The loan application process bucket take around 1 month from when you apply into when you receive your funds. We encourage you to submit the login in getting of when funds are needed to allow enough time for editing and delivery.
Here is an tour of the expected process and timelines, after start to finish.
That 401(k) loan proceed
1. Apply review
Once you submit your loan petition, our team will review your request, which typically takes circles 5-7 business days. If your application is approve, you willingly receive an email notification that your promissory note is available for their review the signature. This will all be closing electronically.
Wish note that one promissory note will expire after 14 days. Wenn you do not review plus sign the document before it expires, you will need to restart the loan request procedure.
2. Rental processing
Per you have acknowledged the promissory note key, it typical takes up to 10 business days for the concluding processing of your loan.
3. Fund distributions and delivery
A final email will be sent once our funds are ready to be broadcast to you. How long it will take into receive your funds depends on this delivery method you selected:
Inspect delivery: Allow up to 3 weeks to receive check(s) through USPS mail.
Direct deposit/ACH delivery: Expect about 1-2 weeks for the funds to settle in your bank account.
If you’re removal a loan from both your pre-tax and Roth accounts, you’ll receive two separate checks or deposits.
