1. They DO allow me to keep contributing while I repay the loan.
2. The interest rate is fixed for the full term of the loan (as long as five years).
Item #2 is a huge advantage especially if interest rates rise. It even works well in a low-interest environment like we see today if you have the ability to borrow the money, invest it in something that gives a decent rate of return OUTSIDE your 401(k) plan, and then pocket the difference (after paying taxes on it) as you pay the loan off.
That is excellent advice!!
B U M P