2007-12-20 02:51:17 · 0 answers · asked by dave c 2 in Business & Finance ➔ Personal Finance
You need to do this through your employer. Contact them.
2007-12-20 02:55:17 · answer #1 · answered by Feeling Mutual 7 · 0⤊ 0⤋
Wells Fargo 401k Loan
2016-10-01 10:06:00 · answer #2 · answered by ? 4 · 0⤊ 0⤋
You need to find out if you plan allows for more than 1 loan. Some plans allow for multiple loans but by law you cannot borrow more than 50% of your vested account balance. If you plan allows for more than 1 loan and if you have not borrowed more than 50%, then you should be able to take another loan. A separate option is a Hardship distribution. This is not a loan and IS a taxable event. Meaning you would have to pay tax and penalties if you withdrew money. Rules for Hardship distributions vary by plan but generally include:
1) Purchase of a primary residence
2) Medical expenses
3) to pay for college expenses for yourself or a dependant
4) to prevent eviction or foreclosure from your primary residence.
Bottom line is call your employers 401k helpline and they will let you know all of the options available under your plan
2007-12-20 03:05:18 · answer #3 · answered by smokeydeath2004 4 · 0⤊ 0⤋
The previous poster is wrong, there is no penalty for borrowing on your 401K. I would go with the 401K loan, because you'll be paying interest back to yourself, rather than to the bank (with a home equity line.) For the 401K loan, you'll be limited to the vested balance - which might not be sufficient. Try to stay away from home equity loans, if you can. It's very risky to borrow based on your home equity. The market can turn against you very easily, they can be dangerous. Too many people consider these loans to be a no-brainer.
2016-03-18 09:07:56 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Most 410k programs do not allow for multiple loans. As said above, you could apply for a hardship loan but the penalties are high and your employer would know your business.
Another option would be to pay off the existing loan and get another.
2007-12-20 03:00:11 · answer #5 · answered by Jay L 5 · 0⤊ 0⤋
You would request a loan in the same way as you did the first time. However, some 401(k)'s don't allow for more than one outstanding loan at a time. Or there could also be a dollar amount limit you are not able to go over.
2007-12-20 02:55:11 · answer #6 · answered by Angie 6 · 2⤊ 1⤋
You would have to talk to your 401k admistrator.
Most 401k plans only allow one loan at a time.
2007-12-20 03:17:37 · answer #7 · answered by Wayne Z 7 · 0⤊ 0⤋
if you already have an existing loan, you can't borrow again.
however, if you can prove severe financial hardship, you can take a Hardship withdrawl.
If you do take the hardship, you will be penalized 20% of the amount, then taxed. You will also have to claim the total amount of the hardship as income on your 2008 tax return and pay even more taxes.
so, short answer is no, you can't borrow again ;p Sorry =(
2007-12-20 02:56:51 · answer #8 · answered by RG_76 2 · 2⤊ 1⤋
Sounds interested
2016-07-30 10:18:00 · answer #9 · answered by Anonymous · 0⤊ 0⤋