Why to Choose a Personal Loan Over 401k Loans

If you’re considering borrowing against your 401k, loan options are available from Sumiti Cheap Lending Company to help you keep your retirement savings safe in the bank where they belong. We understand that times can be tough right now, but the future is always coming and you can stay on track by opting for a personal loan, instead.

The folks out there who contribute to 401k accounts and are lucky enough to have a percentage matched by their employer have an incredible long-term asset that needs to be protected. If you need some help making ends meet or want to make a purchase that requires borrowing money, we’d strongly encourage you to look into a personal loan before committing to any 401k loans.

Taking even a small amount of money out of any kind of 401k savings plan now has the potential to cause major financial setbacks when you retire, especially if you are a young professional. With more time to build up your savings, your money is able to grow more efficiently, but you have to keep it in the account. If you’re closer to retirement, you need to keep as much money in your 401k as possible to reach your goals in a timely manner.

If you’re curious how much you can save in your 401k given your specific terms and how many years you have available to save, Bloomberg’s 401k calculator can help you learn more about how your money grows over time. It’s never too soon or too late to start, but you’ll be much better off if you start as early as possible and keep all the money in the account longer.

Long-term savings strategies in all shapes and sizes require a measure of restraint to succeed. Luckily, lending options come is all shapes and sizes, too, so you can achieve short-term financial goals while managing your long-term assets intelligently.

At Sumiti Cheap Lending Company , we work with you to find the right personal loan terms so that you can fit payments into your budget without feeling pressured into exercising your 401k loan options. What’s more, we take the time and effort to get the whole picture of your financial situation so that even if you don’t have perfect credit, we may still be able to help you secure the funds you need.

If you’re stuck between a rock and a hard place and think 401k loans are your best option, remember that you will in fact be robbing Peter to pay Paul – and you’re Peter! If you have any questions about our personal loans and how they can help you keep all of your financial plans on track, please give us a call today or visit us at any of our lending offices throughout Georgia.

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