Loan rEQUEST and agrEEmEnT Section 403b Contracts bb - Voya 2025

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Payment is generally made within 7 calendar days after receipt of the withdrawal request in good order. All withdrawals may be subject to one or more of the following: Voya contractual fees, deferred sales charges or market value adjustments.
Voya will process your loan application and mail a check to you within two to five business days.
For 403(b) annuity contracts The value of post-12/31/88 employee salary deferrals and earnings are restricted, meaning that they may only be withdrawn upon age 59 , severance from employment, death, disability, hardship, or plan termination.
You may not apply for a new loan for 12 months after paying off a loan in full.
Generally, it takes between one to two weeks to process a 401(k) loan. However, this timeline can vary based on individual plan administrators and specific circumstances.

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Typical lending timeline by lender type Lender typeApproval timelineFunding timeline Banks 1 to 5 business days 1 to 5 business days Credit unions 1 to 5 business days 1 to 5 business days Online lenders Several hours to a few business days Several hours to a few business days Oct 30, 2024
The loan check will be mailed to your address of record two business days after the loan is processed.
The repayment term of a loan can be from 12 months to 48 months in six month increments. There is a one-time $50 non-refundable loan application fee for each loan taken. Effective January 1, 2022 you may have only one active loan at a time. If you have two active loans, you are allowed to keep both the loans.

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