Don't Borrow Money From Your IRA Do This Instead

If you need money quickly, borrowing money from your Roth IRA may seem like an attractive option. However, the rules for borrowing from your IRA are extremely strict and difficult. If you want a quick and easy option of borrowing money, then you should consider getting a jewelry equity loan from Diamond Banc.

Why You Shouldn’t Borrow from Your IRA

One major issue with borrowing from your IRA is that you have to pay the money back and replace it in your IRA within 60 days. For many people who need loans, 60 days is not enough time to completely pay the loan back. Another frustrating aspect is that if you don’t replace the money within 60 days it will be considered a distribution and you will be taxed on it. In addition, if you don’t replace the money within 60 days and you’re under 59 you will owe a 10% penalty fee on top of the taxes.

Benefits of a Jewelry Equity Loan

No Annoying Restrictions

Jewelry equity loans are great because they don’t require a credit check. In addition to that, jewelry equity loans also have a seamless and expedited process. Once you fill out our free form, you will receive an initial quote. After that, you can ship your item the very next day. The entire process can be as quick as 48 hours. A jewelry equity loan process is great because it is fast and has no restrictions. Borrowing from your IRA, on the other hand, can be a more restricted process because you can only withdraw up to $10,000 without penalties, and if you don’t pay it back within 60 days you will have to pay taxes on that amount.

Overall, if you’re looking to get a quick loan that doesn’t require a credit check and won’t affect your credit score, get a jewelry equity loan. Diamond Banc offers loans in return for your high-quality jewelry, diamonds or watches.

Get started today by filling out our free risk-free jewelry-equity loan form. Or stop by one of our convenient locations.