Borrowing or withdrawing funds from your 401(k) plan Arrange loans To learn if you should be permitted to borrow from your own k that is 401 and under exactly what circumstances, consult with your plan’s administrator or read your summary plan description. Some companies enable 401(k) loans just in situations of monetaray hardship, however you could possibly borrow cash to purchase a motor vehicle, to boost your property, or even make use of for any other purposes.