Our 401(k)+ service—which includes 401(k)s, 403(b)s, and TSPs—contracts last until your leave your employer or hit retirement age, whichever happens first. Once your contract has ended, you have two payment options listed below.
At this time, your Lendtable Balance will equal the principal, or the total amount you have received in cash advances, plus Lendtable’s 20% profit-share of the employer match we helped you earn so far.
Throughout your contract, you are able to check your balance on your dashboard. When your contract ends and it is time to pay for your selected service, you will be notified via email and your dashboard.
Paying for 401(k)+ service
You can pay in multiple ways:
Because your 401(k) account will contain your contributions made using Lendtable as well as your employer’s contributions, you should always have enough funds to pay your Lendtable Balance.
Once you’ve separated from your employer, you’ll be able to access your 401(k) funds. You can log into your 401(k) provider's account to access your funds. This account will still exist even when you leave your employer - those are your earnings you contributed and you'll always have access to them.
When it’s time to pay your balance, a Lendtable will provide you with resources on how much to withdraw to consider things like income tax and the early withdrawal fee depending on your circumstances.* Once you've received your funds, you'll be able to pay your Lendtable Balance from the account you chose to deposit them into.
Tip: Keep in mind that at this time many people lose track of their old retirement accounts. Make sure to explore your options to roll your old employer fund into your new one or even into an Independent Retirement Account (IRS).
If your plan allows for an in-service 401(k) loan and you cancel your Lendtable service while still employed, you can opt to take out a 401(k) loan to repay all or a majority of your Lendtable balance.
A 401(K) loan gives you liquidity now while you repay yourself overtime (loan payments and “interest” are paid back into your retirement account). You generally have 5 years to repay the loan, and often, a 401(k) loan is more advantageous than a traditional loan.
Use this calculator from Vanguard to see if a 401(k) loan suits you. Contact your retirement plan or HR administrator to process your 401(k) loan, and once the funds hit your bank account, you can begin repaying your Lendtable balance.
Debit, credit, or ACH
You can pay by entering your bank or card information. While most Lendtable customers do not use this option to pay for their service, it is always available.
Need another Solution?
If you’re unable to pay through one of these methods, reach out to our customer support team to discuss your other options.
What happens if I didn't earn as much employer match as Lendtable estimated? After leaving your employer, you'll be able to see your total employer contributions over the time you used Lendtable. If for any reason, the profit you made by selling your discounted shares at full market rate is different than the estimated amount we determined, you can reach out to our support team by live chat at the bottom right of your screen to make a correction on Lendtable's share.
For additional support with paying your balance, reach out to our support team on live chat!
* Lendtable does not provide financial, legal, tax, or investment advice. Always consider your situation and consult with your own advisor.