4 alternatives to borrowing from your retirement fund

Because withdrawing or borrowing from your 401(k) comes with some drawbacks, here’s a look at some other ways to access cash for a large or emergency expense.

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Establishing and maintaining an emergency fund can provide a financial safety net for unexpected expenses.

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Home equity loans or lines of credit

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Negotiating with creditors

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Personal loans are available from online lenders, local banks and credit unions and can be used for virtually any purpose.

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Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

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4 alternatives to borrowing from your retirement fund

Because withdrawing or borrowing from your 401(k) comes with some drawbacks, here’s a look at some other ways to access cash for a large or emergency expense.

Establishing and maintaining an emergency fund can provide a financial safety net for unexpected expenses.

Emergency fund

Home equity loans or lines of credit

If you own a home, leveraging the equity through a home equity loan or line of credit can provide a cost-effective method of accessing extra cash.

Negotiating with creditors

In cases of financial hardship, it can be worth reaching out to your creditors and explaining your situation.

Personal loans are available from online lenders, local banks and credit unions and can be used for virtually any purpose.

Personal Loans

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Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

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