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Asked 12/10/2008
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Can i borrow twice from retirement If i borrewed form my retirement is it possible to borrow again |
Answer 1/1 - Submitted 10/5/2009
This is completed up to the plan sponsor.. (your employer)
When they draw up the plan document they choose if to allow loans, and how many to allow at a time. A great majority do allow for 2 outstanding loans at a time, however some only allow for one. Until that one is paid in full, you cannot get another.
Also you can only have 1/2 of your vested account balance out in loans at any time... a maximum of 50,000 over any 12 month period. So if you only have 5000 in the account and already borrowed and have outstanding, 2500, you would not have enough monies to fund another loan.
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