Can I Get a Loan Secured Against my Pension?
Yes, you can get a loan secured against your pension. This is a so-called pension advanced loan. Many online lenders and companies offer to secure a loan against a pension. It works the following way: you find the ad on the Internet. It says that you can get a loan against your retirement money. You sign all documents and then you find out that you have a 15 years loan against your retirement payments with a 100% APR after fees. You find yourself out in a money pit.
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Still, sometimes the financial need is so strong that retirees accept the risk that goes with a personal loan against pension. Experts recommend considering all possible variant before applying for pension advanced loan.
You can ask for a traditional personal loan or consider applying for a credit card. You can also turn to home-equity loan or reverse mortgage. Speaking of the cash advance loan from the credit card, its term might be not beneficial but they are still better than the one that loan against pension offers.
Talk to the bank representatives and maybe they will offer you the most beneficial solution.