Eligibility for Loans
The Plan permits a Participant to borrow money from his/her 401(k) account. The minimum loan amount is $1,000.00. The interest rate charged on the loan, and paid back to the account, is the prime rate plus one percent, currently 5.75%. Only two loans may be outstanding for each participant at any time. A loan must be repaid to the 401(k) Plan within five years except for loans used to acquire a principal residence. If a loan is used to acquire a principal residence it must be repaid within fifteen years. The maximum amount that may be borrowed by a Participant is one-half (½) of his or her 401(k) account balance or $50,000.00, whichever is less.
Spousal Consent
If you are married, spousal consent will be required for all loans under the Plan.
See Documents Page for Loan Application
Loan Payments
Please click “Make a Loan Payment” below and you will be redirected to the US Bank website. From there you will need to create a new account, where you have the ability to save your account information, and make payments to your loan(s).
Please note that the loan ID field is required. If you are unsure what your loan ID is, please refer to your amortization schedule, your loan coupons, or log in to the website, hover over “Loans & Withdrawals” and click “View loans.” If you have any questions regarding this new feature, please call us at (833) 908-0855.
Make a Loan Payment