Has anyone ever taken out a loan against their 401k? How does that process work? Thinking about taking out a small amount ($3-5k) to pay off the CC debt I amassed in college to save on interest.

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Yes - super easy. You just go in the benefits section and you can see how much you can take out for different kind of loans (repayable or taxable/non repayable) and it has a model feature so you can see the pay cheque repayment amounts depending on different repayment terms (12/24months etc).

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Pretty simple. Just go to your retirement account, request the loan. You chose the timing in which you want to pay it back and then it automatically comes out of your paycheck. The payment includes paying yourself back interest. It's usually anyway from 4-7% (prime rate + 1-2 %). You can only take out how much you're vested. Besides that, I don't think there's any other criteria that would prevent you from getting the loan.

PwC plan does and yes your repayment amount is in addition to your contribution.

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Not a financial expert by any means but was always advised against this.

Got it, thought you were withdrawing! Ignore my comment haha

My employer uses Fidelity and it was really easy to do online. Because it was a personal loan I didn't even have to submit any paperwork.

Why not apply for a credit card with 0% financing and roll over the balance to it?

I’ve already done this, but that only covered a portion. I’ll transfer more once the balance is paid off next month since I still have a year left to do so. I don’t want to take another ding to my credit for additional hard inquiries since my score is in a decent place otherwise, and I would like to start looking to buy a house in the next year or so

If you're going to take out an interest bearing loan anyway wouldn't it be better to pay yourself that interest rather than a banking institution? The advice against borrowing against your 401K is always that you lose out on potential earnings, but in this market you're more likely to earn on the interest you're paying yourself rather than depending on the market to right itself in the near term.

Most 401k providers have a way to do it directly through their website, and it will be limited by how much is vested (you can only take a certain %) . If that doesn't work, the customer account support should be able to help. Good luck!

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