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getting loan on pension due ?
« on: June 02, 2020, 06:18:39 am »
Hey guys. I'm on f6 visa and I'm thinking of opening a study room soon. I don't really want to open one in my primary residence so I will  rent a second place for this purpose. The issue is I'm a bit short on cash but I have a bit over 13 million won in my pension. does anyone know if it's possible to get a loan against the pension amount?


  • L I
  • The Legend

    • 4895

    • October 03, 2011, 01:50:58 pm
Re: getting loan on pension due ?
« Reply #1 on: June 02, 2020, 06:35:56 am »
Open a study room in your primary residence. Build up a base of students first. COVID 19 = harder to get new students. Itís risky to rent out a place before having any students, especially when youíre deep in debt because of student loans. Better to bring the kids into your home. Or go to their home if possible.


Re: getting loan on pension due ?
« Reply #2 on: June 02, 2020, 07:38:38 am »
fair points. My main concern is the location. We are in a villa and our first floor is occupied by a restaurant and the owner is super controlling about parking etc. My wife's family came to visit and he told my wife " one car. one car" but we never use the space. I can see them being difficult to deal with if we had students come over. Also I have a cat and I don't want him to be mishandled by kids and I don't want to lock him away in a room either. I know it may be simply to some but I don't want to cause him stress.


  • thunderlips
  • Hero of Waygookistan

    • 1913

    • June 07, 2012, 10:01:55 am
    • South Korea
Re: getting loan on pension due ?
« Reply #3 on: June 02, 2020, 08:10:57 am »
Nps? Are you employed elsewhere?

Before the rona you could fly to Japan or somewhere nearby and get the airport lump sum refund. Nowadays might be harder.


Re: getting loan on pension due ?
« Reply #4 on: June 02, 2020, 08:30:28 am »
Yeah nps.  not currently working. Just kicking around ideas for a study room and waiting for the dust to settle. Some people may think it's a dumb time to start a business but I think it could be better if lots of hagwons are dumping students ( and it sounds like they are ) . it flattens the playing field a bit more.  I'm not trying to be rich. If I can make a few million a month and not have to deal with recruiters or hagwon bosses it would make me happy.


  • thunderlips
  • Hero of Waygookistan

    • 1913

    • June 07, 2012, 10:01:55 am
    • South Korea
Re: getting loan on pension due ?
« Reply #5 on: June 02, 2020, 08:46:37 am »
No I think itís a good idea. Good luck!

**If youíre still employed you canít cash out nps. But obviously international travel now isnít easy.
« Last Edit: June 02, 2020, 09:31:44 am by thunderlips »


  • JNM
  • The Legend

    • 4440

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: getting loan on pension due ?
« Reply #6 on: June 02, 2020, 05:14:21 pm »
Most lenders wonít allow pension or other ďregisteredĒ retirement plan funds to be used as collateral because they are typically protected from creditors. Iím not sure about Korea, but I donít expect them to be more lenient in this way.


  • hangook77
  • Hero of Waygookistan

    • 1714

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: getting loan on pension due ?
« Reply #7 on: June 18, 2020, 12:55:45 pm »
Open a study room in your primary residence. Build up a base of students first. COVID 19 = harder to get new students. Itís risky to rent out a place before having any students, especially when youíre deep in debt because of student loans. Better to bring the kids into your home. Or go to their home if possible.

Next door apartment set up a study room last winter.  Too bad.  I think covid came along and busted them.  No kids or very few.