Articles related to focusing on healthy aging, prevention, mobility, cognition, nutrition, independence, and caregiving support.
According to the Equal Credit Opportunity Act (ECOA), lenders cannot discriminate against credit applicants based on age, provided the applicant can legally enter a contract. This means there is no legal maximum age to get a loan, but approval for seniors often hinges on their financial profile, not their birthday.
Federal rules strictly prohibit borrowing money directly against your Social Security benefits. The Social Security Administration (SSA) does not issue loans, and creditors are not permitted to use your benefits as collateral. While an old loophole once allowed for a form of an interest-free advance, this option was officially closed by the SSA in 2010.
While age is often a factor in lending decisions, it's not typically the sole determinant. Many financial institutions offer various loan products for individuals over 70, with eligibility often hinging on factors like income, credit score, and collateral rather than age alone. This article explores the answer to the question, "Can I get a loan if I am over 70?" and details the options available.
