Can I use my pension as collateral to get a loan?

Funds in a locked-in retirement savings plan (RRSP) cannot be used as collateral, according to the Pensions Benefits Standards Act, 1985 and the Pension Benefits Standards Regulations, 1985 (BPSR). However, funds unlocked in accordance with the BPSR can be used at your discretion. Assets like your home equity or car are more common items used as collateral for secured loans.

What if my pension benefits are less than the lender's minimum income requirements?

If your pension benefits are less than the lender's minimum income requirements, you may not be eligible to apply for that specific loan. Contact the lender or find a different lender that has more lenient eligibility criteria or lower loan amounts.