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If your retirement plan allows loans, you can usually borrow money from a 401K, TSA or other defined contribution retirement plan very quickly. However, it is advisable to consider all your other options for accessing cash, and the consequences of each alternative, before moving forward with a loan. All in all, while there are advantages to borrowing from a retirement plan, borrowing from your retirement plan is one of the last options you should consider for accessing cash.

If you do borrow from the plan, the transaction is fairly easy. Read the paper work carefully. If you're borrowing a small amount, keep in mind that even a small fee may equal a large percentage of the amount you want to borrow - plus there's interest to pay.


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