- 1). Your 401K can be a great resource for a loan. First thing needed to take out a loan against your 401K is your 401K providers information. Most companies have a a web page so you can log on and manage your investments. If not you will have to call them and then speak with a representative.
- 2). Once you log on to the web page there should be a link for a loan. Click the link and follow the instructions. You may need to qualify for the loan, meaning it has to be for a home or car not for meaningless spending. You will need to give a mailing address for a check or bank information if there is a direct deposit option is available.
- 3). Next comes the terms of repayment. There should be a selection of time for the repayment. It should calculate how much the payment will be. Keep the payment manageable as it will be deducted from your paycheck until the total amount is repaid. Once these terms are handled the company should send out the loan to you. They should also inform you as to when the deductions will begin from your paycheck.
- Advertisement -
- Advertisement -