ANSWERS: 2
  • You can borrow money from your 401k, but I believe there's a stiff penalty, plus the interest on the loan. You need to speak with someone at your company credit union. If your company doesn't have one, try your bank.
  • No penalty for the loan but, interest must be paid and your 401 will be frozen until it's paid. Although you can still contribute to it. To withdrawal the funds your will take at least a 50 percent hit or better.

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