Pension Loans – What are Pension Loans?

You might be asking “Just what is a Pension Loan?”

A Pension Loan is basically, a loan secured against your pension. A pension loan effectively permits you to borrow a certain percentage of your pension fund as a loan. In some cases this can be as much as 50% of your total pension fund… but sometimes, up to 100%.

The fantastic news is that there are no credit checks. And you don’t even have to prove your income! Even if you have a poor credit rating this simply doesn’t matter.

Pension Loans can be used for any purpose you like. Such as paying off a tax bill or buying a new car. The choice is yours to make. You can discover how much you can get as a loan against your pension by filling in the form on the right-hand side of this page.

And the best news of all is that it is possible that a Pension Loan maybe available to you with the lowest rates of interest in the market today. In today’s volatile market that has to be good news.

Typically how long does the process take?

Usually Pension Loans can take between 4 and 8 weeks to complete. By filling in the form at the side of this page you can start this process immediately.

How much can I borrow?

Usually the amount available will be 20% – 50% of your pension fund. In some cases, if your current pension fund is over £50,000 you may be able to release 100% of your pension fund.

How do I qualify?

Your first step should be to fill in the form on this page. For a UK resident you should have a private pension in excess of £15,000. It doesn’t matter if these funds are spread between numerous pensions or in a single pot. It even doesn’t matter if the pensions are frozen or still being paid into.

It is also possible that a company pension might be considered as long as you’re not still working for that company.

What about credit checks?

Here’s another bit of good news! There aren’t any! If you don’t pay it off beforehand, your pension loan will be paid off with your pension fund at your retirement (Or, if it happens, your death) Should your pension fund be insufficient to repay the loan there is a chance that the balance of unpaid loan will be written off.

What about my credit rating?

Usually your Pension Loan will not be registered with any credit reference agencies. As such this should not affect your credit rating.

What about repaying the loan early?

Generally this is not a problem. In most cases pension loans can be repaid early should you wish to.

So what are the down sides?

Well, if you’re in an Individual Voluntary Arrangement (IVA) you cannot have a loan. Sorry.

You should also think very carefully before getting a loan against your pension. If things don’t work out as well as you hope, the amount of money you have when you retire may be reduced.

Why should you fill in the form?

It will kick start your application! You will be charged NO FEES simply to discover if this process is for you.

You will be called back by a fully professional pension loans expert. They will tell you everything you need to know.

You can rest assured that your privacy is paramount to us. Your details will only be passed to one Pension Loans Expert. Your personal and private information WILL NOT be divulged to anyone else.

Start your application today. It could just lead to the cash you’re looking for at an interest rate that might surprise you.

Please also note that we do not offer any financial advice. If you are unsure at any point whether a pension loan is right for you, we strongly encourage you to speak to a qualified financial adviser.

Martin Smith
written by Martin Smith

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