Borrowing Against 401(k) Account

Q: How can I borrow against my 401(k) savings?

A: If your company will allow you to borrow against your 401(k) account, and not every company does, you should go to the person who heads up these benefits and ask for information on how to do it.

You’ll need to see the company rules that tell you how much you can borrow, at what interest rate, and what happens if you are fired or quit your job while you have this loan outstanding. Typically, the funds would have to be paid back within 60 days.