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Can I get a low interest loan using my retirement account as collateral.?
By
salvador m
Posted on
03/08/07 Total Answers
4
Answers-
You can certainly borrow against your 401(k) if that's the type of retirement you have. It's called a hardship loan.
Answer by :
Miss V On Date
2007-03-08 01:52:06
yes most banks will
Answer by :
data On Date
2007-03-08 01:52:13
Do *not* borrow against your 401(k) because you have penalties AND you have to replace pre-tax dollars (that end up being taxed) with post-tax dollars, so you're really being penalized TWICE.
You may be able to (it depends on the bank), but, depending on your credit score/history, you may be able to qualify for an unsecured loan for a decent rate online.
Also, see if you qualify to join a credit union (http://www.cuna.org offers a way to see where you qualify) because they have MUCH better interest rates as a whole.
Answer by :
Sarah K On Date
2007-03-08 02:03:32
According to the Internal Revenue Code, you cannot use an IRA as collateral. You can take a loan against your 401(k), but if you could borrow your social security and risk losing it would you do that? Unless this loan is going to make you a lot of money, I would strongly consider another option. Typically you can lose your everything but your retirement and house in bankruptcy. Now you want to sacrifice something that is protected!!! You're crazy man.
Answer by :
GoodTimesMakingMoney On Date
2007-03-08 04:43:28
