Why was my request to borrow denied?
To be eligible to use M1 Borrow, you must have a taxable M1 brokerage account with an account balance of $5,000 or more. IRAs do not qualify.
Your Borrow request also may be denied if:
· Your portfolio is not diversified. For example, your entire portfolio is invested in a single stock.
· You request to borrow above 35% of your invested portfolio value.
· You have already borrowed the maximum amount.
Why was my request to withdraw funds denied?
While using Borrow, you will only be able to withdraw a portion of the money from your portfolio to your bank.
M1 will not allow withdrawals that make your borrowed amount greater than 35% of your account value. M1 will require you to pay back some of your debt before your withdrawal request can be completed.
Using margin involves risks: you can lose more than you deposit, you are subject to a margin call, and interest rates may change. To learn more about the risks associated with margin loans, please see our Margin Disclosure. M1 Borrow available on margin accounts with a balance of at least $5,000. This does not apply to retirement accounts.