If you’re considering taking a loan from your 401(k), ask your plan administrator for the following information:
Whether or not loans are/are not permitted
The minimum dollar amount required to obtain a loan
The maximum number of loans permitted by the plan
The maximum dollar amount permitted
The term of repayment (number of years)
Any interest rate information
Any required security for the loan
How repayment may be made (for instance, payroll deduction)
Any spousal consent requirements