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    sjamison's Avatar
    sjamison Posts: 1, Reputation: 1
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    #1

    Aug 4, 2007, 07:05 PM
    Borrowing money from my 401K
    How do I go about borrowing money from my 401K
    GlindaofOz's Avatar
    GlindaofOz Posts: 2,334, Reputation: 354
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    #2

    Aug 4, 2007, 07:13 PM
    The plan for your 401K usually has terms of hardship which will allow you to borrow against your 401K. However, sometimes you can also take out a loan against your 401K with a 25% penalty.

    Talk to your Benefits Administrator/HR person at work. They will better be able to tell you the particular rules of your plan.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Aug 4, 2007, 07:14 PM
    Contact the 401K admin and ask for the terms and conditions.
    rkim291968's Avatar
    rkim291968 Posts: 261, Reputation: 34
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    #4

    Aug 5, 2007, 12:41 AM
    I have not heard of being penalized to get a loan from your own 401k fund. 25%? Are you sure? Even the penalty for cashing 401k prematurely is much less than 25%
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