The loan application process can take around 1 month from when you apply to when you receive your funds. We encourage you to submit your application in advance of when funds are needed to allow enough time for processing and delivery.
Here is an overview of the expected process and timelines, from start to finish.
The 401(k) loan process
1. Application review
Once you submit your loan application, our team will review your request, which typically takes around 5-7 business days. If your application is approved, you will receive an email notification that your promissory note is available for your review and signature. This will all be completed electronically.
Please note that the promissory note will expire after 14 days. If you do not review and sign the document before it expires, you will need to restart the loan request process.
2. Loan processing
After you have accepted the promissory note terms, it typically takes around 7 business days for the final processing of your loan.
3. Fund distribution and delivery
A final email will be sent when your funds are ready to be distributed to you. How long it will take to receive your funds depends on the delivery method you selected:
Check 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 taking a loan from both your pre-tax and Roth accounts, you’ll receive two separate checks or deposits.