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A pension is a type of retirement plan where the company you work for contributes funds that you would later receive when you had reached a specific age. Each month while you are working, the company providing the pension plan would contribute a certain amount of money, the grand total accumulating over time.
Sometimes, before you have reached retirement age, you can take out money from this funding for personal use. You would typically work with a company that would provide you with a loan in exchange for the monthly contribution that your company makes to your pension plan. This is referred to as a pension advance.
For many, a pension advance can seem like a convenient way to borrow money, it’s like you’re lending money to yourself, right? WRONG. Pension advances are a risky way to borrow money. When you receive a pension advance you need to repay the loaned money that you received. Repayment plans for these types of loans usually come with VERY high interest rates, which can lead to even more debt.
If you are thinking about getting a pension advance you should think again. Car title loans might be a better option for you.
Can People with a Pension Get a Loan?
Getting a car title loan is as simple as having a car title and a source of income. In fact, it is that easy. So, if you’ve retired and are wondering can people with a pension get a loan, the answer is yes1.
What is a car title loan? A car title loan is a way to use your qualifying vehicle title as collateral, so you can borrow money. Don’t threaten your life after retirement when you could get a car title loan instead.
When you are submitting all your other required documents, you will be asked to submit a proof of income. If you have a pension plan, you can use your pension plan statement as your physical proof of income. If you receive your pension in the form of check, you can use that as well. If you have direct deposit and are unsure of your physical statement, another way to prove your income is a bank statement that shows the direct deposit into your account.
You don’t have to worry about getting stuck with an unmanageable repayment plan because our title loan agents will work with you to create a payment plan.
What is a Good Title Loan Alternative to Pension Advances?
- Customer Service – Devoted to giving you the best car title loan experience possible. We are here to help you with your title loan when you need us—there are experienced representatives available 7 days a week with extended hours just for you. If you have any questions or concerns about your car title loan process, you can call us at 1-855-422-7412, email us, or you can even text us at 1-818-315-8741.
- Education – In order to make the best financial decisions for yourself, you will need the right information. We aim to provide you with the most accurate and useful resources, so you can be on your financial A-game. We want to arm you with the tools you need to succeed.
How to Get a Title Loan for Pension Advances
Getting a car title loan is as simple as 1, 2, 3! Here’s how it works:
- Submit Your Information
The first step to getting a car title loan is to complete a simple information request. It should only take about 5 minutes, and you will know if you are approved right away.1 We’ll ask for some info like:
- Name and date of birth
- Address and email address
- Phone number where we can reach you
- Year, Make, Model, Style, and Mileage of your car
- Social security number or Individual taxpayer identification number
- Get Approved1
To continue with the car title loan process, the next step is to submit your documentation. While your title loan agent will tell you all of the documents we will need from you, here are some of the ones you should have on hand if you want to expedite the process:
Other than having a clear-and-free title on your vehicle and a source of income, the other requirements for a car title loan are simple and easy to obtain. You can submit them the same way you submit your pension plan to your representative.
The car title loan requirements you’ll need are:
- Proof of Car Insurance
A valid proof of car insurance to make sure your vehicle is insured. In case there is an accident while you have your car title loan, it needs to be protected or insured in case of damage. That way, the car can be fixed and won’t lose its value. If it loses its value, that means the car has no worth and cannot be used as collateral.
- VIN, Plate, And Odometer
When you first fill out the information about your vehicle in your application, we’ll ask for the car’s VIN, license plate number, make, model, year, and the odometer reading. This information just verifies that the data you provided about your car is correct, so we can offer you an accurate loan estimate.
- Proof of Residency
Like any loan or credit card, proving your residency will help make sure you are receiving your statements for your loan. Otherwise, there could be a problem with making your payments. It also ensures the identity of your car and that it is registered to you at your address.
- Pictures of Your Vehicle
This will help us see the exterior of your car. Your car’s condition on the outside will affect the value of the car. This way, we can give you an accurate loan estimate to get you the money your car is worth.
- Valid Identification
Having proof of your identification verifies you are yourself and the car belongs to you.
To provide your references, all you need to give us is their name and number.
- GET PAID
After we have processed your information and received your documents, it is time to go over your terms with an underwriter and sign your car title loan contract! From there you can choose to receive your money in one of several ways:
- Electronic deposit
- Participating money transfer location near you
When you need to borrow money, don’t use your pension funds. Use the safe and secure method of a title loan.