When should I expect my TSP general loan?

[polyray]

Hello,
I applied for a general purpose TSP loan via EFT (electronic funds tranfer). According to TSP.gov, my loan has already been dispursed; my loan was processed on 12/7/07. When can I expect my funds to show up in my bank account? I'm confused. Thank you in advance for your prompt response.

 

[Show-me]

I would think it will be very soon. No way of knowing for sure unless you call TSP.

 

[Show-me]

And, welcome to the MB!

 

[polyray]

Thank you for the answer, and also for the welcome.

 

[Barney]

Hello,
I applied for a general purpose TSP loan via EFT (electronic funds tranfer). According to TSP.gov, my loan has already been dispursed; my loan was processed on 12/7/07. When can I expect my funds to show up in my bank account? I'm confused. Thank you in advance for your prompt response.

Polyray, welcome to the mb. If you make your loan request on the web site and you are able to complete the process online, your loan will generally be disbursed from the TSP within 3 business days. It may take an additional 3-5 business days to receive the EFT. Mailed checks can take longer. Oh, but if you are ever delayed on getting them requested information, it will take 1-2 days (including weekends and Holidays) to send you a letter of reprimand. :laugh:

 

[Scout333]

Polyray, Mine took 3 business days after it showed as disbursed to show up in my account. Whole process took less than a week. A week less than their projected timeframes. Very efficient if you follow their guidelines exactly. Woe be unto you if you don't. Good luck!

 

[polyray]

Thank you to all of you who responded. I completed the form via the TSP.gov. I then submitted it, and printed it out. I completed my bank info (routing number, acct number, etc…), and I faxed it to the number on the loan document. Is this what you guys did?

 

[polyray]

I am so frustrated with TSP. I thought that I requested my funds via EFT, but he said that because I hit submit, the check automatically generated; therefore I have to wait for my check to be mailed. :nuts: I faxed them the form, but the TSP representative said that I should not have hit submit. How are people supposed to know that?

 

[Barney]

I am so frustrated with TSP. I thought that I requested my funds via EFT, but he said that because I hit submit, the check automatically generated; therefore I have to wait for my check to be mailed. :nuts: I faxed them the form, but the TSP representative said that I should not have hit submit. How are people supposed to know that?

I feel for your pain polyray. I could not point it out directly, but I recall seeing a fine print stating to the effect that you should not submit electronically and fax as this could delay your process. You might want to call them back a few more times and blow some kisses at them. Maybe they can grab the paperwork and stop the duplicated electronic process. Just a thought.