If you are the one who ask – can I get a secured loan against my pension – here’s the guide that will answer your question.
How high can be a loan against your pension? How much can you borrow? As we know secured loans and business loans are very flexible. There are many products, but a typical product profile would look something like this: up to a maximum of 100% LTV ( equity above the Loan to Value), 5 to 30 year term, rates start from 1.5-2.5% over base, 5,000 $ to 500,000 $, self-certified or status based products, prime and sub-prime credit. For instance if your pension is about 5000$ a month you can expect being able to get at least 200,000$. Of course everything depends on few other factors, not only your pension.
Is Credit Status an important factor while arranging a secured loan? Secured loans are available to companies/individuals with poor credit histories, but the amount loaned, and interest rate of the loan, will be higher for those with lower credit scores. The process for obtaining a commercial loan of this type is very straightforward, it consists of: completing application form, instruction of valuation, confirmation of property value, signing contract, transfer of money. The whole process can be turned around in a matter of days and is dependent on how quickly the valuation can be instructed, and how soon the paperwork is returned.
Visitors were interested in:
- loans secured against pension
- can i secure my penson against a loan
- loan secured by my pension
- mortgage secured against pension