Reported 1 day ago
A Thrift Savings Plan (TSP) loan allows uniformed service members and federal employees to borrow against their retirement savings, similar to a 401(k) loan. Borrowers can take out a minimum of $1,000 for general purposes or for purchasing a primary residence, with repayment terms varying based on the loan type. TSP loans offer low-interest rates and simplified qualification, making them a potential solution for unexpected expenses; however, individuals should consider fees and the impact on investment gains and credit.
Source: YAHOO