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% of the market value of qualified equity, mutual fund and investment-grade corporate or municipal bond securities and up to 90% 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