Loans are not permitted from IRAs or from IRAbased plans such as SEPs, SARSEPs and SIMPLE IRA plans. Loans are only possible from qualified plans.I'd just disclose it to your loan officer. Struggling with debt in Phoenix? If you would like to make a loan payment, please visit the Loans page of your Guideline account. Then, click the "Make a payment" button. If you have a loan offset in 2018 due to termination of employment the following should apply. The text below if from the IRS 402(f) Notice. What you need to do is roll over the money to an IRA account. You can set one up at any local bank, for convenience.