{ "media_type": "text", "post_content": "Has anyone ever took a loan out against their 401K (asking for a friend seriously)", "post_id": "5c336cbde2c54f0013feb536", "reply_count": 13, "vote_count": 2, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Has anyone ever took a loan out against their 401K (asking for a friend seriously)

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Yes for a home. I borrowed against it and pay myself back.

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Yes, and with interest. I also only took out a sum that I knew I could pay back quickly if I left my company and needed to pay back the full loan

Yes when I moved. And you can’t beat the interest rate. Best thing I ever did as I am laying myself back through payroll deduction and I can choose the length of payback. Sure beats taking out a bank loan

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Yup, twice. For down payments on my main home and rental property. I’ve already paid the first back and almost finished with the second. In essence your paying yourself back and the interest rate is far better than any bank loan offer at the time.

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No and don’t.

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Yes, to invest in real estate. I like my 401k, but I didn’t want it to be everything. My real estate had a way better return, and I paid off the loan, so I’m ok with it. It was small enough to not make a large dent in the account though.

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Yes, to increase down payment on home build. Agree with others that based on rates at that time it was a great decision.

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Yep!

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Yes - whatever the mo payment is will come out of your paycheck

Yes, great way to help you increase your down payment on a home. You ‘pay interest’ on the loan, but it’s paid back to yourself in the form of the required increased deposits into your 401k over the course of the loan

Whats the payback duration?

You get to pick your payback duration

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