Consumer complaint received 2024-03-25
Product: Payday loan, title loan, personal loan, or advance loan — Other advances of future income
Issue: Issues with repayment — 
Company: Lendtable Inc. (GA)

Lendtable is a company that provides advances on XXXX contributions in an effort to assist individuals with maximizing their XXXX contributions. The agreement when a customer signs up is that when they separate from their company, the portion of the XXXX contribution that Lendtable loaned through a line of credit will be due. 

I have not separated from my company, nor chosen to start paying back Lendtable, however they abruptly shifted their policies in XXXXXXXX XXXX. They made a 500 % increase on the monthly fees to use their service, from {$10.00} to {$50.00} and involuntarily cancelled the accounts of customer who they *feel* no longer benefit from their service without the consent of the customer. Now when a customer logs in to their website, they are prompted with a box saying that their loan needs to be paid back either via a lump sum or installments beginning XX/XX/2024 or they will be reported to the credit bureau. There is also a threat of small claims court. 

Lendtable chose to alter their repayment policy without my consent as a customer, and now instead of receiving money from them twice per month, they are saying I need to alter my entire budget in less than 30 days or I will be taken to small claims court. I also can not locate the original agreement in my customer dashboard anymore and they altered their FAQs recently to remove the language about customers being the ones that prompt discontinuing the service. 

This really feels like a desperate cash grab by a company that is hurting for money under a failed business model, which is not the fault of the consumer. I do not like being threatened by legal action because they can longer support their customers and would like to be reverted to the original terms of the agreement. 

Here is their language regarding repayment, for clarity : 6.1 Repayment Total. Subject to the conditions set forth herein, Lendtable only recoups the aggregated Principal under Lendtable Cash and a Profit-Share amount equivalent to twenty-percent ( 20 % ) of the Employer Match. XXXXENDTABLE DOES NOT RECOUP ANY INVESTMENT GAIN that you realized as a result of using Lendtable Cash and/or as a result of the Employer Match when investing through your QRP. 

6.2 Repayment Date ; Manner and Timing. Subject to any earlier payment that may be provided under this Agreement, the unpaid aggregated Principal amount of the total sum of all Lendtable Cash Advances and all accrued and unpaid Profit-Share thereon shall be payable ON DEMAND made in lawful money of the United States of America no later than a reasonable amount of time, not to exceed forty-five (

45 ) days, after termination or separation of employment with Employer. 6.3 In-Service Withdrawal. If Customers XXXX XXXX  and XXXX documentation provides for or permits an eligible in-service withdrawal, Customer may withdraw money at any time throughout employment in order to satisfy any and all repayment obligation owed to Lendtable. 

6.4 Cancellation of Lendtable Services. At any time during the contract period, if Customer cancels Lendtables Cash service and/or other Lendtable products, including revocation of the auto-renewal feature, Lendtable reserves the right to accelerate Customers repayment obligation ( XXXX ). While any repayment obligation ( XXXX ) is outstanding, Lendtable reserves the right to continue to charge the monthly Platform Fee in accordance with this Agreement and Electronic Fund Transfer Service as outlined in Section 7. If Customer cancels Lendtables service and/or product offering while still employed with Employer and pursuant to the provisions of the XXXX  and XXXX, is unable to make an in-service withdrawal, Customers repayment obligation ( s ) will continue in-force, until the earlier time of, an ability to repay from another source or upon separation or termination from Customers Employer which would follow with a subsequent Rollover and Partial Distribution. 6.5 Optional Prepayment. The Customer may prepay any obligation amount in whole or in part at any time or from time to time with out penalty or premium by paying a Lendtable Cash amount to be prepaid together with any accrued Profit-Share amount thereon to the date of prepayment. 6.6 Repayment Acceleration ;
Discretionary. At the discretion of Lendtable, if Customer fails to be in good-standing, fails to notify the Company of any Material Changes, cancels this Agreement, and/or revokes the auto-renewal of this Agreement, any and all repayment obligation (

s ) under this Agreement shall immediately become due, including all accrued and aggregated amounts of Principal, Profit-Share, and/or Platform Fee ( s ). Lendtable reserves the right to withdraw Repayment Obligation ( s ) from the Customers Linked Bank Account in accordance with Section 8. 6.7 Recission of Payments. If at any time any payment made by the Customer under this Agreement is rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, or reorganization of the Customer or otherwise, the Customers obligation to make such repayment shall be reinstated as though such payment had not been mad
e.