Ask Experts Questions for FREE Help !
Ask
    MENDEZ's Avatar
    MENDEZ Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 27, 2007, 06:27 PM
    Can I get a loan using my 401k as collateral
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Nov 27, 2007, 06:32 PM
    First its not a good idea to piggyback your question on someone else's. This can lead to confusion. You should start a new thread. So I've moved your question to its own thread.

    Second, you can't use your 401K as collateral, but most 401k plans have a loan provision.
    tonyhusker's Avatar
    tonyhusker Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Feb 24, 2008, 08:49 AM
    The banks I have talked with will not use a 401k for colletal they will only take it into consideration for figuring some of the requirement which much be met and I know of no banks which will let you use a 401k for a loan colletal
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

401K Loans [ 1 Answers ]

My 401k is over 50,000 in equity with a 9000 loan already attached, will this effect approval on another 12000 loan

Loans from 401k after rtirement [ 1 Answers ]

If I retire at age 60 and I still have an outstanding loan from my 401k, can the outstanding loan amount be treated as income and I pay tax on that amount at the yearly tax return time?

401k loans not repaid [ 4 Answers ]

Hi! My name is Patty and I have a question about 401k loans. I am recently divorced and purchased my first house by myself. In order to do that I had to borrow against my 401k to keep the payments down where I could afford them. I borrowed 50,000 and have a balance now of about 47,000.I fell in...

Loans and such... [ 6 Answers ]

Okay, I have a question about loans and financial aid. I just got into the school I wanted to go to, and it costs around 70,000 for the two years that you pay up front three different times. Even though my parents made together this year over 100k I have 5 other siblings so would I be able to get...

View more questions Search