The Voya loan request form is how you borrow against the vested balance in a 401(k), 403(b), or similar employer plan that Voya administers. You complete it either through the Loans and Withdrawals section of your Voya participant account or on a paper form supplied by your plan, specifying the amount, the loan type, the repayment term, and how you want the funds delivered. Done right the first time, the request moves to disbursement in a few business days; a missed field or a missing signature can push that out by a week or more.
What to Gather Before You Start
Pull a few items together before you open the form, because it asks for precise information and does not save partial progress well.
You’ll need your Social Security number, your employer’s name, and the plan’s identifying numbers. The ABA Retirement Funds version of the form, as one example, asks at the top for the Program Plan Number, the Employer Tax ID Number, and the IRS Plan Number.1Voya. ABA Retirement Funds Program – Loan Request Form Those numbers appear on your enrollment materials and your most recent account statement. If you can’t find them, call your employer’s benefits department or the number on your Voya account page.
You also need a dollar figure in mind. The form asks for an exact amount, not a range, and it has to fall inside both the federal cap and any lower limit your plan sets. Have your latest vested balance in front of you so you can judge what’s available.
How Much You Can Borrow
Federal law caps plan loans at the lesser of $50,000 or 50 percent of your vested account balance. The $50,000 ceiling is reduced by the highest outstanding loan balance you carried during the 12 months before the new loan date.2Internal Revenue Service. Issue Snapshot – Borrowing Limits for Participants With Multiple Plan Loans So if you borrowed $20,000 last year and paid it down to $5,000, your current ceiling is $30,000, not the full $50,000. The 50-percent rule has a floor: if half your vested balance is under $10,000, you can still borrow up to $10,000 if the plan allows it.
On the low end, many Voya-administered plans set a $1,000 minimum.3Voya Financial. Loans From Your Account Your plan may set a different floor or a lower maximum than the federal cap, so check the loan section of your Voya account page or the summary plan description before settling on a number.
Expect a one-time, non-refundable application fee. One Voya-administered plan charges $50 per loan.4Voya. Frequently Asked Questions The exact amount for your plan is usually shown on the loan request screen or in the plan highlights document, and it is typically deducted from your account balance when the loan is issued.
Federal law does not cap the number of outstanding loans, as long as the combined total stays within the $50,000 and 50-percent limits.2Internal Revenue Service. Issue Snapshot – Borrowing Limits for Participants With Multiple Plan Loans Many plans do limit you to one or two concurrent loans through their own rules, so check your plan document if you already have one outstanding.
Filling Out the Form
The main sections ask for the amount, the loan type, the term, the source of funds, and the disbursement method.
Loan amount. Enter the exact dollar figure. Don’t write a range or “maximum available.” A request above the federal or plan limit will be rejected or scaled back.
Loan type. Choose General Purpose for most needs. Choose Residential if you are buying a primary home. That choice sets your maximum repayment term.
Repayment term. General-purpose loans must be repaid within five years. Residential loans can extend beyond five years, with the exact maximum set by your plan.5Internal Revenue Service. Retirement Topics – Plan Loans
Contribution source. If your plan holds more than one type of money (pre-tax deferrals, employer match, after-tax contributions), the form may ask which source funds the loan. In many Voya plans, the money is drawn pro-rata across your investments in an order set by the plan sponsor rather than chosen by you. Roth contribution accounts generally cannot be the direct source of a loan, though their balance still counts when determining how much you can borrow.6Voya Financial. Voya 401(k) Savings Plan
Disbursement method. Pick direct deposit (ACH) to a linked bank account or a mailed paper check. ACH arrives several days sooner.
The interest rate is not a field you fill in. The plan sets it, usually at prime plus one or two percentage points, and it stays fixed for the life of the loan. The exact rate appears on the promissory note included with your loan package. You pay that interest back into your own account.
If the Loan Is for a Primary Home
Selecting Residential or Primary Residence unlocks a repayment term longer than five years. The exact maximum varies by plan, with terms of 10 to 30 years common.7Internal Revenue Service. Fixing Common Plan Mistakes – Plan Loan Failures and Deemed Distributions
The IRS requires the plan to keep documentation showing you actually used the loan to buy a primary residence.8Internal Revenue Service. 401(k) Plan Fix-It Guide – Participant Loans Don’t Conform to the Requirements of the Plan Document and IRC Section 72(p) Voya’s form typically asks you to upload one of the following:
- A signed purchase agreement showing your name and the property address.
