1) What is a Pension Loan?
We work with a wide range of Pension Loan Providers who offer various products with different Terms and Conditions. A Pension loan is an unsecured loan which allows you to borrow a certain percentage of your pension fund as a loan - up to 50%. There are no credit checks and you do not need to prove your income. A poor credit rating does not matter. The loan can be used for any purpose. A pension loan could offer you one of the lowest loan interest rates available in today's market. Once approved, you could borrow up to 50% of the value of your pension. The loan is normally issued within 4 - 8 weeks. We will provide you with more information once your appropriate Pension Loan Provider has been contacted. |
2) Do I Qualify?
In order to qualify for this loan you must have a private pension, or a number of small private pensions which amount to a minimum value of £20,000. It makes no difference whether or not the pension/s are currently frozen, or still being paid into. The larger your pension, the more you can borrow! You may also qualify if you have a company pension providing that you are no longer working for the same company. |
3) Are there any credit checks?
No. There are no need for any credit checks. You will be able repay the loan with your pension proceeds at retirement. (Or upon your death.) If your pension fund is insufficient to repay the loan the remaining balance of the loan will be written off. |
4) Will this affect my credit rating?
No. The loan against your pension is not registered with any credit reference agencies. |
5) Can I repay the loan early?
Yes. The Pension Loan Providers we work with do not charge any early settlement fees. |
6) I am in an Individual Voluntary Arrangement (IVA). Can I have a Pension Backed Loan?
Unfortunately not. There are no exceptions to this rule. |
7) Why should I choose Pension Loans Online?
Pension loans Online operates within a network of lenders in order to find you the best possible Pension Loans Service to fit your criteria. We are solely and introducer, and charge you the client no fees throughout the entire process. If you are not happy to go with the first lender we recommend to you, we will search our network of lenders and the market for you for up to six months until you are satisfied. Please also note that we do not offer any financial advice. We respect your privacy, and promise to only pass your details onto the one lender who we believe is best suited for your circumstances - we will never pass on your personal information to other companies without your permission. |
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