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How much will it cost to borrow from 401k plan?

Posted on: 01st Aug, 2005 11:49 pm
how much will it cost to borrow from 401k plan ?
Hi Guest

When you borrow from your 401(k) plan account, you are required to pay loan-processing and administrative fees and also the interest on the loan. The Internal Revenue Service requires you to pay interest at a rate 2% higher than the prime rate. When you pay the interest to your 401(k) plan account, the loan becomes a fixed-rate investment in your 401(k) account.

Hope this information will satisfy your needs.

Please feel free to post further queries.

Posted on: 02nd Aug, 2005 12:22 am
Posted on: 16th Feb, 2007 08:06 am
After you are aged 62 or more their is a special type of mortgage which is known as reverse mortgage for which you would be able to qualify.
Posted on: 16th Feb, 2007 09:39 am
Nstif, if you already have a home then a reverse mortgage will help to convert the equity in your home into cash funds.

For getting a mortgage when you do not have employment you will have to pay relatively higher interest rate than normal.
Posted on: 16th Feb, 2007 06:31 pm
`what do i do to get a 600.00 loan
Posted on: 10th Dec, 2008 10:00 am
Hi duane doran,

I don't think its a good idea to withdraw money from your retirement account. As you are planning to borrow an amount of $600.00, I think it will be better if you look for a personal loan. However, you should keep in mind that the personal loans come at a higher rate of interest.


Posted on: 11th Dec, 2008 01:52 am
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