Lester Freeman
M1 offers personal loans and margin loans. M1 personal loans can be used for debt consolidation, home improvements, medical expenses, moving or relocation, vacations, special occasions, and major purchases. M1 margin loans allow you to borrow against the value of the securities in your M1 Individual Brokerage Account, Joint Brokerage Account, and/or Trust Account. While M1 offers these loan services, it is not a bank. In this context, the term M1 refers to a narrow measure of the money supply that includes currency, demand deposits, and other liquid deposits.
| Characteristics | Values |
|---|---|
| Loan Amount | $2,500–$50,000 |
| Annual Percentage Rate (APR) | 7.99%–21.75% |
| Fees | None |
| Collateral | Not required |
| Eligibility | $2,000 minimum investment in an M1 Individual Brokerage Account, Joint Brokerage Account, or Trust Account |
| Repayment Flexibility | Yes |
| Credit Score Impact | None |
M1 personal loans
To be eligible for an M1 personal loan, you must be at least 18 years old or the age of majority in your jurisdiction, whichever is greater. You must be a US citizen and reside in one of the 50 states or Washington, DC. A physical address is required, and a PO Box/PMB is not accepted. Additionally, you must have a valid US bank account, a Social Security or Individual Tax ID number, and sufficient income to repay the loan.
M1 also offers Margin Loans, which are secured loans that allow you to borrow up to 50% of your portfolio's value. Margin Loans are tied to a margin account, a type of taxable brokerage account that provides financial leverage. The interest rates for Margin Loans start at 6.25%.
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M1 margin loans
M1 offers margin loans to its clients, allowing them to borrow against the value of their securities. This type of secured loan is known as a portfolio line of credit, where the loan is collateralized by the borrower's stock positions. M1 clients can borrow up to 50% of their portfolio's value at a rate of 6.25%.
M1 also offers personal loans, which are different from margin loans. Personal loans are borrowed for personal use and are not tied to the borrower's investment portfolio. M1 personal loans offer fixed rates ranging from 7.99% to 21.75% Annual Percentage Rate (APR) and allow borrowers to take out amounts ranging from $2,500 to $50,000.
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M1 loan rates
M1 Finance offers both personal loans and margin loans.
M1 personal loans are fixed-rate loans, with annual percentage rates (APRs) that can vary between 7.99% and 21.75%. The specific rate is based on factors such as the borrower's credit report, loan amount and term, and the details provided within their application. These loans do not require collateral, and there are no fees associated with obtaining them. M1 personal loans range from $2,500 to $50,000 and can be used for various purposes, including debt consolidation, home improvements, medical expenses, and major purchases.
M1 also offers margin loans, which are available to clients with at least $2,000 invested in an M1 Individual Brokerage Account, Joint Brokerage Account, or Trust Account. Margin loans are interest-bearing, with rates as low as 6.25%, and allow borrowers to access up to 50% of their portfolio's value. The M1 margin base rate is variable and tracks the Federal Funds Rate, meaning that when the Federal Funds Rate changes, the M1 base rate will also change. It is important to note that margin loans come with additional risks, including the possibility of losing more than the invested amount.
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M1 loan eligibility
M1 offers personal loans and margin loans.
M1 Personal Loan Eligibility
M1 Personal Loans are currently paused. However, when they are available, they offer a flexible loan with low rates and no fees. The loan amount is typically between $2,500 and $50,000 at a fixed rate. There are no fees associated with obtaining a personal loan from M1, and the loan is not secured against collateral.
To be eligible for an M1 Personal Loan, you must apply electronically through the M1 secure portal. The rates are based on a series of factors, including the information on your credit report, the loan amount and term, and the details provided within your application. Before proceeding with the application, M1 conducts a soft credit check that does not affect your credit score.
M1 Margin Loan Eligibility
M1 Margin Loans are available to any M1 client who has at least $2,000 invested in an M1 Individual Brokerage Account, Joint Brokerage Account, or Trust Account. The amount available to borrow may be greater than $2,000 per Brokerage Account, and this is subject to change without notice.
M1 Margin Loans are not available for Retirement or Custodial Accounts. Trust Accounts without a Margin and Short Agreement are also ineligible for Margin Loans.
M1 will not allow withdrawals that make your Margin Loan amount more than 50% of your account value. The portfolio line of credit is automatically available the next business day after you meet the eligibility requirements, and there is no application process.
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M1 loan repayment
M1 offers personal loans and margin loans. M1 is not a bank, and its personal loans are furnished by B2 Bank NA, a member of the FDIC and Equal Opportunity Lender. M1 personal loans are unsecured, with no collateral required, and are based on the borrower's creditworthiness. The minimum amount for an M1 personal loan is $2,500, and the maximum is $50,000, with a fixed APR between 7.99% and 21.75%. The loan term can be between two and seven years. There are no fees associated with M1 personal loans, including no origination or prepayment fees.
M1 margin loans, on the other hand, are secured loans that allow borrowers to leverage the value of their securities in their M1 Brokerage Account. The amount that can be borrowed is up to 50% of the portfolio's value, with rates advertised as low as 6.25%. Margin loans have flexible repayment options and do not impact the borrower's credit score. They are also advertised as having no credit check and no repayment schedule.
M1 personal loans can be used for a variety of purposes, including debt consolidation, home improvements, medical expenses, moving costs, vacations, and major purchases. M1 margin loans, meanwhile, can be used to cover emergency expenses, allowing borrowers to avoid selling securities and incurring capital gains taxes.
It is important to note that all investing involves risk, and borrowers should carefully review the margin account risk disclosures before taking out a loan.
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Frequently asked questions
M1 offers personal loans and margin loans. Personal loans are borrowed for personal use such as debt consolidation, home improvements, medical expenses, moving or relocating, vacations, special occasions, and major purchases. Margin loans are a type of secured loan that allows you to borrow against the value of the securities you already own in your M1 Individual Brokerage Account, Joint Brokerage Account, and/or Trust Account.
M1 personal loans are fixed-rate loans with no fees. The loan amount is not tied to your portfolio value. M1 margin loans, on the other hand, are a type of loan where the loan amount is leveraged against the value of an eligible M1 Brokerage Account. Margin loans offer flexible repayment and do not impact your credit score.
With an M1 personal loan, you can borrow any amount between $2,500 and $50,000. With an M1 margin loan, you can borrow up to 50% of your portfolio's value.
