Borrowing from your 401 (k) can be financially smarter than taking out a cripplingly high-interest title loan, pawn, or payday loan —or even a more reasonable personal loan. It will cost you ;· Your 401 (k) plan may allow you to borrow from your account balance. However, you should consider a few things before taking a loan from your 401 (k). If you don’t repay the loan, including interest, according to the loan’s terms, any unpaid amounts become a plan distribution to law, individuals are allowed to borrow the lesser of $50,000 or 50% of the total amount of the 401 (k). 1  The Pros and Cons Like any other type of debt, there are pros and cons involved Pros And Cons Of Taking Out A 401(k) Loan | BankrateHow Do 401(K) Loans Work? - InvestopediaThe Pros And Cons Of Taking Out A 401(k) Loan | BankrateHow To Take Out A 401(k) Loan-And Why You Shouldn’t 04/04/2019 · That’s one expensive loan. How to take out a 401(k) loan. If you’re really in a pinch, or absolutely can’t get an alternative loan source, you can take a 401(k) loan by talking to your human resources or benefits manager at work, or by logging into your 401(k) plan’s website.

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