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Asked 12/2/2008
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Can I borrow against my 401K? I rolled over my 401K after becoming unemployed in June. It went into an indexed account which will not gain so much, but I will not lose my initial balance. Having been unemployed for 4 months, I've gotten behind in all my bills. I am now employed, but I went 3 weeks without anykind of a paycheck and I am strapped. I would like to borrow about $10,000 against my 401K so I can clean up my debt. Is there anywhere that I could get this kind of loan? I've talked to a couple local banks and they will not do anything. |
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