Taking a loan through a work retirement plan means you’re borrowing a portion of the money in your account and paying yourself back. Retirement plans offered through work, including 401(k) plans, are not legally required to offer loans – with the exception of the federal government’s Thrift Savings Plan that legally must offer loans under specific circumstances.
If your 401(k) plan or 403(b) plan has made loans that haven’t complied with plan terms about loans, find out how you can correct this mistake. Return to List of FAQs 4.
If taking a small loan against your 401(k) will save you a significant amount of money with a lower interest rate, then you may want to consider.
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