Compare personal loan options for people on pension |

Compare loans for people on pension

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Just because you receive a pension, doesn’t mean you can’t take out a loan.

If you rely on a pension, whether it’s an employer retirement benefit or Social Security, you may find your loan options somewhat limited. That’s because many lenders require you to have a steady job to be eligible.

You do have some options, however. We take you through what those are and show you how to compare these options so you can choose the right loan for you.

Credible Personal Loans

Our top pick: Credible

Quickly get personal loan offers from top online lenders.

  • Minimum Loan Amount: $1,000
  • Maximum Loan Amount: $100,000
  • Loan Terms: 2–7 years
  • One simple form
  • Must have good to excellent credit

    Retired? Click here to see your loan options

    What types of pensions are considered by lenders?

    Pensions in the US are offered by some employers and also by the government to senior citizens and those with disabilities.

    • Employer retirement benefit. Some employers offer pensions as a retirement benefit to employees. The amount you’ll receive in retirement is calculated by a formula determined by your employer. Although many employers now offer 401(k)/403(b) retirement plans, some still offer retirement benefits in the form of a pension.
    • Social Security. Social Security provides retirement income to people of a certain age after they retire from their careers. Social Security also provides disability income to people with certain disabilities who are unable to work.

    There are lenders who will look at these benefits as a form of income and consider the pension payments when evaluating your ability to repay the loan.

    Personal loans you may be able to apply for while on pension

    Rates last updated October 17th, 2018

    Reveal your potential loan offers and rates

    Answer two quick questions to filter the loan offers and get the best one for you.

    Select your credit score range

    I don't know my credit score

    Finally, select where you live.

    To get your credit score:

    Experian logo

    Experian is a leading provider of personal and business credit reporting. Find out your FICO score now for less than the cost of a cup of coffee.

    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Max. Loan Amount APR
    Credible Personal Loans
    Get personalized rates in minutes and then choose a loan offer from several top online lenders.
    Good to excellent credit
    4.99%–36% (fixed)
    Upgrade Personal Loans*
    Affordable loans with two simple repayment terms and no prepayment penalties.
    6.99% to 35.97% (fixed)
    Even Financial Personal Loans
    Get connected to competitive loan offers instantly from top online consumer lenders.
    4.99%–35.99% (fixed)
    LendingClub Personal Loan
    A peer-to-peer lender offering fair rates based on your credit score.
    6.16% to 35.89% (fixed)
    Monevo Personal Loans
    Quickly compare multiple online lenders with competitive rates depending on your credit score.
    3.09%–35.99% (fixed)
    Conveniently check your loan options without affecting your credit score.
    9.95%–35.99% (fixed)
    FreedomPlus Personal Loans
    Consolidate debt and more with these low-interest loans. Cosigners welcome.
    4.99%–29.99% (fixed)
    SoFi Personal Loan Fixed Rate (with Autopay)
    No fees. Multiple member perks such as community events and career coaching.
    6.99% to 14.87% (fixed)
    Payoff Personal Loans
    Pay down your debt with a fixed APR and predictable monthly payments.
    5.99% to 24.99% (fixed)
    OneMain Financial Personal and Auto Loans
    An established online and in-store lender with quick turnaround times. Poor credit is OK.
    16.05%–35.99%* (fixed)
    NetCredit Personal Loan
    Check eligibility in minutes and get a personalized quote without affecting your credit score.
    34%–155% (Varies by state) (fixed)
    CashUSA Installment Loans
    A connection service for quick cash loans up to $10,000.
    Bad credit OK
    5.99%–35.99% (fixed)

    Compare up to 4 providers

    How to apply for a loan on a pension

    The table above can be a good starting point to find a loan for people who rely on a pension as their main source of income. You can click on the name of the lender to read a review, and you can click “Go to Site” to submit your application. If you have questions regarding your eligibility, you can contact the lender directly.

    Personal loan applications are counted as inquiries on your credit report. Inquiries play a factor in your overall credit score. Lenders may also view too many inquiries as a red flag. To keep your credit in good standing and improve your chances of approval, you may want to consider limiting your number of loan applications.

    To apply, you’ll need to provide personal information including your name and contact details, as well as financial information regarding your pension payments, assets, debts and open credit accounts.

    Can I get an advance on my pension?

    Yes, but they’re one of the more expensive options out there. These loans are typically called pension advances, pension sales, pension loans or pension buyouts. Here, you sign over your monthly pension payments in exchange for a loan — often between five and 10 years.

    They’re similar to payday loans in that they’re one of the most expensive financing options out there, with APRs easily topping 100%. Some lenders also require borrowers to purchase a life insurance policy naming it as the beneficiary — an extra expense.

    The Consumer Financial Protection Bureau (CFPB) warns against borrowing from a pension advance company that claims it’s endorsed by the VA: It’s illegal for lenders to take military pensions and veteran benefits. Former servicemembers are ineligible for a pension advance unless they receive a pension from elsewhere. Either way, it’s an expensive option meant for absolutely emergencies.

    Frequently asked questions

    Was this content helpful to you? No  Yes

    Ask an Expert

    You are about to post a question on

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Privacy and Cookies Policy and Terms of Use.

    18 Responses

    1. Default Gravatar
      DeniseSeptember 10, 2018

      I have no credit history, therefore no credit score. My late husband only believed in using cash. his motto was “ if you can’t pay cash for it, you don’t need it.” So I’m left with no credit history. Was recently accepted for an auto loan in house financing only, because of no credit history. I am on SS death benefits for the next 4 years. I have a direct express debit Mastercard and no bank account and no checking account. I can use my card for anything or anywhere Mastercard is accepted. I can also sign up for payments to be directly taken from my card every month. I just need a small loan to make my car payment this month. September is back to school month and the start of jr high. and costs were tremendous. Can I get a loan with my situation?

