Banking 101: 401(k) Loan – Should you are taking that Loan Against Your 401(k)?

Banking 101: 401(k) Loan – Should you are taking that Loan Against Your 401(k)?

Note: This article is component of our Basic Banking series, built to offer brand new savers with the main element abilities to truly save smarter.

Should you borrow money but don’t wish to cope with a high-interest charge card or unsecured loan? From yourself and pay yourself back — with interest if you’ve been saving for retirement with a 401(k) plan through work (and your plan allows it), taking a loan from your 401(k) can be a low-cost way to borrow money.

But, 401(k) loans aren’t risk-free. Continue reading “Banking 101: 401(k) Loan – Should you are taking that Loan Against Your 401(k)?”