When you need quick access to funds, 401(k) loans and personal loans are two options worth considering. While a 401(k) loan allows you to borrow against your retirement savings, a personal loan lets you borrow from a lender based on your creditworthiness.
Understanding the differences between a 401(k) loan and a personal loan will help you determine the best option for your unique situation. Each type of loan carries unique advantages and drawbacks, affecting your immediate financial needs and long-term financial health.