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Pension Loans One Financing Solution For UK Borrowers

by Jim ONeil on September 14, 2011

in pension loans

Since the banking crisis, it has become more difficult for many people in the UK to get loans. As banks become stricter with lending requirements, new financing options are entering the market. One that is gaining popularity is the pension loan. As its name implies, the pension of the borrower is used as security.

Borrowers who are willing to provide security for a loan have an expanded number of options. Several in-person or online lenders now offer a pension loan, including Pensionloans.org. Having the pension as collateral for the loan reduces the level of risk for the lender. As a result, loan terms are usually more attractive than for unsecured loans.

Online lenders make it easy for UK residents to apply for the loan on their Web sites. The Pensionloans.org site in particular provides individuals with information and guidance regarding the pension loan market in the UK. Visitors learn what this type of loan is, how it operates, and how to apply for financing. They can even arrange a free telephone call to receive advice from a pension loan professional.

Not only do many consumers find it easier to get this type of financing, they also discover that lending terms and conditions are more flexible. Some lenders issue approval just one day after an application is submitted. Borrowers may either repay the loan prior to its maturity date or allow the lender to take future pension payments as the repayment.

Some lenders will lend up to 50 percent of the future pension payments and borrowers determine the amount of the future pension payments that the lender may recoup each month. Money lent can be used for any legal purpose such as mortgage or bill payment or to consolidate debts. Pension loans have even helped some people start their own business.

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