What is a Pension Loan Scheme?
A pension backed loan is best described as an unsecured loan where you have the option of repaying the funds from the proceeds of your personal pension fund in retirement.
Many providers have come and gone, the marketplace continues to change daily, so we encourage you to pick up the phone to discuss the potential options available today.
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.
Once you have chosen your provider the administration typically takes between 4 – 12 weeks.
Will I Qualify?
First, have you exhausted all of the other options available to you including friends, family and financial institutions?
Second, do you have a UK pension fund with a minimum transfer value of £20,000?
Are there any credit checks?
No. There are no credit checks. A bad credit rating does not matter!
Will this affect my credit rating?
No. The loan is not registered with any credit reference agencies.
Can I repay the loan early?
Yes!. The ability to repay a loan facility early is normally a feature. Please be aware that administration costs, establishment fees, early settlement and discontinuous fees can often apply.
I am in an Individual Voluntary Arrangement (IVA). Can I have a Pension Backed Loan?
Unfortunately not. You also will not qualify for a Pension Loan if you are currently Bankrupt.
