Request a loan application

Please provide the following information. A representative of WC Administrators will contact you in 1-3 days to discuss taking a loan on your 401k

You may also request a loan application by calling WC Administrators at 1-800-748-4865 .

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Please note: WC Administrators can only initiate a loan for participants in a plan that we currently administer. Your company's Human Resources department can give you information about who administers your 401(k) plan and how to apply for a loan.

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Instructions and Rules for 401k Loans

PLEASE REVIEW THESE INSTRUCTIONS BEFORE COMPLETING
the 401k Loan Application Request.

1. Participants requesting a loan from their 401k plan must qualify for the loan. To qualify the individual must show that they have the ability to repay the loan according to the terms of the agreement.

2. Loan repayment will be made on a payroll deduction basis.

3. Loans must be repaid within five (5) years, unless the loan is to acquire a home. (Home loans may exceed the five (5) year limit providing that the participant submit proof that the loan is for the purchase of a primary place of residence. Home loans may not exceed ten (10) years.)

4. Participants who terminate employment with an outstanding loan will be required to pay off the loan at the time of their termination or have the loan treated as a taxable distribution in the year of termination.

5. Participants may not take more than one loan per year.

6. Loans may not exceed 50% of the participants vested account balance, and no loan may exceed $50,000.

7. Loans to participants with existing 401k loans may be subject to additional limitations on the amount available for borrowing.

8. The interest rate charged to a participant will be the Prime rate as listed in the Wall Street Journal on the date the loan is processed, plus 1%.

9. Interest paid by a participant will be credited to that participant's 401k account.

10. Loans will not be approved for amounts less than $1,000.00.

11. Applicants will be charged a $75.00 set up fee for each loan.

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Loan application request

Please note: WC Administrators can only initiate a loan for participants in a plan that we currently administer. Your company's Human Resources department can give you information about who administers your 401(k) plan and how to apply for a loan.

I am a participant in a plan administered by WC Administrators.

I am not a participant in a plan administered by WC Administrators.

I don't know if WC Administrators is my plan administrator.

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Participant Information

*First Name:       *Last Name: 

*Company Name:

Years with company:

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Contact / Delivery Information

Mailing Address

Street:  

City:      

State:   Utah Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pacific Islands Pennsylvania Puerto Rico-Virgin Islands Rhode Island South Carolina South Dakota Tennessee Texas Vermont Virginia Washington West Virginia Wisconsin Wyoming     Zip:

*Phone:      Fax:    
Please provide a daytime phone number.

E-mail:  

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A representative of WC Administrators will contact you in 1 to 3 days to discuss taking a loan on your 401k.

*Please contact me by:   phone (Mon -Fri, 8:30 am - 5:00 pm MST)     e-mail

*Please send my application to me by:    mail     fax     e-mail

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*Loan fee

There is a $75.00 set up fee for all loans.  Depending on your company's rules for loans, you may be required to pay this fee up front in order for the loan to be processed. 

           I understand that I will be charged a $75.00 set up fee this loan.

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*Eligibility

In order to qualify for a loan, you must meet certain eligibility rules. Also, not all companies allow for 401k loans.  If you cannot take a 401k loan for any reason, a representative of WC Administrators contact you to let you know.

           I understand that submission of this application request does not guarantee my eligibility for a loan.

* indicates a required field

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• John Hancock 401(k)
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 MassMutual
  Financial Group

• MassMutual Financial Group