And pay back when I'm 59.5 years old? I have a 457 plan so I cannot take any money out. I'm almost 52 and owe too much in credit cad bills. Any type of finance company available for that?
Elle1965: You specifically cannot use a retirement account as collateral for a loan, since creditors cannot touch that as long as that money or assets remain in the account. Although, it might give a lender some confidence that you could pay back an unsecured personal loan if you have a decent credit rating and a job.
I personally lost my job Nov 2015 and still receive 0% interest balance transfer checks from banks. But I have no debts other than my mortgage, and even though I have been taking some IRA distributions, the balance of my IRA's are still about what they were Jan 2016 because I decided to learn investing instead of starting over with a lower paying job.
No. It is expressly forbidden to use retirement funds as collateral.
Since there's no way a finance co. could take your 457 – retirement account (if you default), I doubt it.