Basically I wanted to take out a loan from my 401k. I've never done it before, but I wanted to know if I need to worry about if I qualify because of my credit or does my credit even matter...
2006-08-14 19:51:57 · 5 answers · asked by mred612 1 in Business & Finance ➔ Personal Finance
not the best means to have your money work for you ...
reasons why you SHOULDN'T borrow against your 401K --
http://finance.yahoo.com/education/managing_debt/article/101107/privacy.htm
2006-08-14 20:07:18 · answer #1 · answered by tanmei 3 · 0⤊ 0⤋
It is your money. do not worry about the credit score.
you should be able to get a loan without a problem
The bad thing is if you get laid off after you get the loan. it may have a lot of the problem
2006-08-15 04:12:40 · answer #2 · answered by Hoa N 6 · 0⤊ 0⤋
it is very difficult and expensive tax wise, they follow the guidelines set down by the government and IRS and if u dont meet those criteria they will not give u a loan, is this a loan or emergency withdrawal
2006-08-15 02:55:10 · answer #3 · answered by mf mf mf mf mf fmf mf mfmfmfmfmf 4 · 0⤊ 0⤋
no its not hard but you can only take 50% of what you have into it.
2006-08-15 03:00:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
no...its not that hard...dnot worry
2006-08-15 04:53:44 · answer #5 · answered by hen d 2 · 0⤊ 0⤋