401k Loan Rules

It can be tempting to consider borrowing against your 401k account. Over 70% of all 401k plans will let you borrow against your account. Amazingly enough, the laws on the reasons to borrow are lax.

Some plans do have limits, so double check with your Benefits administrator. The 401k loan rules are incredibly simple. The most important point to remember is the dollar figure: you are limited to borrowing 50 percent of the account’s value or $50,000, whichever is less.

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