Does Lendtable affect my credit? Lendtable Team October 17, 2023 21:28 Updated *Please note: This article is intended to provide a general understanding of how failing to repay your Lendtable balance can affect your credit. For advice tailored to your specific circumstances, please consult with a financial advisor. Lendtable does not provide financial, legal, tax, or investment advice. Failure to Repay Lendtable May Affect Your Credit At Lendtable, we understand that financial circumstances can change unexpectedly, and sometimes, it may become challenging to pay your balance. It's crucial to contact us immediately so we can discuss payment options as failure to repay may impact on your credit score if you fail to repay. When you accept your offer, starting your Lendtable journey, you're entering into a contractual agreement to repay the funds we lend you. If you fail to meet your repayment obligations, it could have several consequences, including impacts on your credit score or legal action. How Might This Affect My Credit Score? If you fail to repay your Lendtable balance, we may report and furnish the delinquency to the credit bureaus. This can result in a negative mark on your credit report, which can lower your credit score. Your credit score is a representation of your creditworthiness, calculated based on your credit history. It's used by lenders to assess the risk associated with lending you money. A lower credit score can make it more difficult for you to secure loans or credit in the future. It may also lead to higher interest rates on future loans, as other lenders may perceive you as a higher-risk borrower. Does Lendtable request a hard inquiry from credit bureaus? Lendtable does not request a hard inquiry from credit bureaus. This means that when you apply for a Lendtable line of credit, it does not result in a credit report “pull”, which would impact your credit score. Related articles How much does Lendtable cost? Requirements of using a Lendtable Line of Credit When will my reimbursement be deposited from the 401(k) Line of Credit? Who is eligible to use Lendtable? Understanding ERISA and the Retirement Plan Qualification Comments 0 comments Please sign in to leave a comment.