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Compare loans for people on pension

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

Not all lenders work with people who receive their main source of income from retirement benefits or Social Security. That’s because many lenders prefer to work with borrowers who are employed full-time. Online providers often have more flexible requirements than banks — though not all accept applicants that rely on a pension.
Name Product Filter Values APR Min. credit score Loan amount
Upstart personal loans
Finder Score: 4.2 / 5: ★★★★★
Upstart personal loans
7.80% to 35.99%
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
SoFi personal loans
Finder Score: 4.4 / 5: ★★★★★
SoFi personal loans
8.99% to 29.99%
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no required fees.
Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
Best Egg personal loans
8.99% to 35.99%
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Finder Score: 4 / 5: ★★★★★
8.49% to 35.99%
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.

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 consider disability benefits a form of income along with employer and Social Security retirement payments when evaluating your ability to repay the loan.

Retired? Click here to see your loan options

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


Written by

Aliyyah Camp

Aliyyah Camp is a SEO content strategist and former publisher at Finder, specializing in consumer and business lending. Her writing and analysis has been featured in CentSai, the Dough Roller and the Chicago Tribune. She holds a BA in communication from the University of Pennsylvania. See full profile

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22 Responses

    Default Gravatar
    SheenaFebruary 23, 2019

    Can I get a loan if I am receiving death benefits and have no bank account? I also have bad credit.

      JoshuaFebruary 25, 2019Finder

      Hi Sheena,

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

      While there are stricter requirements for people receiving benefits and having bad credit when it comes to applying for a loan, you would still be able to find lenders who might be able to help you. The bottom line is that as long as you can prove your ability to make repayments, you should be approved.

      Since you are on benefits, you are in a similar situation with people who are on pension. If this is the case, please check our list of pensioner loans. There’s a table there that allows you to compare lenders by maximum loan amount, term of loan, and costs, to name a few. Once you’re done comparing, you can then click on the “Go to site” button to be redirected to your chosen lender’s website.

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

      Have a wonderful day!


    Default Gravatar
    DumasJanuary 13, 2019

    I am on social security. I draw $781 a month… And I am needin to borrow $600-$700..& I don’t have A bank account. All I have right now is my mastercard directexpress card. Are thy A way I can gett A loan

      johnbasanesJanuary 16, 2019Finder

      Hi Dumas,

      Thank you for reaching out to finder.

      You may need to check the minimum pension requirement first of the lender you wish to apply with. Most lenders are flexible with the other requirements as long as the minimum pension requirement is reached. Please note to check the lender requirements first before filing an application as this may hit your credit score if a lot of applications have been made. Hope this helps!


    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?

      JoshuaSeptember 10, 2018Finder

      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. Please feel free to read our guide about credit unions and your possible options.

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

      Have a wonderful day!


    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

      CharisseSeptember 7, 2018Finder

      Hi Carla,

      Thank you for reaching out to Finder.

      Yes, it’s still possible for you to get a loan. There are lenders that offer loans for people with disabilities who can consider your government benefit as a source of income. However, these lenders will require you 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 only have prepaid debit card, you may have a better chance with lenders that don’t require a bank account. Before applying, please check the loan terms and conditions to see whether it’s right for you.

      I hope this helps.


    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?

      Default Gravatar
      joelmarceloAugust 9, 2018

      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 a personalized result. If you don’t know what your credit score is, press the “Don’t know your credit score? Find out with Experian” link to view them. 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!


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