Borrow from Solo 401k

The Process

To process a participant Solo 401k loan, as your solo 401k provider we will prepare the loan documents in 24 hours after your Solo 401k has been funded. This way you will know the amount available for the loan and we will know the correct amount to list on the solo 401k loan payment schedule.

Step 1

We will prepare the Solo 401k loan documents based on your answers to the following questions.

1. Loan Amount:

2. Loan Pay Back Period (15 to 30 years if used for primary residence purchase, 5 years for all other reasons):

3. Loan Payments–Monthly or Quarterly:

4. Date of loan which will be reflected on amortization schedule:

5. Name of Solo 401k Plan:

6. Name of Solo 401k Participant processing loan:

7. Home Address:

8. Self-employed business name:

Step 2

We prepare the following Solo 401k documents within 24 hours.

  • Solo 401k loan-payment amortization schedule
  • Solo 401k Loan Application

Step 3

After signing solo 401k loan documents, you e-mail them back to [email protected]

Step 4

You process Solo 401k proceeds from the solo 401k bank account by making a check payable in your name and writing “Solo 401k Participant Loan” on the memo section of the check.

Step 5

Repay the Solo 401k Loan

  • Loan payments are made by check from your personal checking account (not your Solo 401k bank account) payable in the name of the Solo 401k plan.
  • Write “Participant Loan Payment” on the memo section of the check.
  • Tracking the loan payments: the loan payment schedule serves this purpose along with the Solo 401k bank account statement history.

SOLO 401(K)