401(k) loans: Know what you’re getting into

Description

Abstract: Taking out a 401(k) loan may seem an easy route to needed cash. Neither income level nor credit score will come into play, and the paperwork is fairly simple. But it’s important to understand the downsides. This article explains some of the financial disadvantages that can be involved with a 401(k) loan — particularly if the borrower suffers a job loss during the payback period.