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Senior Contributor
MattH
Posts: 3,245
Registered: ‎04-03-2008

Preying on pensioners

http://www.nytimes.com/2013/04/28/business/economy/pension-loans-drive-retirees-into-more-debt.html?...

 

Loans Borrowed Against Pensions Squeeze Retirees

 

A review by The New York Times of more than two dozen contracts for pension-based loans found that after factoring in various fees, the effective interest rates ranged from 27 percent to 106 percent — information not disclosed in the ads or in the contracts themselves. Furthermore, to qualify for one of the loans, borrowers are sometimes required to take out a life insurance policy that names the lender as the sole beneficiary.

 

 

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