Self-directed Solo 401k Daily FAQ – Can I take a Solo 401k loan? How does it work?

August 10, 2022 | By George Blower

Please check out this good question from our Daily Live Zoom call. Subscribe to our YouTube Channel to get notifications of our Daily FAQs.

Self-directed Solo 401k Daily FAQ: I previously set up a Solo 401k plan with your company. I need to replace my roof on my home. Can I take a loan from my Solo 401k?

Certainly – you can take a loan of up to 50% of the balance not to exceed $50,000.

The loan must be paid back in monthly or quarterly payments with equal payments of principal and interest (prime plus 1%) spread over a 5-year term.

We will prepare the required loan documents are part of our services for no additional

Tags: how does it work, real estate, self-directed 401k, self-employed 401k, Solo 401k

About George Blower

I have the privilege of educating our clients about our products and services so that they can make informed and confident decisions about their financial future. Prior to joining My Solo 401k Financial, I served as the general counsel for a subsidiary of a Fortune 500 financial services company. Learn more about George Blower and My Solo 401k Financial >>

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