Archived 401k loan

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so i have like 315 left on a 401k loan and i want to pay it off because i need to take another loan out. does anyone know how long it takes to process the pay off so i would be able to take another loan out
 
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If you're talking about installments you chose how long you would take the loan out for when you took out the loan. You can pay it back earlier, but then you must pay the entire balance. Go to the mypayandbenefits site and log into your account. You'll see your options there.
 
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i plan on paying the entire balance like in the next week or so but my question is how long will it take for them to process it so i have money avalible to take a loan out again
 
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yeah i did check my pension total why i have been with spot for well over 5 years
 
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But wouldn't I get penalized for taking my pension early? I have a wicked old handbook from when I first started 12+years ago but
 
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It depends on whether or not you have the payoff form already and if you first class or overnight it. As long as you have it there by Tuesday (to be safe) it would be paid off by Thursday, and you can go from there.
 
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so i have like 315 left on a 401k loan and i want to pay it off because i need to take another loan out. does anyone know how long it takes to process the pay off so i would be able to take another loan out

After you pay it off you have to wait until the beginning of the next pay cycle after the day they receive the check or money order you cannot pay online
 
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I have been considering taking a 401k loan to pay off high interest credit cards since the interest rate on the loans is so low. My rate of return is currently 1.25%, the interest is like 4.5% and the credit card rates are 19%. I welcome your input.
 
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I think my biggest concern would be that my hours would be slashed or I need to take FMLA time (child with lots of health problems). How do I make the payments if my check doesn't cover the insurance and the loan?
 
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After you decide on the amount of your loan for example 1100.00 target will add the onetime interest free 100.00 (usally not that big) u select a 1 2 3 payoff year plan. They devide the remaining checks in that period and remove the amount from ur check instantly so if u had a 1 yr plan 50 everycheck
 
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After you decide on the amount of your loan for example 1100.00 target will add the onetime interest free 100.00 (usally not that big) u select a 1 2 3 payoff year plan. They devide the remaining checks in that period and remove the amount from ur check instantly so if u had a 1 yr plan 50 everycheck
Thanks, I understand that. I have taken out a loan from my 401k in the past. My question is about what happens if your check does not cover the payment. I have been having my hours reduced and who knows what will happen in the course of the next 3 years!
 
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I would use my pension first & not touch my 401k. As rj says, full time hours are not guaranteed these days.
 

sigma7

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I'm not making any judgements, but let me just say that taking out a loan from your 401(k) means that you are losing money in the long run...and for your retirement (if anyone is doing that by the time I reach my late 60s). The faster you can pay it back, the better. Sometimes you've got to do what you've got to do.
 
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How are you able to use your pension first??I called tmsc about using some of my mine and was told that I could not borrow from my pension.
 
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Yes, it did answer my question on if I could borrow from my pension. However since I saw where people posted about using the pension before 401k, I thought maybe they had somehow done that and was wondering how. I thought maybe they had allowed borrowing aganist pension in the past or something.
 
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If you are over 55 years old & 10 years of service with spot. There is a hardship fund up to 500.00 available too.
 
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