Taking 401(k) Loans–11 Pros and Cons You Should Know
Money Girl
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The Benefits of a 401k Loan
The interest you pay goes into your retirement account to help make up for the lost time in the markets. Nalima said she's paying 4.5% for her $40,000 401k loan,. which is certainly lower than the going rate for 30 year mortgages. Since no lender has to approve you, your credit is not a factor. Even if you have poor credits, just not a factor,you can spend it as you like.
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