Information
About Company
Lendtable is a financial technology company based in San Francisco, California, that offers a unique program designed to help employees receive more money than their full employer 401(k) match or employee stock purchase plan match. The company was founded in 2020 by Sheridan Clayborne and Mitchell Jones.
Lendtable's program is designed to be a low-cost alternative to traditional loans and credit cards, which can carry high-interest rates and fees. The company's mission is to help employees build long-term financial future by maximizing their 401(k) benefits.
The innovative approach taken by Lendtable involves extending cash advances to employees, empowering them to maximize the benefits of their company's retirement plan match. This service proves particularly valuable for individuals who might face financial constraints preventing them from contributing enough to their retirement accounts to unlock the full employer match. By bridging the gap with a cash advance, Lendtable enables employees to leverage the entire matching contribution offered by their employers.
Key Features
No credit check. Lendtable does not require a credit check to access its services, making it more accessible to individuals with poor credit or no credit history.
Clear Financing Terms. Transparency is a hallmark of Lendtable's approach. The platform offers clear and straightforward financing terms, ensuring that users have a comprehensive understanding of the terms and conditions associated with the Lendtable cash advance provided.
Straightforward Deposits. Lendtable streamlines the deposit process, making it straightforward for users to access the funds they need. The platform's commitment to simplicity extends to the deposit mechanism, ensuring a user-friendly experience when receiving the cash advance to cover the shortfall in meeting employer match requirements.
Quick Sign-Up Process. The sign-up process is streamlined, taking only 3 minutes, making it convenient for users to access financial assistance efficiently.
Pros and Cons
Pros
Helps employees maximize 401(k) contributions. Lendtable helps employees maximize their 401(k) contributions by providing loans to cover any gaps in their contributions. This means employees can take full advantage of their employer's 401(k) matching program.
No credit check is required. Lendtable doesn't require a credit check, which means that individuals with poor credit can still access their services.
Improves Monthly Cash Flow. Lendtable's service has the potential to free up your monthly cash flow. The cash advance helps bridge the gap in meeting employer match requirements, giving you more flexibility in managing your day-to-day expenses while still prioritizing retirement goals.
Easy and convenient. Lendtable's online platform makes it easy for individuals to sign up and access their services within minutes.
Cons
Cut of the profits. One of the drawbacks of using Lendtable is that the funds borrowed through a cash advance must be repaid, and repayment involves a cut of the profits. While the service provides upfront financial support, it comes with the obligation to share a portion of future gains.
Limited availability. Lendtable's services are limited to individuals who have access to a 401(k) company match or an employee stock purchase plan. This exclusivity may leave out individuals who do not have these specific employer-sponsored retirement plans.
Potential risks. Any investment carries some level of risk, and Lendtable's loans are no exception. Customers should carefully consider the risks involved before taking out a loan.
Early withdrawal penalty. Early withdrawals may incur a 10% penalty if taken before reaching the age of 59 1/2, with certain exceptions. Nevertheless, individuals aged 55 or older have the option to make withdrawals without facing this penalty if they decide to leave their employment.
Reliability
A Trustpilot rating of 4.6 suggests that Lendtable has received positive reviews from users, indicating a generally favorable experience with the service. It implies that a significant number of users have found Lendtable to be reliable in terms of the services it offers, such as providing cash advances to help individuals maximize their contributions to employer-sponsored retirement plans.
However, it's important to note that individual experiences may vary, and it's recommended that potential users explore reviews and testimonials to gain a comprehensive understanding of Lendtable's reliability from a diverse range of perspectives.
How to Apply for a Lendtable Loan?
Visit Their Website. Start by navigating to Lendtable's official website. You can do this by entering their web address in your browser.
Click "Apply Now". Once on the website, look for the "Apply Now" button or a similar call-to-action prompt. Click on it to initiate the application process.
Enter Employer Information. Provide details about your employer, including the name and start date of your employment.
Choose Payment Frequency. Indicate how you are paid, whether it's on an annual or hourly basis.
Enter Salary Information. Input your salary details, as this information will be crucial in determining the lump sum of the cash advance.
Provide Personal Information. Fill in your personal details, including your name, phone number, email address, date of birth, and how you heard about Lendtable.
Enter Your Address. Input your current address to complete the necessary contact information.
