Normally, a loan taken from a 401(k) by a participant must be repaid in?

1 ⤊

Normally, a loan taken from a 401(k) by a participant must be repaid in?

1 year

5 years

10 years

any period

2007-02-11 19:10:12 · 3 answers · asked by Brandon 1 in Business & Finance ➔ Personal Finance

3 answers

I think it is 5 years for a general loan and 10 years for a loan taken for a primary residence. You can have the loans shorter if you want, but you cannot prepay part of the loan, if you want to send extra principal, then you have to pay off the entire loan. So pick the period carefully

2007-02-12 00:41:10 · answer #1 · answered by NYC_Since_the_90s 6 · 0⤊ 0⤋

5 years

2007-02-11 19:24:54 · answer #2 · answered by gabster_65 2 · 1⤊ 0⤋

If you quit / get fired/ change jobs you have to pay it back on the spot....dont borrow from that dude...look elsewhere...you need that money

2007-02-12 00:58:53 · answer #3 · answered by marty_cohen 1 · 0⤊ 0⤋