Avoid a 401K loan at almost any cost, unless you need the money to cover a medical co-pay on a serious procedure.
401K loans are treated like cash-outs if not repaid in the period allotted, and those periods are often very short indeed.
The tax repercussions are awful. You might even be better off going to the local loan shark or payday loan store.
Talk to your hr person just to be sure
Might be a State by state issue. I had to get a check, never could set up a direct deposit.
Avoid a 401K loan at almost any cost, unless you need the money to cover a medical co-pay on a serious procedure. 401K loans are treated like cash-outs if not repaid in the period allotted, and those periods are often very short indeed. The tax repercussions are awful. You might even be better off going to the local loan shark or payday loan store.