Upload Pay Stub. Lendtable may require you to upload a recent pay stub to verify your income. Ensure that the document is accurate and up-to-date.
Continue the Application. Follow any additional prompts or sections in the application process. This may include questions related to your financial situation or employment status.
Review and Submit. Carefully review all the information you have entered to ensure its accuracy. Once you are satisfied, submit your application.
Await Approval. After submitting your application, you'll need to wait for Lendtable to review and process it. The approval process may involve a credit check and assessment of your eligibility.
Loan Offer. If your application is approved, you may receive a loan offer outlining the terms and conditions of the cash advance, including any associated fees or profit-sharing arrangements.
Accept the Offer. If you agree with the terms presented, you can proceed to accept the loan offer.
Conditions and Requirements
Conditions
401(k) Line of Credit
Monthly Fee. Lendtable charges a $10 monthly fee, which is deducted from one deposit every month.
Flat Fee on Matching Contributions. A flat fee of 20% is applied to the after-tax amount of employer-matching contributions earned. Contributions are verified using the pay stubs uploaded after getting paid.
Repayment Conditions. The 401(k) Lendtable balance is due at the end of the two-year contract or under the following circumstances: when you leave your employer, if you choose to stop using your Lendtable line of credit, or if you fail to upload a pay stub.
Restrictions on 401(k) Loans or Withdrawals. While using Lendtable, no new 401(k) loans or withdrawals can be initiated unless it is to pay Lendtable balance. Initiating a 401(k) loan or withdrawal will terminate your contract, and the Lendtable balance will be immediately due in full.
Payment Options. The preferred method to pay the balance is through a 401(k) loan or withdrawal. Lendtable provides a feature called "Pay with 401(k)" to facilitate accessing funds in your 401(k) to settle the balance. Alternatively, payments can be made using a debit card or bank account.
ESPP Line of Credit
Reimbursement Process. Reimbursements for ESPP benefit contributions are deposited 1-3 business days after verifying your contribution. Contributions are verified using each pay stub uploaded after getting paid.
Monthly Fee. Lendtable charges a $10 monthly fee, deducted from one deposit every month.
Flat Fee on Stock Discount. A flat fee of 35% is applied to the amount earned from the company stock discount. Lendtable does not receive earnings from positive stock performance.
Repayment Conditions. The Lendtable ESPP match balance is due at the end of each Offering Period, which is when you receive your discounted company stock.
Payment Method. The most popular way to pay the Lendtable ESPP balance is by selling the discounted company stock awarded to you at the end of each Offering Period.
Requirements
401(k) Line of Credit
Employment Requirement. You must be currently employed to be eligible for the 401(k) Line of Credit.
Employer-Sponsored Retirement Account Match. Your employer must offer a company-sponsored retirement checking account match profits, such as a 401(k) match, 403(b) match, or Thrift Savings Plan (TSP) match.
Eligibility for Matching Contributions. You must be eligible to receive employer-matching contributions according to the documentation of your retirement fund.
Limit on Outstanding 401(k) Loans. If you have two or more outstanding 401(k) loans, you must submit your 401(k) account summary for Lendtable to review your account balance.
Minimum Employer Matching Requirement. Your employer must match at least 50% of employee contributions for you to qualify for the 401(k) Line of Credit.
Vesting Requirement. You must be within one year of being 25% vested in your employer matching contributions.
ESPP Line of Credit
Employer and Publicly Traded Company Requirement. You must work for a company that is publicly traded to be eligible for the ESPP Line of Credit.
Valid ESPP with a Discount. Your employer must offer a valid Employee Stock Purchase Plan with a discount of at least 10%.
Eligibility for ESPP Participation. You must be eligible to participate in your Employee Stock Purchase Plan.
No Restrictions on Stock Sale. Your ESPP cannot contain a lock-up period or any other stipulation that restricts employees' ability to sell their awarded shares as they wish.
Ways to Receive the Money
For the 401(k) Line of Credit, reimbursements for contributions are deposited 1-3 business days after the payroll deduction is verified. This verification process involves uploading pay stubs after receiving payment, ensuring accurate and timely information for the reimbursement.
Similarly, for the ESPP Line of Credit, reimbursements are deposited 1-3 business days after verifying the contribution. Borrowers are required to upload pay stubs after receiving their paychecks, verifying their contributions and maintaining accuracy in the reimbursement process.
