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I have taken out and paid off a few 401k loans, small ones like under $8k. Not sure how everybody else's works, but the way ours is set up is payments are taken out of your check weekly, there is a one time $50 processing fee, then there is 3.5% loan interest that, as I understand it, is also paid back to your 401k account.This is different than making a hard withdrawal from your 401k.
I have taken out and paid off a few 401k loans, small ones like under $8k. Not sure how everybody else's works, but the way ours is set up is payments are taken out of your check weekly, there is a one time $50 processing fee, then there is 3.5% loan interest that, as I understand it, is also paid back to your 401k account.
This is different than making a hard withdrawal from your 401k.