      • finder Customer Care
        JoshuaSeptember 10, 2018Staff

        Hi Denise,

        Thanks for getting in touch with finder. I hope all is well with you. :)

        Yes, given your situation, you may still be eligible for a loan. However, you might have a limited option since you mentioned you don’t have a credit score. What you can do is still give traditional lenders a try. Contact lenders directly to discuss your loan options and eligibility.

        If in case traditional lenders can’t help you. You might try credit unions. Generally, they provide loans to people who don’t have credit scores. You can know more about credit unions and your options here.

        I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

        Have a wonderful day!


    2. Default Gravatar
      CarlaSeptember 7, 2018

      Can I take out a loan with only a debit card and if I’m on SSI I live in New Jersey

      • finder Customer Care
        CharisseSeptember 7, 2018Staff

        Hi Carla,

        Thank you for reaching out to finder.

        Yes, you can still apply for a loan. Receiving SSI does not make you automatically ineligible for a personal loan as lenders who cater to borrowers receiving welfare will look at the borrower’s credit score and if they are able to satisfy their eligibility requirements. However, most lenders will require the borrower to have a checking account. If your debit card is connected to a checking account then the lenders may consider your loan application.

        If you are still looking to compare lenders which accept applicants with alternative income, you can go to this page . Click on the name of the lender so you can be directed to the review page where you can see the lender’s eligibility criteria. Also, please note that some lenders listed on the page may not offer service in NJ.

        Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the terms and conditions to know if it best suits your needs.

        I hope this helps.


    3. Default Gravatar
      MerrielAugust 9, 2018

      I am in dire need of 14500 dollars. I have pensions totalling 390.68. Is there a legit company that would make me a loan?

      • finder Customer Care
        joelmarceloAugust 9, 2018Staff

        Hi Merriel,

        Thanks for leaving a question on finder.

        You can get approved for 14500 pensioner loan as long as you can pass the eligibility criteria. We have a comparison of lenders who can help you in the table above. You will need to choose your state of residence from the dropdown and select your credit score bracket to get personalized result. If you don’t know what your credit score is, you can click HERE. Once you have decided on the suited loan for your needs, you may click on the green ‘Go to site’ button to submit your application or to know more about the loan offer. Hope you find what you need and good luck!


    4. Default Gravatar
      DanielJuly 19, 2018

      I am from Romania,I want to know if it is possibile to apply for a loan from out of the country,how can I do ?

      • finder Customer Care
        joelmarceloJuly 20, 2018Staff

        Hi Daniel,

        Thanks for leaving a question on finder.

        Unfortunately, the lenders featured on our website only caters to residents from the US, Australia, UK, Canada and New Zealand. You will have to check with your local lenders if you are not from those 5 countries I mentioned. Sorry about that.


    5. Default Gravatar
      EdwardOctober 3, 2017

      Can I get a loan that is related by my pension?

      • finder Customer Care
        MariaOctober 4, 2017Staff

        Hey Edward,

        Thank you for reaching out to us.

        You’re on the right page to check out lenders that consider applications from pensioners.

        Before applying, please ensure that you meet the income requirements and to read the details, as well as the relevant Product Disclosure Statements/ Terms and Conditions of the option before making a decision and consider whether the product is right for you.

        I hope this helps.


    6. Default Gravatar
      corSeptember 11, 2017

      I want to loan only R500 to buy food where can I get such a loan?

      • Default Gravatar
        DanielleSeptember 11, 2017

        Hi there!

        Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

        You are on the right page. You may also refer to this page for options that may suit your needs. You may review and compare the offers available on the table. Once you have selected one, you may proceed by clicking the green “Go to Site” button.

        I hope this helps.


    7. Default Gravatar
      ImeldaAugust 10, 2017

      Hi i have monthly benefits and living in the Philippines with a FPO addtess and a cellphone number
      With bad credit score
      How i can get cash loans?

      • Default Gravatar
        ArnoldAugust 10, 2017

        Hi Imelda, Mabuhay!

        Thanks for your inquiry.

        Actually the page above already provides you with options on loans for people on pension. Now, you have to check the eligibility requirements they have before applying for a loan.

        Hope this information helped.


    8. Default Gravatar
      PeterJuly 15, 2017

      Can I get a pension loan off my VA monthly pension?

      • finder Customer Care
        HaroldJuly 16, 2017Staff

        Hi Peter,

        Thank you for your inquiry.

        The approval of your application may vary depending on the lender. If you have questions regarding your eligibility, you can contact the lender directly.

        I hope this information has helped.


    9. Default Gravatar
      KimberlyJune 20, 2017

      I work full time and receive a VA disability compensation. My credit is poor. Could I get a loan against my VA disability?

      • finder Customer Care
        AnndyJune 20, 2017Staff

        Hi Kimberly,

        Thanks for your question.

        Some of the lenders on this page may consider you for a loan even if you are receiving benefits.

        Kindly review the eligibility criteria and the relevant terms and conditions of the loan before submitting your application.


    US Personal Loans Offers

    Important Information*
    Even Financial Personal Loans

    Get connected to competitive loan offers instantly from top online consumer lenders.

    Prosper Personal Loans

    Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    No fees. Multiple member perks such as community events and career coaching.

    Go to site