When you’ve got improvements that need to be done around the house, one of the first things you might think about doing is getting a home loan for those improvements. Whether it’s a second mortgage, a home equity line of credit or a small loan using your home as collateral, it just sort of makes sense.

However, there’s another source of funding that you might think about using. If you’re having trouble getting a home loan to make your improvements, you might look at your retirement account as a source of funding.

Now, we’re not talking about cashing in your 401(k), of course. After all, if you’re like most folks your retirement accounts have probably taken a hit over the past couple of years during the financial crisis and recession. In addition, you’ll get hit pretty hard on the taxes on that money you get during next year’s income tax filing. You also reduce your overall retirement savings, which is just generally a bad idea.

Instead, you may have the option of borrowing against that retirement account. Borrowing against a 401(k) is a pretty common thing, and most retirement accounts allow you to borrow against it.

When you borrow money against your retirement account, you don’t have to worry about a credit check. In fact, that’s one of the reasons folks generally turn to this kind of borrowing. You may have less-than-stellar credit, and this is a way for you to get cash to make improvements without having to deal with higher interest rates or with explaining to a bank why your credit score isn’t as high as they might like it to be.

Before you take out this kind of a loan, be sure to talk to the company that holds your 401(k). Find out how much you can borrow, and how much you’ll need to pay back each month. In most cases, the payment on this loan can be drawn directly from your paycheck, in the same way that your 401(k) investments are automatically drawn from your paycheck.

Finally, it’s worth mentioning that borrowing on your retirement account isn’t a measure of last resort, but it shouldn’t be your first choice, either. Find out all of your borrowing options before you make that final decision.

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