Sue Silva
Coldwell Banker Realty 1-858.229.1193 Direct

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Should You Borrow From Your 401k? Maybe!

Should You Borrow From Your 401k?Pros:l A 401(k) loan does not appear on your credit report.l The interest on these loans is some of the lowest out there—right now, 3-4 percent.l You’re paying yourself the interest, not some bank.l You’ll get your money more quickly than a home equity loan.l Since it’s a loan, you will not be charged the 10 percent early withdrawal penalties plus income taxes you would have to pay if you withdrew the money.l You don’t have to qualify for the loan because in effect, you are the lender.l No assets or collateral are needed to secure the loan.Cons:l You are forfeiting the accrued interest you would earn if your money stayed in the 401(k).l The interest…
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Sue Silva

Coldwell Banker Realty
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