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>Many 401k plans offer participants the option of >taking a loan from their vested account balance. Some >plans will allow loans for any purpose, while others >may restrict use to paying medical or education >expenses, to prevent home foreclosure, or to finance a >first home, additionally spousal consent and automatic >payment via payroll deduction are sometimes required. >Loans are available for up to 50% of your vested >balance or $50,000, which ever is less and must be >repaid with interest within 5 years, excepting >borrowing for a first home where additional time may >be allowed. > >On the downside, your debt must be quickly repaid upon >leaving your job to prevent defaulting. Defaulting on >a 401k loan will incur the same penalties as a 401k >early withdrawal: income tax and a 10% penalty.

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