401k loan

Joined
Mar 21, 2022
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1
Hey guys waswas wondering if anyone knew how long do you have to wait to take out another loan once you fully pay your previous loan off? Is it instant or does it take a couple days after final payment for a new available loan to be taken out
 
Joined
Nov 27, 2015
Messages
3,161
Eh. I've taken small loans out 2x. It gets repaid via your check and you chose the repayment plan. It's a better option that pulling everything out altogether and getting the penalty.
 

Planosss

User friendly.
Joined
Apr 30, 2017
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4,087
When you borrow against your 401(k), it is a loan, which means you are required to pay it back with interest. However, the interest rate is usually much lower for a 401(k) loan than for a bank or alternative lender's loan.
 

happygoth

reshop till I drop
Joined
Apr 17, 2019
Messages
4,328
When you borrow against your 401(k), it is a loan, which means you are required to pay it back with interest. However, the interest rate is usually much lower for a 401(k) loan than for a bank or alternative lender's loan.
And you're paying the interest to yourself.
 
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