How Do You Borrow Against Your Fidelity 401(k) Retirement Fund?

One way to borrow against a 401(k) retirement fund is to visit @Work, the Fidelity Brokerage Services website administered by Once on the @Work website, navigate to the Library section and click on the Forms tab.

The forms tab has a list of links to various 401(k)-related documents, including one for requesting a loan. Clicking the link opens the loan form in a separate PDF file, which must be printed out, completed and mailed directly to one of the Fidelity addresses listed on the bottom of the form.

Borrowers should be cautious about borrowing money from their 401(k) plans, Fidelity notes. Although convenient, taking money out of a retirement account may have adverse affects and be costly in the long run. Main drawbacks to this type of loan include decreased contributions to the account over time, possible loss of tax advantages and a quick repayment requirement if a person leaves his job for any reason. In addition, borrowers may be subject to high administrative and maintenance fees once the loan is dispersed, U.S. News & World Report notes. Money paid back into the retirement account may not earn as much interest as it would have if left untouched. Ultimately, experts recommend only borrowing against a 401(k) plan as a last resort.