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Asked 5/16/2008
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I would like to borrow money from my 401k because of hardship I would like to borow money from my 401k because I'm having a financial hardship now. |
Answer 1/1 - Submitted 1/31/2012
It depends on the terms of your 401k plan. Some plans allow you to take a loan out on a percentage of the vested amount you have in the account. Usually a loan does not require for you to provide a reason for the money. You pay back the amount you borrowed over time plus interest. The best part is that the interest is paid to yourself. The only time you need to provide hardship proof is if you are widthdrawing the money. Not all plans allow loans so you will need to speak to your HR department to find out what they allow.
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