Borrowing from your 401(k) plan can be helpful in accessing funds when you need it - here's what to know

If you need funds quickly, a 401(k) loan offers several advantages over other loans or 401(k) plan withdrawals - but there are many rules to follow.
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A 401(k) loan allows you to borrow money from your retirement account and repay it within five years, with interest.
A 401(k) loan isn't the same as a withdrawal, but there are still specific rules to follow.
Any funds borrowed through a 401(k) loan won't grow, so you should borrow funds only as a last resort.
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