Below are a few tips to help manage this process smoothly:
- Watch for email notifications alerting you to approve or deny a submitted request.
- Review the loan request's start date, and confirm it corresponds with a payroll date that is not in the past.
- Review the frequency of loan repayments and confirm it aligns with the participant's payroll frequency (weekly, bi-weekly, etc.).
- Loans can be requested using either the employee or plan website.
- The online process ensures that requests comply with your plan's loan policy, such as the maximum loan term allowed, minimum loan amounts, or restrictions on assets available to fund a loan.