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Maximum amount of any loan is the lesser of: a) 50% of the Member's Vested Account, reduced by any outstanding loan balance, or b) $50000, reduced by the highest outstanding loan balance during the one-year period ending on the day before the loan is made.
Minimum amount of any loan is $1000.
Maximum number of outstanding loans is 1.
Maximum term of any loan is 5 years.
- Loans can be paid out in the form of a check or a direct deposit
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If you want to request a 401(k) loan to be paid to you via direct deposit, please allow a minimum of 3-5 business days for processing. Also, you cannot make changes to your Personal profile within 30 days or requesting a loan to be paid out via direct deposit. If you change ANY personal information such as your password, email, etc., you will not be able to receive a loan via direct deposit. You will have to wait for a check to be mailed out. |
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