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Any banking experts out there Have a couple of questions.

Resolved Question:

Any banking experts out there? Have a couple of questions. My sister needs to take out a loan against her IRA. She cant have it run a credit check as she is process of clearing up a debt from her son. How can she borrow against her IRA with no credit check. Does she need to convert it into a 401k first? Also trying to avoid as many penalties ie taxes on withdrawal as we can. Thanks.
Submitted: 5 years ago.
Category: General
Expert:  Andy4712 replied 5 years ago.
She does not need to convert to a 401k. She would contact the trustee of the IRA or the company handling her IRA for the process and the forms. I would ask the trustee if they do a credit check. I really do not think they do a credit check. It is allowed without penalty as long as it is paid back. I would contact the IRA company for more information. The company can help your sister.
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