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Personal Loan Eligibility - Retirees


The applicant must be a retired government service employee on the retiree payroll and receiving an annuity check. This does not apply to individuals who are receiving only a survivor's benefit.

Interest Rates

Interest rates are reviewed monthly and are subject to change, based on the average margins of the local lending market and in conjunction with the minimum rate determined by our actuarial studies. For current rates, click here.


Repayment shall be over a maximum of 5 years. The principal and interest shall be deducted from the borrower’s annuity payments. The borrower’s net take home pay after the loan payment shall not be less than $25.00

Monthly Income

All verifiable income can be used to determine the borrower's ability for repayment of the loan. This can include the following:

  • Borrower's annuity income as evidenced by the last 2 semi monthly annuity paystubs. Last 2 Social Security earning statements or a letter from the Social Security Administration.

  • Additional income shall be evidenced by paystubs and a job letter from the employer. The job letter should state length of employment, hourly pay rate, and amount of hours worked weekly, biweekly or monthly.

  • Rental income shall be evidenced by a copy of personal Income Tax Return. Where the rental income is not filed, rental receipts for the last six months and a copy of a valid rental agreement are required. In such cases, we will factor in 75% of the rental income as stable income.


No retiree who has filed or is currently in bankruptcy shall be approved for a loan from GERS without prior written authorization of the US Trustee or the US Bankruptcy Judge. If the bankruptcy has been discharged written evidence must be provided.

Credit Life Insurance

The retiree loans are subject to credit life insurance that is at the borrower's expense and factored in as part of the loan payment. This insurance will pay off the unpaid loan balance if the borrower dies.  The policy will expire after the loan has been delinquent for 3 months. Also, no settlement is paid if death is within 3 months of the loan date or death was as a result of a pre-existing condition.

Debt-to-Income Ratio

The maximum debt-to-income ratio allowed for retiree loans is 60%.


Loans are approved/disapproved by a Loan Committee and based on a full evaluation of the applicant's outstanding debts as listed on his/her credit report and other debts listed on the application.