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Reply to "Explain to me why it's a bad idea to borrow against your 401k?"
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[quote=Anonymous][quote=Anonymous][b]The IRS also limits personal loans to one every 5 years. So you cannot do this again until this loan is paid back, and then you have to wait until it's been 5 years. [/b]Which is why, as a PP mentioned, it's best to limit it to true emergencies unless you have another source of backup, like the family gold mine.[/quote] Are you sure about that? I know you have 5 years to pay it back but I've never heard about having to wait 5 years to withdraw again. Link please. [/quote]
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