How long will my 401(k) loan request take? | Guideline Help Center (2024)

The loan application process can take around one month from when you apply to when you receive your funds. We encourage you to submit your application in advance of when funds are needed to allow enough time for processing and delivery.

Here is an overview of the expected process and timelines, from start to finish.
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1. Application review

Once you submit your loan application it will be reviewed. Generally, this takes about one business day. However, if there are any questions about your application or if further documentation is needed because you are purchasing a primary residence, additional review time may be required. This further review typically takes around 5-7 business days but may be longer, depending on the documentation needed.

If your application is approved, you will receive an email notification that your promissory note is available for your review and signature. This will all be completed electronically. Please note that the promissory note will expire after 14 days. If you do not review and sign the document before it expires, you will need to restart the loan request process.
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2. Loan processing

After you have accepted the promissory note terms, it typically takes around 7 business days for the final processing of your loan.
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3. Fund distribution and delivery

A final email will be sent when your funds are ready to be distributed to you. How long it will take to receive your funds depends on the delivery method you selected:

If you’re taking a loan from both your pre-tax and Roth accounts, you’ll receive two separate checks or deposits.