Lendtable is a financial services company that offers loans to employees with a focus on helping them access their 401(k) accounts. Founded in 2016, the company has helped thousands of employees gain access to the funds they need to cover their expenses. In this review, we’ll take a closer look at how Lendtable works, its pros and cons, features, benefits, and how to use it.
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How Does Lendtable Work?
Lendtable offers loans to employees based on the funds in their 401(k) accounts. The company helps employees borrow money from their 401(k) accounts, without incurring early withdrawal penalties or fees. The company charges a fee for its services, which is deducted from the loan amount.
To qualify for a Lendtable loan, employees need to meet certain eligibility criteria, such as being actively employed and having at least $5,000 in their 401(k) account. Employees can apply for a loan online through the Lendtable website, and the company will review their application and determine the loan amount they qualify for. Once the loan is approved, the funds are deposited directly into the employee’s bank account.
Is Lendtable Legit?
Lendtable is a legitimate financial services company that helps employees access their 401(k) funds without incurring early withdrawal penalties or fees. The company has received positive reviews from customers and has been featured in several reputable publications, including Forbes and TechCrunch. Some of their big numbers:
Lendtable 401k
Lendtable’s focus on 401(k) accounts sets it apart from other lenders. The company’s loans are specifically designed to help employees access their 401(k) funds without incurring penalties or fees. This can be a valuable service for employees who need access to funds but don’t want to incur penalties or fees.
How to Create a Lendtable Account
To create a Lendtable account, employees can visit the company’s website and click on the “Get Started” button. They will need to provide some basic information, including their name, email address, and phone number. They will also need to provide information about their employer and their 401(k) account.
Once they have completed the application process, Lendtable will review their application and determine the loan amount they qualify for. If their application is approved, the funds will be deposited directly into their bank account.
How to Use Lendtable
To use Lendtable, employees can follow these simple steps:
- Create a Lendtable account: Employees can create a Lendtable account by visiting the company’s website and filling out the application form. They will need to provide information about their employer and their 401(k) account.
- Apply for a loan: Once they have created a Lendtable account, employees can apply for a loan by filling out the loan application form. They will need to provide information about the amount they want to borrow and their repayment term.
- Review loan terms: After submitting their loan application, employees will receive a loan offer from Lendtable. They should carefully review the loan terms, including the interest rate, fees, and repayment schedule.
- Accept loan offer: If employees are satisfied with the loan terms, they can accept the loan offer by signing the loan agreement electronically.
- Receive funds: Once the loan agreement is signed, the funds will be deposited directly into the employee’s bank account.
- Repay loan: Employees will need to repay the loan according to the repayment schedule outlined in the loan agreement. They can make payments online through the Lendtable website.
Lendtable Features
Some of the key features of Lendtable include:
- No credit check required: Lendtable doesn’t require a credit check, making it easier for employees with poor credit to qualify for loans.
- Competitive interest rates: Lendtable offers competitive interest rates compared to other lenders, making it an attractive option for employees looking for a loan.
- Credit score improvement: By repaying Lendtable loans on time, employees can improve their credit scores, which can help them access credit in the future.
- No early withdrawal penalties or fees: Lendtable’s loans allow employees to access their 401(k) funds without incurring early withdrawal penalties or fees.
Lendtable Benefits
Lendtable offers several benefits for employees, including:
- Access to funds without incurring penalties or fees
- No credit check required
- Competitive interest rates
- Helps employees improve their credit scores
- Simple and easy application process
Lendtable Pros and Cons
Pros:
- Access to funds without incurring early withdrawal penalties or fees
- Simple and easy application process
- Competitive interest rates
- No credit check required
- Helps employees improve their credit scores
Cons:
- Limited to employees with 401(k) accounts
- Fees can be high for smaller loans
- Not available in all states
Conclusion
Lendtable is a legitimate financial services company that offers loans to employees based on the funds in their 401(k) accounts. The company’s loans allow employees to access their 401(k) funds without incurring early withdrawal penalties or fees, making it an attractive option for employees who need access to funds. Lendtable’s competitive interest rates and no credit check policy make it easier for employees to qualify for loans. While the company has some limitations, such as being limited to employees with 401(k) accounts, it offers several benefits for employees, including improving their credit scores. Overall, Lendtable is a valuable service that can help employees manage their finances and access the funds they need.
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