Members can only take out one general loan at a time and have to wait 60 days after taking out a previous loan to qualify, Zacks Investment Research explains. Residential home loans that are in progress or have been paid recently do not disqualify borrowers from borrowing. Members can borrow between $1,000 and $50,000 as long as the amount does not exceed the total amount of membership contributions and income, net of the highest amount of money owed for previous PST loans last year. Participants can apply for a personalized loan on the Thrift Plan website or by submitting the TSP-20 form. Loan maturities range from one to five years at a fixed rate. Active service members can lower their rate to 6 per cent by notifying check-in guards of the start and end date of their service. Borrowers must start repaying their loans within 60 days of the issue date, the U.S. government`s publishing office said. The TSP-21-G form is the loan contract form that individuals sign when they borrow against their thrift plan accounts, according to the U.S.
government publishing office. TSP loans are only available to current military and federal agents, Zacks Investment Research reports. Retirees and people on extended leave are not eligible.