Taking out a 401k loan might be considered low-interest debt, but it comes with significant opportunity costs and risks, making it a high-priority to pay off quickly, especially due to potential taxes, penalties, and limitations on employer benefits if not repaid promptly.

Want to know what to do with your next dollar? You need this free download: the Financial Order of Operations. It’s our nine tried-and-true steps that will help you secure your financial future.