It's important to note that for the ESPP Line of Credit, participation in the Employee Stock Purchase Plan (ESPP) is crucial. The first reimbursement will not be deposited until contributions are withheld from paychecks during each offering period, emphasizing the necessity of actively participating in the designated enrollment period. This ensures that individuals who want to borrow money directly through Lendtable receive reimbursements in alignment with their contributions to the ESPP.
Products
Lendtable's flagship product is the cash advance, designed to empower individuals to make the most of their employer-sponsored retirement plans. This financial tool allows users to bridge the gap required to contribute the maximum amount to their employer's matching 401(k) or Employee Stock Purchase Plan (ESPP). By offering a cash advance, Lendtable enables users to optimize their retirement savings without resorting to traditional personal loans.
Other Personal Loans
How to Repay a Lendtable Loan?
To repay the 401(k) line of credit, the preferred method is through a 401(k) loan or withdrawal. The "Pay with 401(k)" feature allows Lendtable to facilitate accessing funds in your 401(k) to settle the balance. Additionally, payments can be made using a debit card or bank account. It's essential to maintain a 401(k) balance higher than the total received from Lendtable. It's important to note that 401(k) withdrawals and loans are only permissible after submitting a request with Lendtable in advance.
For settling a Lendtable ESPP Balance, the most popular method is selling the discounted company stock awarded at the end of each Offering Period. This strategy safeguards your profit from market fluctuations. Alternatively, payments can be made using debit, credit, or ACH methods.
Reasons for Getting Rejected for a Lendtable Loan
Employment Status. If you are not currently employed, you may not meet the eligibility criteria for a Lendtable loan.
Employer's Retirement Plan. If your employer does not offer a company-sponsored retirement account match, you may not qualify for a Lendtable loan.
Ineligibility for Matching Contributions. If you do not meet the eligibility criteria for receiving employer matching contributions based on your retirement plan documentation, your application may be rejected.
Creditworthiness. A credit check is part of the application process. If your credit score does not meet the required standards, your application may be declined.
Vesting Requirements. If you do not meet your employer's vesting requirements for matching contributions, it could impact your eligibility.
Outstanding 401(k) Loans. If you have two or more outstanding 401(k) loans, additional review of your account balance may be required, potentially affecting your eligibility.
Employer's Contribution Percentage. If your employer does not match at least 50% of employee contributions, you may not qualify for a Lendtable loan.
Alternatives
Dave. If you require a small cash advance to cover bills until your next payday, the Dave app provides this service. Dave offers small cash advances with no interest charges, making it a convenient option for short-term financial assistance.
Upstart. For individuals seeking loans with reasonable rates and a prequalification option, Upstart is a noteworthy alternative. Upstart provides loans for various needs, offering a flexible solution to those looking for financial support.
Earnin. If you need to borrow a larger amount, Earnin is an alternative worth considering. This app offers cash advances of up to $500, but the condition is that you grant Earnin access to your work timesheets. It provides a larger borrowing limit compared to some other options.
Brigit is another alternative offering $250 cash advances available instantly. However, it's important to note that Brigit charges a membership fee of $9.99 per month. Despite the fee, it provides a quick and accessible solution for those in need of immediate financial assistance.
Loans like Lendtable
OppLoans
OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.
Rise Credit
RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.
OneMain Financial
OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.
Universal Credit
Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.
Editorial Opinion
Lendtable offers a unique financial service with its cash advance model, providing a tailored solution for individuals looking to maximize their employer-sponsored retirement plans. The concept of helping users contribute more to their 401(k) or ESPP is innovative, addressing the challenge of bridging financial gaps to access employer matches. However, it's crucial for potential users to carefully consider factors such as the profit share fee, early withdrawal penalties, and hidden fees. Lendtable's approach may be advantageous for those looking to enhance their retirement funds, but a thorough understanding of the terms and Lendtable cost of products is essential to making informed financial decisions. As with any financial service, users should conduct their due diligence, read Lendtable reviews, and evaluate their own financial circumstances before opting for this unique cash advance offering.
Important
Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.
How to Choose a Lender
Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
Carefully review all the terms and conditions of your payday loan contract.
Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
