What is the loan process?

Here is the process if you want to move forward with a loan. Once payment is received, we will draft the loan documents based on your answers to the following questions:

1. What is the desired loan amount?
2. Do you want to make monthly or quarterly payments?
3. What is the date of the loan?
4. What interest rate do you want (most people use 4%)?
5. Name of person taking out the loan.
6. Address for the person taking out the loan.

Once we receive the above information, we will prepare the loan document and the loan amortization schedule. We will then send them to you for review and signature.

You will then need to submit the loan paperwork to your custodian. Ensure that the receipt of funds is clearly notated as a cash balance plan participant loan.