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Can I get a second loan on my 403b retirement if I haven't paid off my first loan?

Aug 02, 2014 by Martice from Stockton, CA in  |  Flag
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Hi Martice! While you must verify your question with your 403(b) plan provider, I recommend that you also attend a budgeting course. I'm assuming that you are looking to borrow from your retirement because you do not have another loan alternative and you do not have any emergency savings. If you are borrowing from your retirement, you certainly won't have money when you do retire. It's best to get your spending under control now. Find a local Dave Ramsey class to help you - it could be a good inexpensive option for your situation. Sorry for the tough love, but it's better than the alternative.

Comment   |  Flag   |  Aug 04, 2014 from River Hills, SC

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Martice,

Regulations allow multiple loans. However your Plan may not. You will have to ask your HR Department to learn whether or not multiple loans are allowed. They may direct you to your investment platform (Vanguard, TIAA/CREF, etc) but the HR Department is a good place to start.

Comment   |  Flag   |  Aug 02, 2014 from Woodbridge, VA

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