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I'd never heard that... can you roll it over into an IRA and take a loan against that?

• CoffeeOnWrite 4y ago
  Maybe, but have you tried getting a loan approved with no income?
  • heavyheavy 4y ago
    Its a loan against yourself
    • CoffeeOnWrite 4y ago
      Banks still want to see evidence of your ability to pay it back.
      • loeg 4y ago
        401k “loans” are a misnomer. There’s no underwriting or leverage. It’s an unpenalized withdrawal with payback (as opposed to regular early withdrawals, which are penalized).
        • CoffeeOnWrite 4y ago
          As discussed upthread, 401k loans are not generally accessible to unemployed people.
• deleted 4y ago
  [deleted]
• tomatotime 4y ago
  You technically cannot take out a loan against your IRA. You can do a withdrawal and payback though - I believe there are some tax considerations / early withdrawal risks