Loans

Article Contents

• Overview
• How to Request a Loan
• FAQ

Overview

The loans module in the 401k In A Box portal allows you to request loans out of your 401k plan. It also allows you to view the status of all current and previous requested loans. The module asks for information about your plan and information about the requested loan in order for us to process the loan request for your plan. 

How to Request a Loan

1. Login to www.401kinabox.com
2. Navigate to the "Loans" module
3. Select "Add"
4. Enter in the employee name by last name.
5. Select the Loan Type
6. Select the Loan Start Date
7. Select the Expected First Payment
8. Enter in your Current Account Balance
9. Enter in your Loan Amount Requested
10. Enter in your Loan Length in months
11. Select your Repayment Frequency
12. Select "Save"

FAQ

• Where do I find my current account balance?
  • Please reach out to your financial advisor. They would be able to provide you with that information.
• Can I take out another loan if I have an active loan?
  
  • No, you can only have one loan at a time. 
• What is the interest rate?
  
  • The interest rate is the prime rate plus 1%.
• I requested my loan- now what?
  • We will send you a loan processing invoice and then the loan paperwork.
• How much is the loan processing fee?
  • It is $149 per loan.
• I paid the fee- now what?
  • We will send you the loan paperwork within the next few days.
• Who do I pay the loan back to?
  • Your loan plus the interest will be paid back to your 401k plan. 
• How do I know how much I will pay for my loan?
  • We will generate a loan amortization schedule for the loan you have taken out. 
• Does 401k In A Box keep track of my loan payments?
  • No, please follow the payment schedule according to the amortization schedule.