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A lump sum pension advance is what the industry terms an advance against an ongoing stream of income from a military, government or corporate pension or other source. On the other hand, according to the New York Times, federal and state authorities say the funds are really carefully disguised loansthat carry interest rates that are very high - often moany time higher than the rate charged on credit cards.

Lump sum pension advances are not regulated by state and federal banking regulations.

Sometimes borrowers are required to take out a life insurance plicy that names the lender as the sole beneficiary.