Waddell & Reed


Nonpurpose loans, offered by Bank of New York Mellon, allows clients to take advantage of the investments in their Waddell & Reed accounts to finance expenses such as home improvements, a car purchase or other life enhancements. Clients can borrow up to 70 percent of the market value of qualified equity, mutual fund and investment-grade corporate or municipal bond securities and up to 90 percent of U.S. Treasury securities. Payments can be customized, and the principal balance can be prepayed at any time without penalty. This service offers:

  • No fees, points or closing costs
  • Competitive interest rates
  • No preset monthly payments
  • No prepayment penalty
  • Flexible borrowing terms
  • Quick approval process