To decide if you can borrow from your 401k, you need to check with your plan administrator or go over the plan policies to see if the loan option is available. Note that you can only take out a 401k loan if you are still with the same employer. If you already left the employment, the loan option will not be available anymore. Also, if you take out a 401k loan and later leave the job, the loan will be due in full.
Another thing to consider is that, while you can borrow up to 50% of your 401k or $50,000, whichever is less, the loan is payable within 5 years. If you are borrowing a large amount, because of the shorter payable period, the payments may be higher than usual. Consider this carefully and make sure you can afford these high payments in the next five years. In case of default, it will be considered a withdrawal and income taxes will apply, plus a penalty if you are younger than 59 1/2 years old.
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