We document the loan provisions in 401(k) savings plans and how participants use 401(k) loans. Although only about 22 …% of savings plan participants who are allowed to borrow from their 401(k) have such a loan at any given point in time …, almost half had used a 401(k) loan over a longer, seven-year horizon. The probability of having a loan follows a hump …

higher required rates of return than banks, but invest in the same loan facilities. We hypothesize that non …-bank institutional lenders invest in loan facilities that would not otherwise be filled by banks, so that the arranger has to offer a … higher spread to attract the non-bank institution. In a sample of 20,031 leveraged loan facilities originated between 1997 …