Numerous 401(k) plans allow users to borrow on their your retirement savings. It’s a fairly low-interest loan option that many people used to combine credit debt — meaning, using an even more favorable loan to repay a few high-interest bank card balances. But NerdWallet cautions against going for a 401(k) loan except as a resort that is last.
What exactly is a 401(k) loan?
Company guidelines can vary, but k that is 401( plans typically allow users to borrow as much as half their retirement balance for at the most 5 years. Read more