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...Almost all plans allow borrowers to take money out of their 401(k) accounts and repay it plus interest, which is typically 1 or 2 percentage points aboveprime.
Although plans vary, the most you can borrow typically is the lesser of
50 percent of a vested balance or $50,000.
Employees usually must repay money borrowed for a mortgage within 15 years,and money used for other purposes within five years.
Most loans also have a$50 to $100 fee.
If you fail to pay back the loan on time and are younger than 59 1/2, you
are subject to regular income tax and a penalty tax of 10 percent for earlywithdrawal.
Originally posted by NickT916
I hope this is in correct section, i didnt see a financial section. I was laid off for the past 5-6 weeks, is there a way to get my 401k out to help with finances? I started at 2007.... in mid 2008 i stopped it because i was actually loosing money. I didnt save much in there only $2,500 or so... but almost 30% of that went down the drain... so im wondering, since i was laid off for this period, cant i legaly take it out? or is it different from company to company... i feel if i call them they might give me some bull or might lie to me... i just dont trust anyone anymore thats touching my money.
Im almost debating to pull out of the banks while i still can