3 Alternatives to Borrowing From Your 401(k)

July 10, 2014

Last week, I wrote about some reasons it might actually make sense to borrow from your 401(k). After all, there’s no credit check and the interest goes back into your own account.  But even in those situations, there may be better options. After all, borrowing from your 401(k) means your money isn’t growing for retirement, the money generally has to be paid back over a relatively short 5 year period, and the outstanding balance could be subject to taxes and penalties if you leave your job. Here are three alternatives along with their pros and cons relative to a 401(k) loan and a couple of sites you can use to find them: Continue reading “3 Alternatives to Borrowing From Your 401(k)”