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Yes you can take a loan. Very easy and repay out of your paycheck
No penalty on a 401k loan. Repayable in 5 years unless used for a down payment on a house then 30 years. The interest paid is to your 401k account. It does not show up on your credit report.
One big disadvantage is that if you leave PwC before it is repaid, it is due in full or it’s treated as a hardship withdrawal and the 10% penalty and income tax applies
I took out a loan from my 401k for down payment of my house
Same as EY1. Took a loan against my 401k and am paying it out over 30 years
You have five years to pay back a 401k loan
Its dooable but should not be your first choice.,,you repay the loan with after tsx dollars and if your terminated or leave the firm 100 per cebt of the loan is due anf if you cabt repay it at that time the outstanding balance becomes taxable and you incur the additional.10 percent penalty tax
OP, not a financial advisor, but are you able to share some details on what you’re trying to achieve financially by doing this? Asking in case better options are available
You can take money out if you qualify for hardship. You will still have to pay the 10% penalty. Otherwise you can do the loan like others said above. Talk to your HR contact for more information. HR will be helpful and confidential
not to preach but from a personal finance perspective i really wouldn’t recommend it
You will also want to double check on what the repayment rights are if you quit the firm. In some case you have to pay back immediately
Director 1 is correct.
I took a loan from a 401k. I was going through a divorce and needed money to move on my own and start over. I borrowed the minimum I thought I needed and paid it in less than 2 years. OP, do what you need to do. If you have other oprions however, weight them all out first.