Just because you receive a pension, doesn’t mean you can’t take out a loan.
If you receive a form of pension, whether it’s an employer retirement benefit or Social Security, you may find your loan options somewhat limited. Some lenders have stricter criteria for those receiving pension.
It’s important to know that there are loan options out there. It’s even more important to know how to compare these options so you can choose the right loan for you. Read on to see what’s available, compare your options and find out how to apply.
LendingClub Personal Loan
LendingClub offers you the chance to borrow up to $40,000 as alternative to bank personal loans. Rates from 5.98%–35.89%* APR based on your credit score.
- Min. Loan Amount: $1,000
- Max. Loan Amount: $40,000
- Loan Term: 3 to 5 years
- Turnaround Time: Up to 7 days
- Total Costs: Depends on your credit score.
- Consolidate loans or pay off high interest debt
- Confidential and secure online application!
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
How to apply for a loan when you receive pension
The table above will give you a good starting point to find a loan when you receive pension. 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 a loan that is related by my pension?
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.
Best,
Maria
I want to loan only R500 to buy food where can I get such a loan?
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.
Cheers,
Danielle
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?
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.
Cheers,
Arnold
Can I get a pension loan off my VA monthly pension?
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.
Cheers,
Harold
I work full time and receive a VA disability compensation. My credit is poor. Could I get a loan against my VA disability?
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.
Cheers,
Anndy