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    A Friend Has A 401k,wants To Borrow From As She Borrowed From Me To Buy A Car Or Lose Her Job, Her Employer Told Her It Was Approved, That Was Two Months Ago, She Still Has Not Received Check, What To Do?

    I loaned her the money after her employer told her she could get the loan, that was three months ago, I now need my money for medical bills, why does it take so long to get your money from a 401k, it is her money isn't it, she is aware of taxes and penalty she will have to pay, but she was in a bind.

    asked 12 months ago

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    wordy

    She needs to speak to her employer, or whoever is now in charge of dealing with the loan, and ask what has happened. She should write down every conversation with details of time and date.

    answered 12 months ago

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    If the friend hasn't received the money from her 401 (K) in three months, she has lied to you.... Most 401 (K) programs don't offer loans for cars. A 401 (K) is a retirement account not a savings account.

    comment made by Wright1 4 months ago    Report

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