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, regardless of whether you are near retirement or just entering the workforce. We have users who simply cannot afford to budget out the match money themselves as well as users who value the liquidity and freedom extra cash can provide.
Lendtable is simple. We give you a cash advance specifically to use for your 401(k) match. You receive exactly the amount you will need to get the employer match, and you pay us back through our low service fee.
You can pay us back two ways. Either in monthly installments, or 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. 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!
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 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 6%, and lever our share depending your 401(k) or ESPP plan and personal information (e.g. salary, state of residence, etc)!
We do no credit checks and using Lendtable will not affect your credit score!
We give you your Lendtable Cash either via prepaid card or directly to your checking account. 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.
Yes. If you are approved for a Lendtable cash advance, the money is yours to use for your 401(k) match or ESPP benefit. Our profit-split can be offered at a lower rate than lenders because we know exactly what you are using your advance to do. Our technology helps us provide a low profit-split so you can kickstart your retirement savings.
There are limits to the money you can borrow. Our service is in part calculated by the amount of 401(k) match or ESPP money you are leaving on the table or looking to earn. Once we have assessed how much money you are leaving on the table with we can give you an estimate up to the full amount of the benefit!
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.
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 do not yet have an app. Be on the lookout!