I would like to hear your thought on borrowing money from my 401k to start a business. According to my employer, the current interest rate is 9.25% and there is a $45 fee to process the $5,000 loan. Over the next 36 months, I have to pay back $160.76 per month, or $5,787.36 for the life of the loan. I will be paying myself interest so the only cost is $45. What do you think?
