Lend your securities. Earn income.

Fidelity’s Fully Paid Lending Program lets you earn incremental income on securities that you already own, just by lending them out.

What is the Fully Paid Lending Program?

Fidelity's Fully Paid Lending Program provides you with the opportunity to lend securities in your portfolio and earn income. If there is demand in the securities lending market, generally due to short selling, scarce lending supply, or corporate events, Fidelity may borrow certain eligible securities until either you or Fidelity elect to close the loan.

Earn incremental income

Receive income from Fidelity on any borrowed securities. Income accrues daily and is credited to your account monthly.

Maintain full economic ownership

Remain exposed to the market while your securities are on loan. Sell your shares or recall the loan at any time.

Monitor activity online

Securities on loan, lending interest rates, and program activity can be viewed on your Fidelity.com Positions page, along with your current portfolio valuations.

Ready to get started?*

Learn more, including what you could potentially earn through the Fully Paid Lending Program. Answer 4 quick questions to determine if you’re eligible.

Not yet a Fidelity customer?*

*You must have at least $250,000 in your Fidelity brokerage account(s) to apply.

How does it work?

Sign up once

Start here by checking your eligibilityLog In Required. Your enrollment package will be emailed to you in 1-2 days, if eligible.

Lend your eligible securities

Once enrolled, there are no extra steps. All eligible securities in your account, now or in the future, will be considered for borrowing based on demand in the lending market.

Start earning

The income for lending your securities will be credited to your Fidelity account.

How am I paid?

Each month you will be paid lending income that is automatically credited to your Fidelity account. Lending interest rates are variable and may change at any time based on market conditions. Here’s a hypothetical example of how interest is calculated, using an annualized lending rate of 8.50%.

The lending interest rate is based on the relative value of the loaned security, which is determined by several factors including borrowing demand and short selling, and general market conditions.

Important considerations

When deciding whether to participate in Fidelity’s Fully Paid Lending Program it is important that you are aware of these considerations.


Once enrolled, if Fidelity borrows a security, the length of the loan and your ability to earn income will vary depending on short selling demand and available lending supply.


Shares on loan are not covered under Securities Investor Protection Corporation (SIPC). However, Fidelity provides collateral at a minimum of 100% of the loan value. In any securities lending transaction, counterparty default is a risk.


Cash distributions paid on securities borrowed over the dividend record date are credited as a "cash-in-lieu" payment, which may have a different tax treatment than the actual dividend from the issuer.


When you loan your shares, you relinquish voting rights. However, if you want to vote your shares, you can recall your loan in advance of the record date.

Frequently asked questions

  • How can I participate if I don't have a Fidelity brokerage account?
    With no account fees and no minimums to open a retail brokerage account, including IRAs, it’s easy and just takes a minute.1 But, remember, to be eligible to apply for the Fully Paid Lending Program, you will need an account balance of at least $250,000.
  • How do I know if I am eligible to participate in the Fully Paid Lending program?

    To be eligible to participate in Fidelity's Fully Paid Lending Program, you need to:

    And, if you have "in-demand" securities you're ready to participate.

  • How can I transfer money to my Fidelity brokerage account(s)?

    It's easy! Securely move money to your Fidelity brokerage account with an electronic funds transfer. And, use our transfer tracker to monitor your transfer of assets request every step of the way. Start hereLog In Required

  • What determines which securities are eligible for fully paid lending?
    Based on demand in the lending market, Fidelity identifies securities in your account that may be hard to borrow due to demand for short selling, scarce lending supply, or corporate events that could affect the liquidity of a security. Fidelity then determines which, if any, of those securities they want to borrow.
  • Which eligible securities in my portfolio are available for lending?
    Fully paid and excess-margin securities2 are eligible for lending through the program. You may lend all or a portion of the securities in your portfolio.
  • Does my enrollment in the Fully Paid Lending Program guarantee that my eligible securities will be borrowed?

