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Brown Cafe UPS Forum
UPS Retirement Topics
Has Anyone Successfully Taken Out A 401K Hardship Loan?
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<blockquote data-quote="Elvis" data-source="post: 1691041" data-attributes="member: 6199"><p>As I recall, you can only get a loan for up to 50% of your account with a $50,000 max. You pay yourself 4% interest, but if you lose your job you must pay it back within 90 days or pay income tax plus 10% on the balance. You must pay back within 5 years, or 20 years for a home. Big penalties if you don't.</p></blockquote><p></p>
[QUOTE="Elvis, post: 1691041, member: 6199"] As I recall, you can only get a loan for up to 50% of your account with a $50,000 max. You pay yourself 4% interest, but if you lose your job you must pay it back within 90 days or pay income tax plus 10% on the balance. You must pay back within 5 years, or 20 years for a home. Big penalties if you don't. [/QUOTE]
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Has Anyone Successfully Taken Out A 401K Hardship Loan?
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