Learn More About Lendtable

Answers to Frequently Asked Questions

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General
Monthly Deposits
Payment
401k
ESPP

How does Lendtable 401(k)+ service work?

Lendtable is simple!

If you want free money from your employer's retirement matching program but don't have the money on hand to contribute, Lendtable can help.

Here’s how it works:

  • Sign up for Lendtable with a paystub and your company's 401(k) Plan. Our team will review your documents within 48 hours.
  • Once approved, link your company-sponsored retirement account and your bank information, which we will use to disburse your payments and charge a $10/month subscription fee, and sign your contract.
  • Ensure you have set your 401(k) contributions to the maximum that your employer will match.

How and when you'll receive your payouts:

  • Lendtable will deposit your payouts to your checking account on the 1st and 15th (or the following business day) of every month.
  • We will automatically verify contributions made to your retirement account or request that you upload your most recent paystub showing your deductions once a month.

Pay your Lendtable Balance when you separate from your employer, hit retirement age, or cancel your Lendtable service. Our profit-share stays the same no matter how long you use us.

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Who can use Lendtable?

For 401(k)+ service, you must be employed by a company that offers a 401(k) match, 403(b) match, or TSP match. Additionally, you must be at least 25% vested in your employer match within one year of beginning with Lendtable.

For ESPP service, you must be employed by a company that offers an ESPP or company shares match program. Additionally, you must be eligible to sell your shares immediately upon purchase. If you have a holding or lock-up period that prevents you from selling your shares, we are not able to service your account.

Will my credit be checked?

No. Lendtable does not run credit checks when you sign up and we do not currently furnish positive or negative credit to the reporting agencies. If you choose not to repay Lendtable, we reserve the right to send you to collections which may affect your credit.

How do I get my money from Lendtable?

Once you've signed your contract, you’ll be scheduled to receive semi-monthly payouts on the 1st and 15th (or the following business day) each month. In order to release payouts, Lendtable must confirm your contributions have been made.

For our 401(k)+ service, we confirm contributions automatically when you connect your retirement account using Plaid. If you’re unable to do this or we aren’t able to pull the needed information, we will request that you upload your most recent paystub once per month to confirm your deductions.

For our ESPP service, we are currently only able to verify your contributions by paystub. In this case, we will request that you provide your most recent paystub showing your deductions once every 30 days.

What exactly is a 401(k) match?

A 401(k) match or employer match is a common employee benefit in which employers match an employee's contributions towards their company-sponsored retirement account, like a 401(k). For example, if an employee contributes $6,000 to their 401(k) throughout a year, their employer will match that contribution, adding another $6,000 to the employee's 401(k) for a total of $12,000. An employer match is essentially "free money," and a powerful incentive for employees to contribute to their retirement account.

Why is getting my 401(k) employer match so important?

A 401(k) or 403(b) match is essentially free money your employer puts into your retirement account. Additionally, the money you have in your retirement account will grow exponentially over time. The earlier you begin contributing to your retirement account, the more money you'll have when you retire. So while a few extra thousand dollars from your employer might not seem like much now, it will make a huge difference in your financial future.

My company only allows contributions to my 401(k) and ESPP through payroll deductions. Can I still use Lendtable?

Yes. Once you've set your payroll deduction to max out your employee benefit, Lendtable sends funds directly to your linked bank account to replace the post-tax portion of your paycheck that was deducted.

How do I find my 401(k) or ESPP policies?

You can find these documents on your employer benefits portal, your 401(k) provider site, or you can contact your employer's HR department to find your 401(k) Plan, ESPP Summary, and other benefits.

Lendtable also searches through publicly available databases if you are unable to locate your plan documents. At the end of day, we want to help you save for your retirement and if your plan documents are available, you can skip this step!

How does Lendtable ESPP Service work?

If your employer is publicly traded and offers a discount or match when you purchase shares, Lendtable can help you contribute and earn a profit.

This is how it works:

  • Sign up for Lendtable with a paystub and your company's ESPP policy. Our team will review and approve or deny within 48 hours.
  • Once approved, link your bank information, which we will use to disburse your payments and charge a $10/month subscription fee, and sign your contract.
  • Ensure you have enrolled in your plan during your open enrollment period and set your ESPP contributions to the maximum that your employer will allow.

When and how you'll receive your payouts:

  • Starting when your wages are withheld by your employer, Lendtable will deposit your payouts on the 1st and 15th (or the following business day) of every month.
  • Your first month’s payouts are automated. After that, we will verify contributions made to your ESPP by requesting that you upload your most recent paystub showing your deductions once a month.

When your shares are transferred to you by your employer, you sell your shares and pay your Lendtable Balance, securing your profit!

What exactly is an ESPP?

An employee stock purchase plan, or ESPP, is a benefit program in which companies offer their employees stock at a discounted price or a match.

Employees contribute to ESPPs via payroll deductions, which will accumulate the offering period to purchase the discounted shares.

At the end of these periods, your employer will use your funds to purchase the company shares at a discount, allowing you to sell them at market value and earn a profit.

Is there a maximum amount I can borrow?

Lendtable will always approve you for the maximum amount that your employer will match for your 401(k) or the maximum income percentage you can contribute to your ESPP.

When will I get my money?

