Alexandoy
VIP Contributor
The pensioner loan is very popular here that in almost all cities there are signage of such a business. Their target are the pensioners because they are the safest borrowers. They give the proceeds of the loan and the pensioner would hand the creditor the ATM card which is the bank account that receives the monthly pension.
The monthly installment is paid when the creditor would withdraw the specified amount using the ATM card. This kind of business is earning good at the expense of the pensioner. Sometimes I feel pity for the old persons going to such office to borrow money because I know that the interest rate is usurious. I am posting this topic as an advice to the pensioners to refrain from borrowing money. Do not compromise your monthly pension to your disadvantage.
The monthly installment is paid when the creditor would withdraw the specified amount using the ATM card. This kind of business is earning good at the expense of the pensioner. Sometimes I feel pity for the old persons going to such office to borrow money because I know that the interest rate is usurious. I am posting this topic as an advice to the pensioners to refrain from borrowing money. Do not compromise your monthly pension to your disadvantage.
