Challenging economic times spur many retirement plan participants to consider borrowing from their retirement plan. Before you apply for a loan from your account, consider the pros and cons of your decision. In some cases, a loan from your retirement account is the best option, but be aware of the consequences.
Model and Apply For a Loan Online:
Note: to reach your retirement account from the My Alerus home page, select your plan under Retirement and click the Plan Summary link on the right side of the page.
Select Loan Center from the left side menu.
The Current tab will allow you to see any current loan activity. To start the process of applying for a new loan, select the Model a New Loan tab.
The Loan Summary section shows your current loan status. Availability provides information on new loans available to you. Scroll down to the Loan Model section.
Select whether you will be applying for a “general purpose” or “residential” loan, then enter the new loan amount. Your new loan amount must meet the maximum and minimum amount requirements for the loan type found in the Loan Availability section. Also, please note that residential loans require you to print a paper application and submit it as instructed.
Next, enter the Loan Term in Months, again, meeting the maximum and minimum terms for the loan type.
Click the Model It! button.
Review the amortization for the detail on the modeled loan. Make any desired changes and remodel if needed. When you are satisfied with the amortization and your loan model, click Next for general purpose loans or Get Application! for residential.
For general purpose loans, confirm that your address is correct and click Next. Then review the loan agreement and promissory note and check the box acknowledging that you have read and understand and agree to the terms. Click Request It! to complete your application.
For residential loans, a PDF form will open. Print the form, sign it, and return it to your human resources department to complete the application process.