loans. As for those old people then it is really that understandable that they wont really be offering any loans because of the time that left into their life span on which if they would die because of illness or because of being too old then that would really be that able to lose everything that they have lent on a certain person, thats why there would really be those age brackets on who would really be able to quality on getting some loans, but somehow there would really be some exemptions when it comes to this specially if that old person does have some valuable collaterals on which the bank could be able to pull it off, then its something that there will really be some reconsideration.

Banks are businesses on which its normal that they will really be that needing an assurance that those lendors will really be able to repay it up completely on the loan that they had taken. It is normal that they will really be setting those bars high in terms of criterias and requirements because we arent talking some small amount on here. If it turns out that there's no way that you could get some loans into banks
then you dont have any options but going into those people who offers loans or going into those financing but expect that the interest rates are just that too high.