Many workers save tens of thousands of dollars in their 401(k) plans over the course of their careers. At certain key times of their lives, however, financial needs can make it tempting to try to tap into this money. Most people understand the shortcomings of cashing in a 401(k), which often include taxes and penalties. However, 401(k) loans can look like better solutions for immediate financial needs. Below, we’ll look at the pros and cons of borrowing money from your 401(k).