I need to cover rubber checks.?

Question

Would it hurt to barrow from my 401K? Would I actually have to pay the couple hundred that I need back immediately?

Answer 1

I agree with raindaydreamr. Pay those checks ASAP.

If you don't and your states DA presses charges, you can kiss that 401K bye bye to pay the fines, and, that account wouldn't do you much good anyway, since you may end up in prison.

If you don't believe me, check your states statutes for bogus checks.

Answer 2

if you wrote rubber checks, you absolutely better pay them! you can go to jail for that, and using your 401k is better than a criminal record! whether or not you have to pay it back immediately depends on how it is set up...i work for a company that won't let you pay it off any earlier than 6 monthes...they take the payments out of my check, and i am paying myself back 8% interest. and i hope you have the good sense next time to borrow the money FIRST next time you need to write checks...with so many companies presenting checks electronically these days, you can't afford to try to 'float' a check til you make your deposit...often the money comes out the same day

Answer 3

Call my friend Gary Coleman at (866) 590-CASH. He'll put $10,000 in your checking account in less than 24 hours. Payments, about $200.00 a month. Even a financially challenged person such as yourself can afford that! Make the call, get the cash!

P.S. Fire your 2nd grade english tutor, she aint teaching you nothing

Answer 4

contact your plan administrator. most plans allow you to borrow from your 401k. the downside is the money is not there to grow. if you are in a financial emergency - go for it. take care of business now.

Answer 5

As long as you are not talking about a huge sum of money, it's a good idea.

Do not take a complete withdrawal! That's going to kill you at tax time.