Join Lendtable now to start maximizing your employee benefits. If you have further questions, please do not hesitate our 24/7, U.S. based support team.
What exactly is a 401(k) match?
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 the “match”). 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.
How does Lendtable work?
Lendtable is simple!
Lendtable is simple. We give you a cash advance specifically to use for your 401(k) match, 403(b) 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.
Why is getting my 401(k) employer match so important?
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!
What exactly is an employee stock purchase program (ESPP)?
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.
Who can use Lendtable?
Our service is for anyone that has a 401(k) company match, 403(b) 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)/403(b) account or ESPP. As a result, Lendtable users experience more liquidity, freedom and peace of mind that the extra cash on hand provides.
How do I pay Lendtable back?
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!
Do you account for the taxes on realized income as well?
As for the taxes, we account for those when we give you your cash advance! We do this by taking your income level, tax bracket, and amount of 401(k) or ESPP benefit left on the table into consideration.
What is Lendtable's fee?
Great question. First of all, our “fee” is more of a profit-split than a “fee” as we simply share in the profits generated from your employee benefit program. That is, we take a small percentage of your employer’s match. Our share is dependent on your 401(k) match or ESPP plan as well as your personal information (e.g. salary, state of residence, etc). For 401(k) match programs, we keep 10 - 20% of what your employer contributed to your 401(k), using the first 10% of our share to pay for your early withdrawal penalty — which we cover. This leaves you with 70 - 80% of your employer's match, which can be hundreds, if not thousands of dollars each year! For ESPPs, we keep between 30 - 40% of the profit because the net new money created is smaller (in percentage terms) and the amount we give out is greater. Remember, all of this is net new money, so every extra dollar saved is another dollar in your pocket!
Does Lendtable charge compounding interest fees?
Unlike banks or credit cards, we do not charge interest rates. The profit you share with us is a flat fee that does not have a compounding interest rate.
Will my credit be checked?
We do no credit checks and using Lendtable will not affect your credit score!
How do I receive the money from Lendtable?
We give you your Lendtable Cash through monthly installments deposited directly to your checking account. This way, the money replaces exactly what is being contributed to max out your benefits! Once you connect your bank account through signing up, we take care of the rest!
Is there a maximum I can borrow?
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.
My company only allows contributions to my 401(k) and ESPP through payroll deductions. Can I still use Lendtable?
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).
Does Lendtable change my 401(k) or ESPP contribution percentage for me?
While we currently cannot change your contribution percentage for you, we are working diligently to provide that feature. However, we do have instructions depending on your employer.
What happens if my company does not offer in-service withdrawals?
No worries! We are happy to wait until you leave your employer. For each additional year our Lendtable Cash is outstanding, we will take an additional share of the profits generated form the employer match.
What happens if my company finds out I am using Lendtable to max out my 401(k) match or ESPP benefit? Will my employer be mad?
They will not be mad! It is completely your choice to decide how you fund your employee benefit programs. 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. In addition, your employers will simply see that you are contributing more into your 401(k) or ESPP, not where your money source comes from.
What is the $5 charge to my account?
You may notice a miscellaneous $5 charge to your bank account from us. This is nothing to worry about! The $5 charge is a mechanism to check that we are able to deposit money into your account. Every one of these charges will be taken out of Lendtable’s balance, and will be subtracted from the $ amount you have to pay us back :) Make sure to let the charge go through. Without it, we will not be able to get you your money!
Can I receive my money in a lump sum deposit up front?
While we used to give out lump sum payments up front for your money, we have switched policies to intermittent direct deposits. You will get your money deposited to your bank account as the balance in your 401(k) account increases! This normally comes monthly with each of your paycheck contributions.
When will I start getting my money?
You will get your money deposited to your bank account as the balance in your 401(k) account increases! This normally comes monthly with each of your paycheck contributions. Expect your money 1-3 business days after making your first contribution to your 401(k) account of the month.
How do I find my 401(k) or ESPP policies?
Normally, you can obtain documents outlining your company's 401(k) or ESPP policies by contacting your HR department :)
Do you have an iOS or Android app?
We are currently working on our iOS and Android apps. Be on the lookout!