Hi there,

I’ve been at my job for about a year and have a 401k. I’m starting to fall behind on some bills and thought taking out a 2k “loan” to rid myself of the burden to be helpful.

Is that bad to do? My repayment plan would be 26months and only $90 deducted from my check.

The positives would be I’d have ALL my loans/bills paid off and back on a financial freedom. Seeing how I’d be paying myself back I thought it wouldn’t be so bad....

The negative is that I guess my contribution to my 401k wouldn’t be as much for those 2 years however I feel pretty confident that I’ll be staying at my current job for the next 2+ years... where I can continue my 401k just fine.

Also...would my job know that I took out a “loan”?

What are your thoughts?