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    Qin's Avatar
    Qin Posts: 24, Reputation: 1
    New Member
    		  
    #1

    Jul 2, 2008, 09:35 PM
    Want to cash 401k
    I am in desperate need of cash between 3500-5000 and because I have horrible credit I can't qualify for anything. I've even tried doing a title car loan and I still can't get approved for that. So much for their advertisement of "will qualify you even if you have bad credit". Anyway, I would like to cash out some money from my 401k, but my employer does not allow us to do this. What can I do to just get a little bit of this cash to just get caught-up with these bills and relieve some of this stress I'm feeling. I'm afraid I will end up w/a stroke because of the financial stress I put myself into. Now, I'm finding myself not being able to make my rent this month because I'm a $1000 short. God, help me. What can I do... I really, really, need this little bit of cash. Does anybody out there have any solutions for me or know where I can borrow and get approved (of course a reputable finance company) even 3k to just get a little bit of this stress out of my mind. Help! Thank you
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #2

    Jul 3, 2008, 09:56 AM
    Check this topic: "401k Hardship Withdrawal" at: 401k Loans and 401k Hardship Withdrawals - Accessing Your Retirement Money
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jul 3, 2008, 09:59 AM
    If your employer does not allow an inservice withdrawal then you can't touch this money. Do they allow a loan? If so, that would be a better bet. But otherwise you have to look elsewhere.
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