Embedded Files
Now Offering In-Person and Virtual Retirement Reviews
Loans are wonderful but know the pitfalls before you apply!
SIGNING YOUR LOAN AGREEMENT:
Options:
Print and sign the form. ( You cannot type your signature into the signature field!)
DocuSign
NLG MUST initiate the process. Type "DocuSign" in the signature section of the loan agreement.
This will delay your funds.
They will not send you the DocuSign information until they are ready to process (release the funds).
For faster processing choose option 1.
NATIONAL LIFE REQUIRES THE FOLLOWING:
NATIONAL LIFE REQUIRES THE FOLLOWING:
Completed Loan Agreement
Plan Administrator's Signature (often an attached certification)
Copy of your Driver's License (Required if this is your first time requesting a loan)
Notes for 1st Timers:
Notes for 1st Timers:
NLG may contact you to verify your checking account information to ensure they are releasing the funds to the appropriate financial institution and account.
To the best of my knowledge (I don't process loans) you will not receive any other communication from NLG/LSW unless you requested a DocuSign or if there is an issue with your documents. Keep an eye on your email and on your physical mail! More often than not you will receive the funds before you get any documentation regarding your loan.
YOU MUST MAKE MONTHLY PAYMENTS. (or quarterly depending on the option you choose.)
Failure to make payment will result in defaulting on your loan which will result in a taxable event!
How to fill out the Loan Agreement
How to fill out the Loan Agreement
Complete this section in full, including your full SSN.
Enter in the amount you are requesting to borrow. Ignore the part about loan type, it does not apply to 403b or 457b loans.
Choose the monthly payback option. You can either receive the funds electronically or via a check. Check's take longer. Mark which one you prefer.
Sorry to be redundant--but loans must be repaid! I greatly encourage you to set up an auto-draft for your loan payments. Your normal monthly contributions will not go to pay off loans. Use a checking account or online bank equivalent to set up auto-repayment. To the best of my knowledge, I've never had a client successfully use a savings account to make loan repayments.
Print, Sign & Date the form. If printing is difficult Refer to: SIGNING YOUR LOAN AGREEMENT above.
How to Obtain Plan Administrator Approval and Signature
How to Obtain Plan Administrator Approval and Signature
Your school system Plan Administrator will need to approve your loan. The process is fairly simple. Below is a link to most of the school systems that I work with currently or in the past. In your school system's link below are directions on how to obtain your loan approval.
If your school system's Plan Administrator is not listed contact your school system.
The following are reason's why you may be denied a loan:
- You don't have enough funds in your account to borrow.
- Your employer doesn't allow loans
- You have defaulted on a loan in the past. (You must pay back the loan! You will not be allowed to borrow again until a defaulted loan is paid off -- Even if the default triggered a taxable event.)
- You already have an outstanding loan and your school system only allows one general-purpose loan at a time.
More Information:
Processing loans are typically completed within two weeks. Delays can occur depending on the volume of loan requests.
If you are requesting the forms be sent to you via DocuSign for signature or you are concerned about your forms being in good order CALL Customer Service: (800) 579-2878. Ask them to review your documents and process your DocuSign.
If you do not contact NLG, they will review your documents and any special request when they are ready to process your loan, this could hold up the process and delay your funds.
DO NOT submit paperwork via nationallife.com!
DO fax or email the forms directly to NLG/LSW @ 214-638-9162 or lswimaging@nationallife.com
FORMS
FORMS
See directions on how to fill out the form above.
Loans are wonderful but know THE PITFALLS before you apply!
Google Sites
Report abuse