Re:More than half of all private wealth has been inherited i...
by justinhj on Monday December 18, 2017 @10:16AM
(#15952157)
Plus the fact that to a person with cash difficulties going to their 401k to get money wouldn’t be easy. Even if you can find someone to help you they’re going to mail you a cheque some time in the future. Hence the success of pay day loan operations that are more than happy to help you out with that immediate $500 emergency.
Re:More than half of all private wealth has been inherited i...
by smsm42 on Monday December 18, 2017 @01:18PM
(#15953826)
Hmm I didn't know Walmart offered company-matched 401k. In that case, if they have contributed there at least $100 (which I think should be possible with company match if you work fulltime) for a year, there should be enough money to take a loan of $500 AFAIK.
> If you are looking to take $500 from your 401k outside of those groups, I'm gonna guess things have gone horribly wrong
Yes, probably, but the question was is it possible, when the things go horribly wrong. I still think if you have 401k that should be possible.
Yes. Low-paying jobs at Wal-mart and Lowes and some gas stations offer a 401k. The contributions are tiny because the checks are tiny but the company usually contributes as well. These folks aren't as likely to have access to credit.
I'll put this as well: If you are looking to take $500 from your 401k outside of those groups, I'm gonna guess things have gone horribly wrong. Getting a new credit card might be a bit tough because your credit is probably already showing the hurt.