how do I borrow money out of my 401k?

  1. profile image46
    mjones96posted 7 years ago

    how do I borrow money out of my 401k?

  2. lender3212000 profile image74
    lender3212000posted 7 years ago

    If you have online access to your plan, many times you can just fill out a form online. Otherwise you will need to contact your plan administrator to set it up. Use it as a last resort though as anything you borrow will cost you quite a bit more down the road in lost compounding.

  3. arrow007 profile image59
    arrow007posted 7 years ago

    Yes, you can borrow money from your 401K online. Just keep in mind one thing that the amount which you want to borrow can not be more than 50% of currently accumulated fund.