White: There’s no expense for the 401(k) plan loan, apart from possibly a tiny management charge.
Yellen: Actually? Only a small management charge? Fidelity Investments charges $50 merely to set the loan up. (several other companies charge more). And overnight—for a $25 fee if you need your money faster than snail mail, Fidelity will send it to you.
That totals around an astonishing 15% in charges for a $500 loan!
White: perchance you should borrow significantly more than $500, so that the percentage shall be less? Continue reading “Which are the Costs of 401(k) Arrange Loans in comparison to life insurance coverage Policy Loans?”