Once you've linked your bank account, Lendtable will schedule your payouts to begin. You will receive semi-monthly payouts on the 1st and 15th (or the next business day) of each month. You'll receive your first month of payouts automatically. After that, Lendtable will send payouts once we confirm you've made your contributions to your company-sponsored account.

For 401(k)+ service, we automatically confirm contributions when you connect your retirement account with Plaid. If you are unable to connect your account or we are unable to verify your contributions, we will request that you upload your most recent paystub showing your deductions once a month in order to release your funds.

For ESPP service, we are only able to verify your contributions via paystub at this time.

Will my employer know I'm using Lendtable to get my 401(k) match or ESPP benefit?

No, your 401(k) or ESPP contribution statement will not include that information. Lendtable has no direct contact with your employer, so they'll only know if you disclose that information yourself.

Does Lendtable change my 401(k) or ESPP contribution percentage for me?

No, you will need to update this item with your payroll or benefits provider. It’s important to maximize your employer benefits so as to help you best save for your retirement and Lendtable can help you do that.

Can I receive my money in a lump sum deposit up front?

No. All of our Lendtable Cash payouts are sent on a semi-monthly cadence which means that the total annual amount of Lendtable Cash you qualify for will be divided into 2 payments per month for a total of 24 payouts per year. Your Lendtable Breakdown will show you the exact amount of money you can expect for each payout.

We do not give out Lendtable Cash in lump sums in order to provide us the time needed to verify your contributions over the course of your time with Lendtable. This is vital for us to ensure we are sending you the correct amount.

How does Lendtable make money?

Lendtable charges a $10/month subscription fee so that we can continue running our platform and delivering payouts to our growing customer-base, but we operate primarily on a profit-share model. Profit-share means Lendtable charges a percentage of the profit we help you make by maxing out your 401(k) or ESPP employer benefit.

In the case of a 401(k)+ service, the employer 401(k) match is the profit. When you leave your employer or hit retirement age, Lendtable will request that you pay your balance. Your total balance will be the total cash advance dollars receive and a flat rate of 20% of the profit we help you earn. This rate stays the same no matter how long you use Lendtable. Lendtable does not recoup any investment gain you made while in the market.

In the case of ESPPs, the profit comes from selling your discounted share at the higher market value. Lendtable’s profit-share of ESPP cash advances is a flat rate of 35% of the profit we help you earn.

Why did Lendtable charge $10 to my account?

When you sign your contract, you agree to be charged a $10 platform fee every month while you use Lendtable. We charge this fee to run our payment and platform processing costs so we can issue your twice-monthly payouts and support our products.

How do I pay my Lendtable Balance?

Payment differs for ESPP and 401(k)+ services.

For the 401(k)+ service, your Lendtable Balance is due when you leave your employer, hit retirement age, or cancel your Lendtable service. Regardless of how long you use Lendtable, our profit-share is fixed at 20%, so if you plan to work for your employer for 10 years, you won’t owe us anything until you leave or cancel your Lendtable service. If you chose, you can repay by a 401k withdrawal, a 401k loan, by another source, prepay while you’re using Lendtable, or you can work with us to figure out another method.

For the ESPP service, your Lendtable Balance will be due at the end of every offering period, once your discounted shares are transferred to your account by your employer. By selling shares and paying your Lendtable Balance right away, you will secure the profit you’ve made. We do not service accounts where there are holding periods preventing you from selling your shares immediately upon purchase.

What happens if my company does not offer in-service withdrawals?

No problem! Our model is built on the assumption that you’ll use Lendtable for many years until you leave your employer. You do not need to pay your Lendtable Balance until you leave your employer, hit retirement age and are able to withdraw your funds, or choose to cancel your Lendtable service. No matter how long you use Lendtable, our 20% profit-share rate stays the same.

How much does Lendtable cost?

Lendtable charges a $10/month subscription fee to use our platform and products in addition to our profit-share fee.

For Lendtable 401(k)+ service, our profit-share is 20% of the employer match we help you earn. No matter how many years you use our 401(k)+ service, our profit-share remains the same. Because you'll pay us back with the money you earn from your employer match, you'll always end up with more money in your retirement fund than you started with. While using Lendtable, you’ll keep all contributions (your employer’s and Lendtable’s) in your account. The total balance will compound over time to help you secure your financial future. Lendtable does not recoup any gain you made while invested in the market.

If you withdraw funds from your company-sponsored account to pay this balance and you are under 59 1/2 years old, you may pay an early withdrawal penalty and taxes at your standard rate. An early withdrawal penalty is usually a 10% of the amount withdrawn.

For Lendtable ESPP service, our profit-share is a flat rate of 35% of the profit we helped you earn.

Does Lendtable charge compounding interest fees?

No. Unlike standard bank loans or credit cards that charge interest fees, Lendtable charges a flat fee at the end of the contract. Lendtable does not charge an Annual Percentage Rate and we require no monthly minimum payments towards your outstanding balance.

Do you have an iOS or Android app?

Our iOS app is currently available for download on the App Store, and our Android app is in the works. Follow us @lendtable on Facebook, Twitter, Instagram, and LinkedIn for the latest updates.

Contact
1475 Folsom St.
San Francisco
California
Lendtable Inc. ("Lendtable") is a consumer financial services platform.
Lendtable is not a bank. Lendtable does not offer tax, legal, investment, or financial advice.
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