Just wondering if anyone has taken one and how long it takes to process?
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Yes but Dave Ramsey flogged a scam timeshare exit company for years. He has no credibility.
I took a 401k loan over 10 years ago for a home down payment. It didn't take long at all to get the funds, had them the same week. Paid off the loan in full within 2 years (they don't like to make extra payments so you can only pay it off in a lump sum). I generally don't recommend doing these (borrowing from your future self for the now) but it worked out.
Enabled us to buy a home when the real estate market was at rock bottom and now worth over double the purchase price.
If your using it to pay off debt, check out the Dave Ramsey program first. You can't borrow your way out of debt.
I hate when people give "this is the only option advice"
Your situation is specific to you
It's true you could be earning a profit and setting yourself up for potential future success but there is no guarantee right now.
So for example, if you are paying 20-29% in credit card debt, it might make sense to zero those out using your 401k loan and hopefully boost your credit score to put you In a more optimal credit rating tier
401k loans do not put an inquiry on your credit and you can pay them back early.
If you are trying to buy a 50k car you don't need, it might not make sense to borrow from your 401k.
Make an appointment with on of our advisors or an off-us advisor.
Get a 2nd opinion to that 1st one and make the best educated decision for you & your family.
I'd agree you want to avoid drawing from your 401k, but life happens so I won't judge. If you have a BAC checking account, it's 3 to 5 business days.
@tbz+1pyFdadT is not kidding. A 401k loan should be your LAST resort.
@hxy+1pyFdadT is... not smart.
The bank offers one of the best 401k's in the nation. The funds are diverse and we have tons of low cost options. If you invested in it 10 years ago in the LOWEST COST OPTION the bank offers, you'd be up 15% PER YEAR.
How do I know? Because I didn't listen to people like @hxy+1pyFdadT and invested in the lowest cost option. I would tell you what the lowest cost option is, but instead I'll just give you a hint: Its the SP500 fund.
I will not answer your question on how to do a loan because THAT is actually d-mb. Do everything in your power to not touch your 401k. You car broke down and dont have money to fix outside your 401k? TAKE THE BUS. I am not joking in the slightest.
Invest the maximum you can in the roth 401k option. Your future self will thank you.
Stop putting money in it more like a 301k now anyways