how do 401k loans work fidelity?

Can you be denied a 401k loan?
Allowing loans within a 401k plan is allowed by law, but an employer is not required to do so. Many small business just can 't afford the high cost of adding this feature to their plan. Even so, loans are a feature of most 401k plans. ... But an employer can restrict the reasons for loans.
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How does a Fidelity 401k loan work?
With a 401(k ) loan, you borrow money from your retirement savings account. Depending on what your employer's plan allows, you could take out as much as 50% of your savings, up to a maximum of $50,000, within a 12-month period. ... Plus, the interest you pay on the loan goes back into your retirement plan account. Dec 30, 2020
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How long does it take to get a 401k loan check from Fidelity?
Your check will arrive five to seven business days after your request is received by Fidelity.
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Why you should never take a loan from your 401K?
You end up putting your contributions on hold
All this eventually will put your tax-deferred retirement savings on hold. Borrowing money from one's 401k account can significantly reduce the amount of wealth one could have otherwise generated.
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