I did a Schwab Pledged Asset Line (they call it a PAL) account several years ago to buy a plot of ranch land. The interest rate was excellent (less than 4%, as I recall?), which made me decide on this vs. a home equity loan or some other method. I intended to pay it back within a year or two, so it made sense (I did end up paying it off over 4 quarters). Keeping my money at work in the market ended up being a great move, as my returns roughly covered the interest charges, either via income or capital gains (most of this was because in 2021, even a blind squirrel could have found this acorn).

Be prepared for some issues that you may not have considered:

1) You have to open a new account, and transfer some multiple of what you want to borrow (as they have a maintenance type factor, and some securities are not lendable (including SCHW, ironically). No big deal, but it takes time, and if you're an active trader, you are out of the market for several days or so.

2) Some of the non-cost basis data you have will be lost during the transition. And if you transfer it back later, you still will not regain all your transaction data. Once again, no big deal, but kind of frustrating when you want to look back at historical data.

3) Your account will be more limited as to types of trading you can do - no more exotic options strategies, and each trade has to be approved as "lendable", or else it subtracts from the credit line available (or is disallowed, period, as I recall). This was my main reason for wanting to close the PAL as early as possible.

4) They have a separate help desk to call for issues, which at the time was understaffed and had long long wait times. The main Schwab desk can't really help you, even if they're dually licensed with Schwab Bank, as it's considered a specialty bank account.

5) I seem to recall some issues getting the securities transferred back into the old account once I had paid off the loan, but I don't remember if there was anything major.

I don't regret using it, financially, but operationally, be prepared for some frustrations. If I needed the money longer, I might have taken several more years to pay it off, but given the bouncy market since then, I'm probably better off doing it the way I did it.