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Hello fishes, I have 5+ years of experience in logistics and online operations. I have worked for market leaders like Swiggy and Amazon.
Currently working with Amazon Last-mile at L3 for 3+ years. I am looking for a change in Delhi NCR. Could you please suggest something to me. Flipkart Delhivery Myntra Meesho Blue Dart
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Only do this if you are extremely confident that you will not be laid off and if the loan will be short term. Penalties for not making timely payments are massive.
Pro
I wouldn’t recommend a 401k loan for this purpose. You miss out on the appreciation of your assets in the 401k plan. The one pro of a 401k loan is that you pay interest back to yourself, not a bank. Depending on the plan, you may need to pay the full balance back if you leave your firm so make sure of that first.
When I first got out of school, I had a lot of cc debt. I ended up taking out a personal loan to consolidate the cc debt at a lower interest rate. This only works if you tear up the cc’s and don’t put new debt on them! Then, I paid down the personal loan at the lower rate. It also helped bc I had one bill to pay and keep track of.
Look for a personal loan through a credit union or online bank.
Refinance the debt through a personal loan or secured note
Pro: paying interest back to yourself, no credit check, maybe lower interest rate than personal loan.
Con: possibly selling low and buying high, if you lose your job you either pay in full or get taxed and penalized