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Submitted 88 days ago...

Onanism692

Onanism692

New User (1)

Can i pay off my loan from the balance in my account

I have funds in my account sufficient to cover the amount of my loan. Can I use these funds to pay off that loan?

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Answer 1 / 1 - Submitted 87 days ago...

Clandestine1

Clandestine1

Authority (444)

If the funds would be coming from your 401K to pay off the loan against your 401K , you could take an early withdrawal and use the money to pay off the 401K loan. However, the premature withdrawal would be subject to a 10% penalty and 20% tax witholding.

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