As a UFT member, you have two sources from which to borrow money. If you are in pension tiers 3, 4 or 6, you can borrow from your Qualified Pension Plan (QPP) against your Member Contribution Accumulation Fund and against part of your additional member contributions. You may also borrow from your Tax-Deferred Annuity (TDA) account.
The maximum amount you can borrow from your pension and your TDA is $50,000, provided you have sufficient funds in those accounts.
Loans from those account are typically available within two weeks after you apply and, under normal circumstances, are not taxable.
Both have convenient repayment plans. The interest rate for TDA loans is 7% per year and the interest rate for QPP loans is 6% per year.
For more information, see the Teachers' Retirement System (TDA) FAQ page*