Though a pension is generally reserved for retirement use, unforeseen circumstances and financial considerations may prompt the need to borrow from it. If you are faced with either of these scenarios, knowing how and when to borrow, including your limitations, is vital particularly if you need money fast. However, because of the risks involved with borrowing from your pension, careful consideration should first be given to other options.

Difficulty: Challenging

Things You’ll Need

  • Pension funding application
  • Credit report

Suggest Edits

    • 1

      Calculate how much you need to borrow, and decide whether your situation is dire enough to borrow from your pension. Find out how much is in your pension by contacting the company that handles your pension.

    • 2

      Research pension funding companies since you will only be able to borrow from your pension through one. Consult an independent financial adviser before applying for a loan.

    • 3

      Complete the application process with the pension funding company. Submit your credit report along with your application

    • 4

      Wait a few weeks, usually two to four, to receive your advance.

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