Pension and retirement pay-outs are not always facilitated quickly. They are often not released with the immediacy that many people would prefer. At times regulations and legal procedures may lengthen the waiting period for individuals.
This period can add undue stress on individuals as expenses continue piling up. Pension Bridging is an institution that provides much-needed financial relief for individuals during these transition periods. Pension Bridging services those who have retired, resigned, been retrenched or have been dismissed. Individuals with bureau listings may be eligible for consideration. The credit committee will make the final decision.
Individuals can get 10% up to a maximum of R32 000 of the net pension, retirement fund or provident fund due to them as a loan. For application, borrowers must submit their identity document, 2 months current bank statement, latest payslip, pension or provident fund benefit statement, letter from employer confirming and accepting severance package, letter of appointment with new company if a new job has been taken up and divorce settlement when necessary.
The cost to the applicant is dependent on their risk profile, the amounts involved and various factors which influence loan conditions. An administration fee is charged along with a monthly interest charge. With all necessary documents submitted accordingly, the entire procedure can take 3 working days. Pension Bridging will conduct a credit check on applicants. The financial service provider also advises clients to settle the loan as soon as possible so as to close the contract and stop incurring further costs.
Pension Bridging consultants are ready to assist, and can be contacted on 086 603 3843.