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The Truth About Protecting Your IRAs and 401(k)s by Steve Weisman

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Truth 29 Borrowing from your 401(k)

Polonius, who in the play Hamlet advised his son to be neither a borrower nor a lender, would have been appalled at someone borrowing from his 401(k) account, because when you do so, you are, in fact, acting as both borrower and lender. But then again, Polonius didn’t have to worry about mortgage payments on the castle or his horse breaking down.

Particularly when credit is tight, borrowing from yourself has a tremendous attraction. You don’t have to go through a long and complicated application process or have your credit report scrutinized to be eligible for the loan. Qualifying and obtaining a loan from your 401(k) is both quick and easy. And perhaps best of all, you are borrowing the money ...

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