- Sep 17, 2016
Has anyone done the loan process with your own 401k? I've ran into some problems in life, and hoping someone has a good experience. Thank you!
Its added to the loan, so lets say you borrow 500 it would show up as 575How do you pay the $75 do they just deduct it from the amount or do you actually have to pay them using a card or something. I may have to do this also for a small small amount that 75 seems hefty.
Good reason to not do it. Moreover, if for some reason your family ends up in bankruptcy, the money in your 401(k) is basically immune from garnishment or whatever they call it. Other money or valuables you have might be up for grabs.>paying a fee to borrow your own money from yourself 😂