Take the AARP Smart Driver course and you could save on auto insurance! Learn more.
by Michelle Diament, AARP Bulletin, - November 1, 2008
After a newspaper report revealed that some Swedish banks had age limits for older adults seeking certain types of loans, a public outcry led at least one bank to change its policy.
At Ikano Bank people over age 70 were ineligible for unsecured loans. Bank officials said they didn’t want to discriminate, but that it all came down to risk. “However much we may wish it were different, we know that the risk that we are going to die or become seriously ill increases sharply with age,” Ikano representative Marina Nilsson Eiman wrote on the bank’s website in defense of the policy.
But after a week of criticism the bank relented, saying that age alone would no longer yield a rejection.
And it’s a good thing they did, says Sally Hurme at AARP Financial Services. The old policy “smacks of ageism,” she says.
Michelle Diament is a freelance writer based in Memphis, Tenn.
Please leave your comment below.
You must be logged in to leave a comment.
Get tips and resources to protect yourself from fraud and see the latest scam alerts in your state.
Members save 15% all day, every day at participating locations.
Exclusive program for members from The Hartford.
AARP members receive exclusive member benefits & affect social change.
You are leaving AARP.org and going to the website of our trusted provider. The provider’s terms, conditions and policies apply. Please return to AARP.org to learn more about other benefits.
Your email address is now confirmed.
Manage your email preferences and tell us which topics interest you so that we can prioritize the information you receive.
Explore all that AARP has to offer.
In the next 24 hours, you will receive an email to confirm your subscription to receive emails
related to AARP volunteering. Once you confirm that subscription, you will regularly
receive communications related to AARP volunteering. In the meantime, please feel free
to search for ways to make a difference in your community at