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Nairaland Forum / Nairaland / General / Investment / Pension Vs Loan (261 Views)
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Pension Vs Loan by lammyna(m): 10:27pm On Dec 07, 2020 |
I will like to ask question here please. Why is it that the pension certificate can't be used as collateral to apply for a loan? For instance, an employee with over N3million in his pension account and he/she is trying to start a business but needs capital. At least after retirement, he/she is entitled to 25% of whatever contribution he/she has made. An employee should be able to apply for a loan with a bank using pension certificate for him/her to start the business. I need a professional advice. |
Re: Pension Vs Loan by yomi007k(m): 11:08pm On Dec 07, 2020 |
Such employees are usually working with the government and you are not allowed to have a business besides your official job. *public service rules*. You can actually get a loan from government co-operatives firms. Even if you are working with a private company or multinational, do you think they will want you to have your own business? So, forget the idea. |
Re: Pension Vs Loan by lammyna(m): 12:35pm On Dec 08, 2020 |
yomi007k: My brother, someone can not be an employee forever. What if the money is used to set up someone's wife? At least, the money is his/hers. |
Re: Pension Vs Loan by yomi007k(m): 12:36pm On Dec 08, 2020 |
lammyna: The money is HIS. If it's your wife do you think she will mention you ad the owner? I don tell u wetin I know o. |
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