- A binding construction contract with the builder, for a new build.
- A closing disclosure or escrow statement if you’re near settlement.
The property must be your primary residence. Second homes and investment properties don’t qualify. If the documentation is missing or doesn’t clearly tie you to the purchase, the plan administrator will convert the request to a general-purpose loan with a five-year term.
Spousal Consent
Some plans require your spouse to sign a consent form before Voya can issue the loan. The requirement traces back to the Retirement Equity Act, which protects a spouse’s survivor benefit in plans that offer a qualified joint and survivor annuity. Most 401(k) and profit-sharing plans are exempt if they name the spouse as the sole default beneficiary and don’t offer annuity-style payouts. Plans holding money transferred from a pension or money purchase plan may carry the requirement regardless of their current design.
When spousal consent is needed, Voya requires the signature to be notarized rather than simply witnessed by a plan representative.9Voya Financial. Oxy Retirement Plan Spousal Consent Form The notary’s seal and signature must appear on the form. Notary fees are modest, often a few dollars to $25 depending on your state, and many banks and shipping stores offer the service. Submitting without the required consent will stop the loan cold.
Submitting the Form
Many Voya-administered plans let you handle the entire request online through the Loans and Withdrawals section of your account.10Voya. Borrowing Money From Your Account You enter the details on screen, upload any supporting documents, and submit electronically. Some plans still require a printed form with a wet signature. If yours does, print it, sign it, and either scan it back into the upload portal or send it by the fax number or mailing address printed on the instruction page.
Once the request is submitted, it locks. You can’t change the amount or the term during review. If you entered the wrong figure, you’ll need to wait for the request to process or be denied and then start a new one.
Processing and Disbursement
Turnaround is quick after Voya has a complete request. One Voya-administered plan says it takes about two business days to generate the loan package.4Voya. Frequently Asked Questions Another plan’s form states Voya will process the application and mail a check within two to five business days.11Voya Financial. Voya Loan Request Form Timelines may differ if your plan sponsor requires manual approval on top of Voya’s review, which can add several business days.
The mailed package includes a check with the promissory note printed on the back, a loan issuance confirmation, and a Truth-in-Lending statement. Endorsing the check means accepting the loan terms. ACH deposits typically reach your bank account faster than a mailed check, though the exact timing depends on your bank. You can track the request through the activity or transaction history tab on the Voya portal.
Before You Sign, Know the Repayment Risks
Repayment happens through payroll deductions in most plans. Federal law requires substantially level amortization, with payments made no less frequently than quarterly over the life of the loan.12Office of the Law Revision Counsel. 26 USC 72 – Annuities; Certain Proceeds of Endowment and Life Insurance Contracts Most plans deduct every pay period, so once the loan is active you rarely need to think about it.
If you stop making payments, whether deliberately or because you miss payroll deductions during a leave of absence, the unpaid balance becomes a deemed distribution. The IRS treats that amount as a taxable distribution, and if you’re under 59½ the 10 percent early withdrawal penalty may apply on top of income tax.13Internal Revenue Service. Retirement Plans FAQs Regarding Loans You still owe the plan the original amount; a deemed distribution doesn’t erase the debt.
Leaving your employer is where plan loans get hardest. If you separate with an outstanding loan, most plans require repayment within a short window set by the plan document, often 60 to 90 days. If you can’t pay it back, the remaining balance is offset against your account, and that offset is a real taxable distribution in the year it occurs.14Internal Revenue Service. Plan Loan Offsets If the offset qualifies as a qualified plan loan offset, you have until the due date (including extensions) of that year’s federal tax return to roll the amount into an IRA or another eligible plan and avoid the tax hit.15Office of the Law Revision Counsel. 26 USC 402 – Taxability of Beneficiary of Employees Trust The practical catch is that you have to come up with equivalent cash from somewhere else to fund that rollover.
Factor this into the amount you request on the form. A loan size that’s comfortable to carry while you stay at your current employer can become a painful tax bill the year you change jobs.