    No, Fidelity is not obligated to borrow securities. By enrolling, you are giving Fidelity permission to borrow from your current and/or future eligible securities, as needed.

    When enrolling, you will complete the Master Securities Lending Agreement (MSLA), which is a separate agreement from any previously executed margin agreement(s).

  • How does lending affect my ownership of the securities?

    Under the securities lending agreement you maintain full economic ownership of the securities on loan and may sell or recall loans at any time.3 However, you do relinquish your ability to exercise voting rights if shares are on loan over a proxy record date.

  • Will I still receive cash dividends while securities are on loan?

    Dividends paid on securities borrowed by Fidelity pursuant to the Fully Paid Lending Program will be credited to your Fidelity Account in the form of a “cash-in-lieu” payment if shares are borrowed over a dividend record date. Receipt of cash-in-lieu payments may have different taxable consequences than receipt of the actual dividends from the issuer.

    In order to mitigate the impact of cash-in-lieu payments to taxable accounts, Fidelity may return shares prior to a dividend record date. To help offset the potential tax burden associated with the receipt of cash-in-lieu payments in place of qualified dividends (as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003), Fidelity will credit participating taxable accounts with an additional credit adjustment equal to 26.98% of the qualified portion of the distribution. This adjustment will occur annually after all reclassification information is made available.4

  • How can I monitor my securities on loan?

    You can monitor your securities on loan in the same manner as the rest of your portfolio through Fidelity.com.

    You can view your securities on loan and real-time lending rates on the Loaned Securities page, which can be accessed from your Positions page. You also will receive a detailed monthly statement, which is available on the Statements page under Account Records.

  • What determines the lending rate?

    The lending rate for each security is based on several factors including borrowing demand, the overall lendable supply of the security, short selling and hedging interest, and general market conditions.

  • Will the lending rate change over the life of the loan?

    Changing market conditions may necessitate a change in the lending rate. If a rate changes, you will receive a detailed trade confirmation. You can also view the rates in real-time on the Loaned Securities page. As always, you maintain the right to “recall” or request to have shares returned at any time. Please refer to the Master Securities Lending Agreement (MSLA) for more details on how the lending rate is determined.

  • Does Fidelity receive compensation for use of my loaned securities?

    Fidelity receives compensation in connection with the use of your loaned securities when lending to other parties or facilitating the settlement of short sales.

  • What are the risks associated with fully paid lending?

    Shares on loan are not covered under SIPC. However, Fidelity provides collateral at a minimum of 100% of the loan value. In any securities lending transaction, counterparty default is a risk.

    Fidelity is your counterparty on all fully paid loans. If Fidelity were to default on its obligations as defined in the MSLA, you would have the right to withdraw the collateral from the custodian bank.

    In addition, voting rights are relinquished, and dividends are paid as cash-in-lieu payments which may have different tax consequences than actual dividends. And, short selling activity may impact the price of your security.

  • Can you tell me more about the collateral provided?

    Fidelity will provide you with collateral that is held at a third-party custodial bank. The bank will serve as your collateral agent and hold your collateral in cash or cash-equivalent form. The collateral will be equal to at least 100% of the value of the shares on loan.

    Fidelity will adjust the collateral each day to account for mark to market and additional lending activity.

  • How does a loan get terminated?

    Either you or Fidelity can terminate the loan at any time by selling the shares on loan (which is a termination or "recall" notice) or recalling the shares by contacting Fidelity to request that a loan be returned. Fidelity can terminate a loan at any time by returning the shares on loan.

  • What happens to my shares when they are on loan?
    Fidelity borrows your shares as principal and serves as your counterparty on all fully paid loans. Fidelity may lend your shares to other customers or counterparties, often in association with short sales

Is fully paid lending right for you? Learn more, including what you could be earning. Get started.*

*You must have at least $250,000 in your Fidelity brokerage account(s) to apply.