If you requested or have an active loan from your Guideline 401(k) plan, you can find status updates on the Loans page of your participant dashboard.
Keeping an eye on this important information will help you stay informed about your loan and confirm your payments are processing as you expect.
You can find general information about 401(k) plan loans here.
Loan status meanings
Here’s a list of the loan status updates you might see displayed and what each of them mean.
Loan status | Meaning |
Pending | Your loan application has been approved and will be distributed once the promissory note has been signed. Learn more about the loan processing timeline. |
Canceled | You requested a loan but canceled it before it was completed and distributed to you. |
Active - Good Standing | You have an active loan you are repaying, and you have no missed payments or other loan issues. |
Active - Missed Payments | You have an active loan you are repaying, but you have missed payments. This is typically due to the payments not being properly pulled or set up by your employer through payroll. Learn more about why missed payments may occur and how to make them up. |
Active - Deem Distributed | You have an active loan with missed payments that were not corrected on time. As a result, the loan was deemed distributed but is still considered open. |
Active - Due in Full | You have an active loan, but you no longer work for the employer sponsoring the plan. You must repay the loan in full to avoid the loan amount being offset. Learn about loan offsets. |
Active - Overpayment
| You have a loan that you repaid in full and too much was repaid. This is typically caused by payroll deductions not stopping on time or you made a payment outside of payroll that was more than the payoff amount. No action is required on your part; Guideline will automatically correct the overpayment which will allow the loan to close. This process can take a couple of weeks and you will not be able to apply for a new loan until this process has been completed. |
Active - Ready to Close
| You have a loan that has been repaid in full and the system is completing the steps needed to close the loan. This process can take up to a week after the final payment has cleared. |
Suspended - Military/Bonafide | You have an active loan where repayments have been suspended because you are on active military leave or a bona fide leave of absence. Find more information about loan suspensions. |
Suspended - Pending Full Plan Transfer | You have an active loan where repayments have been suspended from being collected at Guideline because your employer is moving your plan to a new service provider. Your employer should still be collecting these payments and sending them to the new service provider. Learn more about loans and changes in service providers. |
Suspended - Unresponsive Sponsor | You have an active loan but the plan sponsor has stopped providing Guideline with any information regarding the plan. The plan is being evaluated for inclusion in the Department of Labor's Abandoned Plan Program. This program can take up to 2 years to complete, and your loan will be suspended (no repayment allowed and it will not be deemed distributed) until either the plan sponsor responds or the DOL accepts the plan into their program. |
Closed - Paid in Full | You had an active loan that you repaid in full. |
Closed - Offset after Deemed | You had an active loan that had been deemed distributed in the past but has now been offset. Find more information about deemed distributions and offsets. |
Closed - Offset | You had an active loan that was not repaid but was offset instead. Find more information about offsets. |
Closed - Transferred | You had an active loan but the plan was transferred to a new service provider or merged into another plan. All future loan activity will take place with the new provider or plan. Learn about loans and changes in service providers. |