While common solo 401k providers such as Fidelity, Charles Schwab, TD Ameritrade or E-Trade—to name few—do not offer the solo 401k loan provision or Individual 401k loan provision, when you open a solo 401k through a self-directed solo 401k provider such us MySolo401k, you will gain option to the solo 401k loan provision because Mysolo401k’s solo 401k plan documents allow for solo 401k loans including multiple solo 401k loans. What’s more, you will still have option to use any of the previously mentioned brokerage firm providers (Fidelity, TD Ameritrade, or Charles Schwab) for holding your solo 401k funds as well as for processing the solo 401k loan and making the solo 401k loan payments. Alternatively, you can use your local bank instead of a brokerage account for holding the solo 401k funds as well as for processing the solo 401k loan funds. This arrangement is possible because MySolo401k is the solo 401k plan document provider containing specific participant loan provisions and will also prepare the IRS compliant solo 401k loan documents.
About MySolo401k
We help our clients take control of their retirement money. Our products and services provide our clients the freedom to invest their retirement savings in their own business as well as alternative investments such as real estate, private companies, promissory notes, precious metals, tax liens and equities.
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