can anyone please tell me how i go about taking a loan against my 401k

kp2171

talk to your human resources department. they'll have forms for you to fill out, and give info on the conditions, just as you did when you signed up up for participation. some places have limitations on the conditions for giving the loan, some are more lenient... there are time limits on how long you can pay it back, and also if you quit your job.

fredg

Hi,
Do you mean taking out a loan, from a bank, say, using your 401k as collateral? like against your 401k?
Or, do you mean withdraw money from your 401k as a loan, and paying it back to the 401k?
If you mean a bank or other, then I would talk with them.
If you mean "borrowing" money from your 401k and paying it back to it, (as some plans do offer this option, paying yourself back an interest rate going into the 401k plan), then I would do as the answer before this one suggested.
You could also call your Plan Administrator (which might be a person in your Human Resources Department), see if you have the option to borrow from it, and they can tell you who to call to get the papers to fill out.
Best wishes.

Fr_Chuck

Each 401 K plan will have specific rules as to how much can be borrowed, normally set rates and how much has to be in the plan before you can borrow from it.

Basicly read your 401 K agreement for most of your answers, And you may talk to your 401 administer aslo