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I was recently catching up with a friend to discuss some essential details that needed to be discussed regarding his current financial affairs. He has recently suffered as a result of some bad investment decisions and the fall in the stock market. Looking for ways to raise cash he has been considering 401k Loans. After investigating the details surrounding this option I plan to advise him that he should consider other alternatives. There are strong penalties associated with early withdrawals and it is not in his best interests to incur the penalties if there are other more viable options for him to consider.