Fidelity Denied 401(k) Loan (Eligibility and Limits)
Summary of User’s Concern and Solutions:
- The user is concerned about being denied the maximum amount for a 401(k) loan despite paying off a previous loan before applying for another one.
- To understand the eligibility and loan amount, the user is advised to review their Summary Plan Description (SPD), which outlines the specific rules of their 401(k) plan.
- Instructions to access the SPD include logging onto NetBenefits.com, navigating to the plan’s “Summary” page, and clicking on the “Plan Information” tab to find the SPD.
- If further clarification is needed, the user is encouraged to contact the Workplace Investing Team for more detailed assistance regarding their 401(k) loan options.
Here’s the full thread
Is there any reason i would be denied the max amount i can take out as a 401k loan? i was on a loan before but i will be paying this off before applying for another one
Hey, @deeeeetrick. Thanks for reaching out regarding your 401(k). I’m happy to provide some information about this.
Whether or not your 401(k) has an eligible loan withdrawal, and how much that might be, is specific to your plan status, plan rules, and numerous other factors. I encourage you to read your Summary Plan Description (SPD), as this will detail the rules set by your plan surrounding loans and withdrawals (the SPD is essentially the rule book for your plan). To access the SPD, log on to NetBenefits.com and follow the steps outlined below:
1. On the 401(k) plan’s “Summary” page, click on the “Plan Information” tab
2. Click on the Summary Plan Description (SPD)
3. Look for a section that speaks to accessing your money; this will explain the rules for loans
That said, If you have any further questions about your 401(k)’s rules surrounding loans, our Workplace Investing Team would be happy to dive deeper with you. You can reach them by calling the number on the page I’ll link below. Associates are generally available Monday through Friday, 8:30 a.m. to midnight ET; you can reach them at the number listed on this page. Make sure to scroll down to the section with numbers for specific departments so you can get to the right place when you call:
Fidelity Contact Information: https://www.fidelity.com/customer-service/phone-numbers/overview
We’re here to help if anything else comes up!🟢