Lendtable charges a $10 monthly paltform fee and uses a profit-share model, which means we charge a flat percentage of the profit customers make by maxing out their 401(k) or other company-sponsored retirement account.
No matter how many years you use our 401(k)+ service or what your total cash advance balance is, we charge a flat rate of 20% of the profit we help you make. Lendtable only offers cash advances for employer benefits in which profit is guaranteed. Lendtable does not recoup any market gain you earned while invested in the market, only a fixed percentage of the employer match going into your retirement account.
When do I pay my Lendtable Balance?
Customers pay for our 401(k)+ service when they leave their employer or hit retirement age (59 1/2) and are able to withdraw from their retirement account. This means that you can use Lendtable for the duration of your employment without paying any more than the subscription fee. By the time customers have left their employer or turned retirement age, they will have used Lendtable to max out employer benefits, meaning they will always have the funds in their retirement account to cover the profit-share cost.
In the profit-share model, where does the profit come from?
For our retirement account service, or what we call our 401(k)+ service, the employer match is the profit, as an employee only receives that money on the condition they contribute to their retirement account first.
Customers will end up with extra money contributed by their employer, so they will always be able to pay for their Lendtable Balance, and never use any money they did not have before.
In what cases would I not make money?
There is only once case in which a customer may end up paying for Lendtable out of pocket:
If they use our 401(k) service but leave their employer before meet their vesting cliff.
If it happens, don't worry: We will stop sending direct deposits to offset the 401(k) contributions right away, since they will no longer be made by their former employer. Since they did not receive a match, the 20% profit-share will be waived and the customer's Lendtable Balance will only equal the amount deposited in Lendtable Cash up to that point, which will be waiting in their 401(k) account.
This means the only money paid out of pocket was the $10 monthly subscription fee.
What exactly is a Lendtable Balance?
A Lendtable Balance is what a customer pays at the end of their contract.
The principal, or the dollar ($) amount released via semi-monthly payouts + 20% of the profits = Lendtable Balance
This balance is displayed on the dashboard and will increase throughout the contract as a customer receives semi-monthly payouts.
When will I know my profit-share portion?
Because you only pay your Lendtable Balance once you leave your employer, your exact profit-share amount won't be determined until then. Regardless of how long your use Lendtable, your profit share will always be a flat rate of 20% of the employer match we helped your earn at the end of your contract.