401K Loans...Good Idea, or Bad?

Started by John R.
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J

James P.

I have a friend who worked for Facebook and was able to get a loan for around 34,000 dollars and was able to make a down payment on a townhome. He was able to repay the loan back through his paycheck and the payments were automatically withdrawn from his paycheck. However I’m aware of the fact he recently lost his job and the loan wasn’t paid off by that moment. I’m pretty sure he doesn’t have a lot of time to pay that amount off. That’s the only downside.

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