LendTable

[shadanat]

Was wondering if anyone has used this product.

They give you a cash advance specifically to use for your 401(k) match, 403(b) match, or Employee Stock Purchase Plan. You receive exactly the amount you will need to max out the benefit through monthly disbursements. These disbursements cover the amount of your paycheck that is now maxing out your benefit. When your company match vests, give them a small percentage share of the profits.

"Once you have received your employer 401(k) match or ESPP benefit and it is vested, you can withdraw from your 401(k) or transfer us shares of your ESPP to pay us back. We’ve got your back so much that even if you withdraw from your 401(k) and you are under the age of 59, we will cover the 10% early withdrawal penalty for you!"

[Anonymous]

---

@shadanat wrote:

Was wondering if anyone has used this product.

They give you a cash advance specifically to use for your 401(k) match, 403(b) match, or Employee Stock Purchase Plan. You receive exactly the amount you will need to max out the benefit through monthly disbursements. These disbursements cover the amount of your paycheck that is now maxing out your benefit. When your company match vests, give them a small percentage share of the profits.

"Once you have received your employer 401(k) match or ESPP benefit and it is vesthated, you can withdraw from your 401(k) or transfer us shares of your ESPP to pay us back. We’ve got your back so much that even if you withdraw from your 401(k) and you are under the age of 59, we will cover the 10% early withdrawal penalty for you!"

---

I have not personally heard of that program, but sounds very interesting. How do they benefit and can it affect your credit score?

[surferchris]

Thanks for the info.  I don't see the downside of someone using them.  Will have to think on it...

[shadanat]

From what I can tell it doesn't have any impact on your credit. It's just a way to get the max for employee match with your 401K for retirement. 

[Horseshoez]

---

@shadanat wrote:

From what I can tell it doesn't have any impact on your credit. It's just a way to get the max for employee match with your 401K for retirement. 

---

Maybe I'm missing something, but it sounds like a scam to me.

[shadanat]

---

@Horseshoez wrote:

---

@shadanat wrote:

From what I can tell it doesn't have any impact on your credit. It's just a way to get the max for employee match with your 401K for retirement. 

---

Maybe I'm missing something, but it sounds like a scam to me.

---

I thought that too but it falls into the new wave of Fintech lenders. It's really new but all the info I have seen is legit.