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Alternative to 401k loans
401(k) Loan Alternatives
Consider an unsecured personal loan as an alternative to borrowing from your 401k. Here's why:
  • Personal loans do not require collateral and have similar repayment terms to 401k loans.
  • You can apply for a personal loan online, get quick access to loan proceeds, and use the loan for any purpose.
  • A moderate interest expense will be incurred, but assets in your 401k will be safe and will continue to appreciate.
When there is an immediate expense which requires attention, for many, it's difficult to envision the impact made by withdrawing funds from retirement.

Some people view 401k loans as borrowing from yourself, others as borrowing against your future. Take a step back and remember why you started investing for your retirement in the first place. With a long term outlook, it's easy to see that retirement funds should only be dipped into as an absolute last resort.

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