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    58mlp's Avatar
    58mlp Posts: 1, Reputation: 1
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    #1

    Jun 24, 2007, 03:54 PM
    Hardship loan from my 401K
    I am fully vested in my company benefits 401k program.

    I need a loan but have a loan I'm still paying from 2003 from my 401k. I understand that I cannot take another loan out until the first one is paid. What is a hardship loan and is it set with any penalties? Also since I am fully vested do I have the right to take what I need?
    RichardBondMan's Avatar
    RichardBondMan Posts: 832, Reputation: 66
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    #2

    Jun 24, 2007, 05:33 PM
    You didn't give your age and its important since withdrawals are subj to tax penalties prior to age 59 1/2. You can take out your proceeds minus the unpaid loan but be prepared for some stiff tax consequences.
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