Tmile1928 Posted August 17, 2019 Share Posted August 17, 2019 How long after I repay my 401k loan in full do I have to wait to apply for a new loan Link to comment Share on other sites More sharing options...
QDROphile Posted August 17, 2019 Share Posted August 17, 2019 If you take a new loan within a year after all loans have been paid, the law may reduce the maximum amount of the new loan. The design of your plan may have more relevant restrictions, so you need to check with the plan administrator. The summary plan description, or a separate written loan policy, for your plan should also describe limitations. There is no sure one-size-fits-all answer to your question. You have to learn the rules of your plan. My guess is that most plans would allow a new loan as soon as the prior loan is paid, subject to the limitation on the amount outstanding in the prior 12 months. Some plans allow more than one loan, so full payment is not necessary to originate a new loan. Tmile1928 and hr for me 2 Link to comment Share on other sites More sharing options...
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