Click to read further detail. Regarding this, how many TSP loans can I take out?
Can only have one outstanding general purpose loan and one outstanding residential loan from any one TSP account at a time. Must have at least $1,000 of your own contributions and earnings in your TSP account (agency contributions and earnings cannot be borrowed).
One may also ask, is borrowing from TSP a good idea? While the ease and low cost of borrowing from a thrift savings plan can make it an attractive option, there are some downsides to consider. You won't earn any interest on the outstanding loan amount, which will affect your long-term retirement savings.
In this manner, can you have two loans with TSP?
There are two types of TSP loans — general purpose and residential. The former can be repaid over one to five years and the latter over one to 15 years. You can have two loans outstanding at any one time, but only one of each. There is a $50 processing fee per loan, which is deducted from the loan amount.
Can a TSP loan be denied?
keeper, together with any documentation required to be submitted, the loan will be initially approved or denied by the TSP record keeper based upon the requirements of this part, including the following conditions: (1) The participant has signed the promise to repay the loan.