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Home»Retirement»The pros and cons of taking out a 401(k) loan
Retirement

The pros and cons of taking out a 401(k) loan

March 29, 2025No Comments1 Min Read
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The Pros and Cons of Taking Out a 401(k) Loan

401(k) Loan

Pros:

  • Easy access to funds without a credit check
  • Low interest rates compared to other types of loans
  • Repayment goes back into your own retirement account

Cons:

  • Potential tax implications and penalties if not repaid on time
  • Risk of reducing your retirement savings if you can’t repay the loan
  • Limited investment growth potential while the loan is outstanding

Overall, taking out a 401(k) loan can be a viable option for accessing funds in a pinch, but it’s important to weigh the pros and cons carefully before making a decision.

401k Cons Loan pros
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