# VG Fully Paid Lending Program

**URL:** <https://community.clark.com/t/vg-fully-paid-lending-program/8359>\
**Category:** Investing\
**Created:** [September 20, 2025, 6:36pm UTC](https://community.clark.com/t/vg-fully-paid-lending-program/8359 "2025-09-20T18:36:58Z")\
**Posts on this page:** 4\
**Page:** 1

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**Author:** ![FerrariClunker](https://avatars.discourse-cdn.com/v4/letter/f/bc8723/32.png) [@FerrariClunker](https://community.clark.com/u/FerrariClunker)\
**Post date:** [September 20, 2025, 6:36pm UTC](https://community.clark.com/t/vg-fully-paid-lending-program/8359/1 "2025-09-20T18:36:58Z")

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I haven’t read all the fine print of the new VG program below:

[Unlock Income with Fully Paid Lending | Vanguard](https://investor.vanguard.com/wealth-management/fully-paid-lending?cmpgn=PIM:EM:XX:UHNW:20250625:XX:XX:WM-Engage-FPL-HyperP:AWARE:XX:UHN:NONE:WM-Engage-FPL-HyperP:SD:C019014:EM_034293:POS01:TXL:XX:XX:XX:XX:XX&CMPSP=5323853290&EMGRP=)

It looks like:

- I can terminate the lending any time I want
- I can still receive the dividends (maybe taxable) from my stocks
- The counterparty borrowers decide which stock they want to borrow
- If the counterparty borrowers go broke, I can collect 102% market values in cash, not the stocks I bought
- The reward is the additional cash with market-driven rate

Am I missing any major points, or misread anything?

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**Author:** ![p1g1](https://avatars.discourse-cdn.com/v4/letter/p/cab0a1/32.png) [@p1g1](https://community.clark.com/u/p1g1)\
**Post date:** [September 22, 2025, 12:18am UTC](https://community.clark.com/t/vg-fully-paid-lending-program/8359/2 "2025-09-22T00:18:44Z")

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There is a thorough post I saw earlier this year that covers the Vanguard program and has links to posts discussing the similar programs at Fidelity and Schwab. Search “WCI Vanguard Fully Paid Lending Program”.

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**Author:** ![butler](https://avatars.discourse-cdn.com/v4/letter/b/ac91a4/32.png) [@butler](https://community.clark.com/u/butler)\
**Post date:** [September 22, 2025, 2:49am UTC](https://community.clark.com/t/vg-fully-paid-lending-program/8359/3 "2025-09-22T02:49:45Z")

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I researched the Schwab program and it’s not as good as it sounds. You basically split the 10% interest rate with Schwab. No way would I go 50/50 on a partnership if I am putting up all the $ and taking all the risk.

> **[Charles Schwab](https://www.schwab.com/securities-lending)**

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**Author:** ![Smartpolitics](https://avatars.discourse-cdn.com/v4/letter/s/65b543/32.png) [@Smartpolitics](https://community.clark.com/u/Smartpolitics)\
**Post date:** [October 6, 2025, 1:39pm UTC](https://community.clark.com/t/vg-fully-paid-lending-program/8359/4 "2025-10-06T13:39:34Z")

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Same not worth the risk, though I don’t understand margin investing especially since I can pay a lower interest rate with stock options and have less risk