Just Put It on My 401(k) Debit Card

Still, Barry Kublin, president of BPA-Harbridge, an employee-benefits company with 15% of its outstanding 401(k) loan portfolio comprised of ReservePlus loans, says there is some resistance to the product's adoption. Investment advisers, he says, worry about money leaving the plans and employers worry about employees squandering their savings.

"It's a young technology, and clearly requires education to address misconceptions," says Kublin. "Do we deny the overwhelming percentage of 401(k) participants a portable convenient loan product that is responsive to their needs because of the irresponsible few?"