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Asked 12/3/2008
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If you barrowed money from your 401 can you barrow again in the same year even if you barrowed the full max If you barrowed money from your 401 can you barrow again in the same year even if you barrow the full max |
Answer 1/1 - Submitted 10/2/2009
Depends, you can only borrow 1/2 your balance is there enough to have another loan with only 1/2 the balance.?
Also does the plan allow more than one loan? Some don't, some do.
As well, the maximum loan is $50,000 over a 12 month period. (many people do not know this)
even if your balance is enough, the total outstanding loan for the last one year cannot exceed 50k.
So if you borrowed, 30k this spring, you cannot get more than 20k even if you balance is well above 100k
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