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Getting a loan that is 401k

Getting a loan that is 401k

By Justin Fundalinski, MBA | November 20, 2017

Considering many people’s 401(k)s are often one of their biggest retirement cost savings assets and several 401(k) providers provide the power to borrow cash, it could be very enticing to simply take out a loan from your own 401(k) to greatly help fund the next big purchase. 401(k) loans are fast, simple, and never require a credit check. Unfortuitously, you can find downsides to borrowing funds from a 401(k) and understanding specific dilemmas will allow you to result in the proper financing choices also potentially avoid high tax effects.