the above answers are good . your company may have rules against the borrowing and time frames, check with them.
the REAL problem is borrowing against 'your 401k' is a BAD idea.
cause you will owe up to 40% of it when he gets laid off, downsized , surplused or forced/quits.
you need to figure out why your money runs out and you have no reserves. you are living paycheck to paydebt, aren't you.
visit daveramsey.com to learn how to own your money before it strangles you and you lose the house. suggest you both get 2nd jobs before you end up on my lists.
a foreclosure server with too much work thanks to creative banking and folks living on the paycheck edge.
· 1 decade ago