Category: General

Payday Lending Gains Favor Among Michigan Elderly Borrowers

Several microfinance institutions recorded an increase in the number of clients of retirement age in Michigan. Pensioners do not have enough money for current expenses, and banks are in no hurry to issue loans to older customers. Pensioners are increasingly turning to microfinance organizations for loans. This conclusion was introduced in Banking and Credit Union Corporate Activity Reports that analyzed the activity of older clients in the period from January to September 2022 compared to

Can An Elderly Person Get a Loan? Guide for Seniors

If an elderly person suddenly needs money, a loan for seniors is often the only way out of this situation. Indeed, these people belong to the most vulnerable social category. Yes, a pension is a permanent income. But, in most cases, its size makes it possible only to pay for utilities and buy groceries. Most seniors do not have savings. The situation is aggravated by the fact that most financial institutions are hesitant about providing