Lendtable How It Works GuideLAST UPDATED: July 12, 2023 | By Conrad Golly
Lendtable is a financial service that helps employees of companies that offer 401(k) or ESPP plans to maximize their benefits. With Lendtable, employees can maintain their income level while still contributing to their retirement plans and receiving matching contributions from their employers.
Lendtable How It Works:
Essentially, Lendtable offers cash advances to replace the contributions deducted from employees’ paychecks for company-sponsored retirement accounts that offer matching contributions. This service is called the 401(k)+ service. Lendtable can also provide cash advances for ESPPs. By offering these cash advances, Lendtable helps employees take full advantage of their employer’s matching contributions, without having to sacrifice their current income.
Lendtable simplifies retirement planning. After sign-up, Lendtable verifies contributions and deposits payouts twice a month. Stress-free and beneficial!
What is Lendtable?
|401(k)+||Provides cash advances for employees to maximize their employer 401(k) match||$10/month||Due when employee leaves employer or retires|
|ESPP||Provides cash advances for employees to participate in their employer’s ESPP program||$10/month||Due at each transfer of discounted shares to employee|
Lendtable is a financial service that helps employees maximize their employer benefits, specifically their 401(k) match and employee stock purchase plan (ESPP). It provides cash advances to employees who are unable to contribute enough to their retirement accounts to receive the full employer match.
When an employee signs up for Lendtable, they submit their paystub and 401(k) plan documents for review. Lendtable then calculates how much the employee needs to contribute to receive the full employer match and provides the employee with the necessary funds to make those contributions.
Lendtable offers two services: 401(k)+ service and ESPP service. For the 401(k)+ service, Lendtable provides cash advances for employees to maximize their employer 401(k) match.
For the ESPP service, Lendtable provides cash advances for employees to participate in their employer’s ESPP program.
Lendtable charges a monthly fee of $10 for its service. The balance of the cash advance is due when the employee leaves their employer or retires for the 401(k)+ service. For the ESPP service, the balance is due at each point that the employee’s discounted shares are transferred over to them by their employer.
How Does Lendtable Work?
Lendtable is a financial service provider that helps individuals maximize their 401(k) and ESPP benefits by providing cash advances to cover the gap between their contribution and their employer’s match.
Here is a breakdown of how Lendtable works:
1 Signing Up for Lendtable
To use Lendtable’s services, individuals must sign up through their website and provide information about their employer, their retirement plan, and their contribution.
Lendtable’s team verifies the information provided and calculates the maximum amount of cash advance the individual can receive. Once approved, individuals can access their cash advance within 24 hours.
2 Lendtable Breakdown
Lendtable’s service is designed to help individuals maximize their employer’s 401(k) and ESPP benefits. The service works by providing a cash advance to cover the gap between an individual’s contribution and their employer’s match.
For example, if an individual contributes $2,000 to their 401(k) plan and their employer matches 50% of their contribution, Lendtable will provide a cash advance of $1,000 to ensure the individual receives the full employer match.
3 Lendtable Calculator
Lendtable provides a calculator on their website that helps individuals estimate how much they can receive in cash advances based on their contribution and employer match.
The calculator takes into account the individual’s retirement plan, their contribution, and their employer’s match to provide an accurate estimate of their cash advance.
4 Policy and Contract
Individuals who use Lendtable’s service are required to sign a policy and contract that outlines the terms and conditions of the service. The policy and contract specify the amount of the cash advance, the repayment terms, and the fees associated with the service. Individuals are required to pay a $10/month subscription fee in addition to a profit-share fee that is 20% of the employer match Lendtable helps them earn.
5 Semi-monthly Payments
Individuals who use Lendtable’s service are required to make semi-monthly payments to repay their cash advance. The payments are deducted directly from the individual’s paycheck and are based on the terms outlined in the policy and contract.
Once the cash advance is repaid, individuals can continue to use Lendtable’s service to maximize their employer’s 401(k) and ESPP benefits.
Benefits of Using Lendtable
Using Lendtable has many benefits for individuals looking to maximize their retirement savings. Below are some of the advantages of using Lendtable:
Who doesn’t love free money? With Lendtable, you can get more of it from your employer by taking full advantage of their 401(k) match policy.
