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What is a 401(k) loan?

A 401 (k) loan is different from other types of loans in that you are both the lender and the borrower. The good news is it makes these loans easier to qualify for than many others. However, it also means you’re the only one at risk if you don’t repay the loan in a timely manner. Read more: What is a 401 (k)? How do 401 (k) loans work?

How much can a 401(k) loan be borrowed?

401 (k) loans can usually be borrowed in the amount of $50,000 or 50% of your account balance, whichever is less. If you don't want to tap into your retirement savings for money, you can always look into borrowing a personal loan.

Can I take a loan from my 401(k)?

Any unpaid loan amount also means you’ll have less money saved for your retirement. Your 401 (k) plan may allow you to borrow from your account balance. However, you should consider a few things before taking a loan from your 401 (k).

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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