Solo 401k Loan Feature
Pop Quiz: How much can you borrow from a Solo 401k plan with a total value of $60,000?
$60,000 |
$30,000 |
$50,000 |
Have you considered borrowing money from your Solo 401k plan, either to get through financial hardship or to help your children pay for college? There are certain things you need to know first about the Solo 401k loan. To learn more about Solo 401k loan feature, watch this Solo 401k Quick Tip below:
Solo 401k Loan Feature
Solo 401k participant loan can be taken for any reason at any time. The borrowed amount can also be used for any purpose you see fit. You can use it to fund your business, purchase a home, pay off a debt, or for any other expenses. The loan can be obtained in one day and it also very affordable: interest rate is set to prime plus 1%. This is usually lower than the interest rate of a regular consumer loan.