Pension Release

If you have ever tried to obtain a loan and you have bad credit, then the chances are that you will be declined by almost every single lender, unless of course you can apply for a guarantor loan and even then there are no guarantees that you will be accepted. That is where a pension loan really comes into its own. Unlike a traditional loan, there are no credit checks to go through and there is absolutely no credit score involved which makes the chances of obtaining a pension loan, far greater than being accepted for a traditional unsecured or secured loan. Age is also not a barrier as long as you are over 18 and you have the minimum pension fund valuation of £10,000, then everyone will automatically qualify for a pension loan. What is a pension loan? A pension loan is a way of getting a loan when all other more traditional loan options have been exhausted. It allows you to take a loan today against your pension and only repay it when your pension is due to be paid out, usually at 50+ or in some cases, 55+. A pension loan differs to pension release in that no money is taken from the pension so no benefits are lost. If you wanted to, you could repay the pension loan before your pension maturity date however most people will repay the loan only at this time. The other thing to note about pension release products is that they are usually only available at 50+ whereas a pension loan is available at anytime as long as there is a minimum of £10,000 in the pension fund. So if you are interested in taking out a loan against your pension, get in touch with us today by comepleting the pension loan enquiry form.