Retirement Loan

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Replied by FrankN on topic Retirement loan

That would be nice! Yeah I usually recommend to not loan your retirement assets as collateral unless you are in a sticky situation.
2 years 11 months ago #1

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Replied by FrugalFran on topic Retirement loan

FrankN wrote: They hold your assets and collateral and you usually set up a defined payment plan. The rates are generally not great.


Isn't that a real kick in the pants for borrowing your own money? I wish there was a way to earn interest from throwing money under the mattress. :lol:
3 years 1 week ago #2

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Replied by FrankN on topic Retirement loan

They hold your assets and collateral and you usually set up a defined payment plan. The rates are generally not great.
3 years 1 month ago #3

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Replied by Breakinger on topic Retirement loan

If you are still working then the repayment will come from after-tax payroll deductions. I believe that if you are already retired then you don't have to pay the money back you will just have to claim these deductions on your tax return and pay the interest.
3 years 1 month ago #4

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Replied by Cents on topic Retirement loan

I also have Fidelity, but I haven't had to consider taking a loan from it yet (thankfully). How does repayment work when you take out a loan from a retirement account?
3 years 7 months ago #5

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Replied by 2darnbroke on topic Try asking

I don't know specifically about Fidelity, but a lot of lenders will report if you ask them to. It can be a good way to get some good marks onto a spottier credit history. Not sure that would work out with a payroll deduction payment, though, but worth asking.
3 years 10 months ago #6

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Replied by Sasha on topic Retirement Loan

I have also taken a loan from my Fidelity retirement account when I was going through some tough times. They did not report to any credit agencies. I think it's because payment is made directly through payroll deductions and not on your own, however that is just my guess.
3 years 10 months ago #7

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Replied by SAR1954 on topic Re: Retirement Loan

I have had to do this some time ago, and also DID NOT report to my credit report. Payments taken directly from my pay but there was nothing posted to my credit in regards to the loan.
7 years 1 month ago #8

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Replied by junie928 on topic Re: Retirement Loan

I have Fidelity too and have taken out a loan before and it did not report on any of my reports.
7 years 1 month ago #9

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Replied by AlbertDisuza11 on topic Re: Retirement Loan

You can take lone from but it's true that they will also report to credit agencies. But please mention that in what sense you are asking this?
7 years 1 month ago #10

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  • Joeyman
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Do loans from your retirement report to credit agencies? My retirement is through Fidelity... I was considering taking a loan someday. :confused:
7 years 8 months ago #11

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