Cash Hash » Loan/ Loans » Cash Loan/ Cash Loans » If i have two jobs and two seperate 401k plans can i borrow from both of them at the same time?

  #1 (permalink)
: Not asking if its a good idea. Im asking can I?
Im also not asking if i can have two 401k plans. I already know I can because I have two. What im asking is can i borrow from both at the same time?

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  #2 (permalink)
: Why would you do such a thing?

You do understand that if you borrow from a 401(k) and lose that job, you must INSTANTLY pay back the entire loan, right? (If you don't have the cash to pay up, they liquidate the plan to pay the penalties & taxes you owe)

There is NO good reason to take a loan from a 401(k)...
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  #3 (permalink)
: Depends on the 401k plan. Not all allow for loans. There is usually a limit as to how much. You need to check with each plan administrator to see if and how much you can borrow.

There is no law that says you can't borrow from both. Just a really bad idea.
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