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SBA Loans- can a 401K be used as collateral?
In: Loan
3 Apr 2010I have been told I need $22K to be approved for a $150K SBA loan. Do they mean collateral? Can I use my 401Ks as collateral?
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3 Responses to SBA Loans- can a 401K be used as collateral?
melikestirfry
April 3rd, 2010 at 4:09 am
Nope it’s impossible.
Ryan M
April 3rd, 2010 at 4:52 am
No, they mean that you need a 22k down payment! A 401k account can NEVER be used as collateral because those accounts are protected from seizure and garnishment.
rcdrury
April 3rd, 2010 at 5:38 am
No it cannot be. In almost all cases, tax qualified retirement plans are protected from creditors. As such, they would be useless as collateral, as the lender would be barred from recovering.
You could take a loan from your 401k, depending on the plan’s loan provisions, and accomplish effectively the same thing.