How To Get A 401K Loan?

  1. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great answer! One of the nice things about having a 401k is that ability to borrow from it. You will need to get with your plan administrator and request the loan forms that you will need to complete and return. A word of warning, though. Borrowing from your 401k has some danger. Should you lose your job for any reason, that balance borrowed very quickly becomes due in full. You can also slow the growth of your funds, which can have a huge impact on the long term growth and payout of your fund. While the money in the fund is an option, it may not be your best one. Please speak to your advisor first, okay? If you don't have one, you can contact me, I'll help if you'd like. Thanks for asking!
    Answered on June 18, 2014
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