But let’s face it, sometimes our wallets are a little thin. That’s where Lendtable comes in!
They’ll give you a cash advance to cover the difference between what you’re contributing and what you need to get the full match. More free money means more retirement savings, and who doesn’t want that?
For individuals who participate in an Employee Stock Purchase Plan (ESPP), Lendtable offers the opportunity to purchase discounted shares.
Lendtable will provide a cash advance to cover the cost of purchasing the discounted shares, which can help individuals save money and increase their retirement savings.
Lendtable offers a profit-share program for individuals who refer friends and family to the service. This means that individuals can earn additional money towards their retirement savings by simply referring others to Lendtable.
Compound interest is like a snowball rolling down a hill – it starts small but grows bigger and bigger over time. By contributing more money to a retirement account, individuals can take full advantage of compound interest and watch their savings grow.
But what if you can’t afford to contribute enough to get the full employer match? That’s where Lendtable comes in! They’ll give you a cash advance to cover the difference, so you can start earning compound interest right away.
With Lendtable, you can maximize your retirement savings and watch your money grow like a snowball rolling down a hill.
Lendtable also helps individuals take full advantage of their company match policy. By providing a cash advance to cover the difference between what an individual is contributing and what it would take to fully take advantage of the employer match, individuals can receive more free money from their employer, which can significantly increase their retirement savings.
Are you still tired of feeling like you’re not saving enough for retirement?
With Lendtable, you can reach your annual contribution limit and maximize your retirement savings. They’ll give you a cash advance to cover the difference between what you’re contributing and what it takes to reach the annual limit.
That means you can contribute the maximum amount allowed by law and watch your savings grow! Plus, with Lendtable, you can take full advantage of your employer match policy, purchase discounted shares, and earn extra money through their profit-share program.
It’s like a one-stop-shop for retirement savings!
Here are some frequently asked questions about Lendtable and how it works:
What Happens If I Withdraw My Retirement Funds Early?
If you withdraw your retirement funds early, you may be subject to an early withdrawal penalty. This penalty varies depending on your retirement plan and the amount you withdraw.
Lendtable does not encourage early withdrawals and recommends that you consult with a financial advisor before making any decisions regarding your retirement savings.
What If I Have An Outstanding Balance On My Retirement Account?
If you have an outstanding balance on your retirement account, Lendtable may still be able to help you maximize your employer match.
However, you will need to work with your retirement plan administrator to pay off any outstanding balance before you can receive your employer match. Lendtable can assist you with this process.
Will Using Lendtable Affect My Credit Score?
No, using Lendtable will not affect your credit score. Lendtable does not perform a credit check when you sign up for their service.
Is There A Contribution Limit?
Yes, there is a contribution limit for retirement accounts. The contribution limit varies depending on your retirement plan and your age.
Lendtable can help you determine your contribution limit and assist you in maximizing your employer match while staying within the contribution limit.
How Does Lendtable Make Money?
Lendtable charges a monthly fee of $10 to use their service. They also invest the money they lend to you to earn a return on their investment.
Lendtable is a great option for those who want to maximize their employer match on their retirement account. They provide a simple and easy-to-use service that can help you save money and reach your retirement goals.
Final Thoughts: Lendtable How It Works
|Quick and Easy Funding||Lendtable’s funding process is quick and straightforward, requiring only accurate 401(k) documents and a recent pay stub. If the employee meets the requirements, Lendtable can approve them in just three minutes.|
|Access to Free Money||With Lendtable, employees can avoid early withdrawal penalties and fees associated with accessing their 401(k) funds. Instead, they receive a cash advance that they can use to max out their employer’s matching contributions. This means that employees can get free money to boost their retirement savings without having to put in any of their own money.|
|Legitimate and Attractive Option||Lendtable is a legitimate and attractive option for employees who need access to funds to take advantage of their employer’s matching contributions. The company’s simple and straightforward process makes it easy for employees to get the cash they need without having to worry about early withdrawal penalties or fees.|
Lendtable is a unique financial service that provides cash advances to employees to help them fully take advantage of their employer’s matching contributions for their 401(k) and ESPP benefits. The company’s funding process is quick and straightforward, requiring only accurate 401(k) documents and a recent pay stub. If the employee meets the requirements, Lendtable can approve them in just three minutes.
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