FAQs

You have questions, we have answers

At many companies, when you put money into a company-sponsored retirement account like a 401(k), your employer will put money into the account as well. This is a perk to help you grow your retirement savings, and one you should certainly take advantage of. Many people call this “free money” because your employer is giving you thousands of dollars to simply place your money in an investment account.

The earlier you start investing, the more money you will have in retirement. While your employer match might not seem like much, it is free money that can grow exponentially over time. A single $1,500 dollar employer match can be worth more than $15,000 dollars if it collects 8% interest in a retirement account over 30 years. That’s too much to ignore!

An ESPP is a benefit program that allows employees to contribute a percentage of their salary to purchasing their company’s stock at a discount (public companies). This is a perk that enables employees to have ownership in the company they are working for, and one you should certainly take advantage of. Many people call the ESPP benefit “free money” because employees automatically make money on the difference between the discount price of the stock and the market price of the stock. Stock ownership is a great way to build long-term wealth.

Our service is for anyone that has a 401(k) company match or Employee Stock Purchase Plan, regardless of whether you are near retirement or just entering the workforce. Lendtable is for anyone who cannot or prefers not to withhold paycheck money they’d normally budget to their 401(k) account or ESPP. As a result, Lendtable users experience more liquidity, freedom and peace of mind that the extra cash on hand provides.

Lendtable is simple. We give you a cash advance specifically to use for your 401(k) match or Employee Stock Purchase Plan. You receive exactly the amount you will need to max out the benefit through monthly disbursements. These disbursements cover the amount of your paycheck that is now maxing out your benefit. When your company match vests, give us a small percentage share of the profits.

Once you have received your employer 401(k) match or ESPP benefit and it is vested, you can withdraw from your 401(k) or transfer us shares of your ESPP to pay us back. We’ve got your back so much that even if you withdraw from your 401(k) and you are under the age of 59, we will cover the 10% early withdrawal penalty for you! There is also a $5.00 platform fee that goes against your outstanding balance. This goes against our share of the benefit plan money; it is not an additional charge!

As for the taxes, we account for those when we give you your cash advance too! We do this by taking your income level, tax bracket, and amount of 401(k) or ESPP benefit left on the table into consideration.

Great question. Firstly, it is more of a profit-split than a “fee” as we simply share in the profits generated from your employee benefit programs. In terms of our share, we take as little as 5%, and lever our share depending on your 401(k) match or ESPP plan and personal information (e.g. salary, state of residence, etc)!

Unlike banks or credit cards, we don’t charge interest rates. The profit you share with us is flat, and does not have any compounding interest -- meaning that we will never ever take more than our profit share that we share with you at the very beginning.

We do no credit checks and using Lendtable will not affect your credit score!

We give you your Lendtable Cash through monthly installments directly to your checking account. This way, the money replaces exactly what is being contributed to max out the benefits! We also check with you to make sure your 401(k) or ESPP contribution is set to the amount needed to max out your benefit.

While we can’t surpass the maximum benefit for which you are eligible, we will always aim for you to get every last penny of it. That’s why our service calculates the amount of 401(k) match or ESPP benefit money you’re leaving on the table, and disburses the full amount of those benefits over to you.

Yes! Once you have set your payroll deduction so that you are getting your full employee benefit, we will give you the money you need to cover your lost liquidity (the money that you are taking from your paycheck and putting towards your benefits).

While we currently cannot do it for you, we are working diligently to provide that feature. However, we do have instructions depending on your employer.

Don’t worry -- a whole lot of nothing. We actually work with many employers directly to help their workers take advantage of this powerful savings strategy. Overall, companies don’t care how you are able to max out your retirement accounts.

No! It is completely your choice to decide how you fund your employee benefit programs. In fact, we actually work with certain employers! Finally, your employers will simply see that you are contributing more into your 401(k) or ESPP, not where your money source comes from.

We are currently working on our iOS and Android apps. Be on the lookout!