Should I Borrow From My 401(k)? Well...

People ask us a lot about borrowing from their 401(k): “Why would I want to borrow from banks and pay them interest when I can just borrow from myself?!” Well, it’s more complicated than that. It is true that if your 401(k) plan allows it and if you are fully vested, you may borrow from your own account. But like everything else in the world, nothing is free. First, you need to pay it back with interest, and the payments are not deductible as interest payments or contr...