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re: Borrowing from a 401k vs Home Equity Loan
Posted on 9/14/17 at 10:58 am to LSU1018
Posted on 9/14/17 at 10:58 am to LSU1018
How would the 401k loan work? Would the money actually be removed from your account or would the money in your account just be the collateral you are borrowing against?
If the loan actually removes money from your 401k that gets added back as you make each payment, then NO! If your 401k is just collateral and still earns over the loan period, then go for it if the interest rate is lower than home equity loan.
If the loan actually removes money from your 401k that gets added back as you make each payment, then NO! If your 401k is just collateral and still earns over the loan period, then go for it if the interest rate is lower than home equity loan.
Posted on 9/14/17 at 12:26 pm to notsince98
quote:
How would the 401k loan work? Would the money actually be removed from your account or would the money in your account just be the collateral you are borrowing against?
Mine was a collateral type loan. No funds were removed. They just deducted the amount to pay back from your paycheck ~ 400 bucks a pay period. Barely noticed it.
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