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

    Apr 7, 2006, 12:47 PM
    Need help fast
    Can anyone please tell me how I go about taking a loan against my 401k
    kp2171's Avatar
    kp2171 Posts: 5,318, Reputation: 1612
    Uber Member
     
    #2

    Apr 7, 2006, 01:21 PM
    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's Avatar
    fredg Posts: 4,926, Reputation: 674
    Ultra Member
     
    #3

    Apr 8, 2006, 08:59 AM
    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's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #4

    Apr 8, 2006, 01:51 PM
    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.

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

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!

Moving too fast? [ 7 Answers ]

I've just gotten out of a relationship (about 3 weeks ago)with a guy that played some pretty big games with me, and now I'm beginning to actually "date" for the first time. I have only really had two boyfriends and they were both fairly serious relationships. I started dating my frist boyfriend...

How many shades and how fast [ 5 Answers ]

Hi, For those who used whiterskin complex, how many shades did you get from it and do you compliment it with some other cream or not. Also how fast did it work, I'm still waiting for my order. Thanks Also, thank you AskMeHelpdesk and all who contribute to having this forum.it is a pretty good...

Ceiling fan to fast [ 3 Answers ]

I just installed a ceiling fan and it has 3 speed. The lowest setting, is too fast. I can't even see the blade turns even though its in the lowest setting. I needed to know how to make it slow, I mean slow. :confused: Tony


View more questions Search