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However, this idea may be more urban myth than reality.
According to a study by the Employee Benefits Research Institute (EBRI), nearly 20% of all 401(k) participants had plan loans outstanding.
Borrowing from your 401(k) can be financially smarter than taking out a cripplingly high-interest title, pawn or 'payday' loan or even a more reasonable personal loan.
This statistic has held true since the early 2000s.
Clearly, these loans have a following and, in fact, they can be appropriate in some situations.
Speed and Convenience – In most 401(k) plans, requesting a loan is quick and easy, requiring no lengthy applications or credit checks.
Normally, it does not generate an inquiry against your credit or affect your credit rating.