How to apply
By opening Solo 401k with Nabers Group, you get a deal of $49 per month with no setup fees. The documents you get for your Solo 401k are IRS approved. You will receive free rollovers and have no transaction fees. You can get a line of credit for up to $50,000. Additionally, Nabers Group opens your access to a bank, brokerage, and crypto accounts.
After you submit an application, Nabers Group will prepare your documents and deliver you a private 401k document dashboard. This takes a couple of hours. You will have 24/7 access to your Solo 401 k account.
How to get a participant loan
If you are a member of Nabers Group and have a Solo 401k retirement account, you can apply for a participant loan. This is a line of credit of up to $50,000 or 50% of your account's value. The rate for your loan is 1%.
The conditions for the line of credit require having the proper documents.
The procedure for applying for a loan and borrowing from your Solo 401 k plan is:
Log into your Solo 401 k account;
Provide your name and SSN;
Fill in the loan amount, and repayment terms, and click submit;
Print and sign your loan papers.
The payments should be contributed to your Solo 401 k bank or brokerage account directly. If you won't pay back the loan, the amount outstanding on your loan is a premature Solo 401 k distribution. You will owe income taxes plus a 10% penalty.
Requirements
To open Solo 401 k retirement accounts, you require to be a business owner or a spouse, and your business should have no employees. Employees are those working for your business over 1000 hours per year and get a W-2 income.
You will require to provide your employer identification number if you are an employee.
