Are Kashable Loans the right financial solution for your short-term borrowing needs? This innovative lending platform, offered through participating employers, provides a unique approach to personal loans by focusing on affordability, speed, and convenience. With loan amounts ranging from $250 to $20,000, competitive interest rates starting at 6% APR, and repayment terms from 6 to 24 months, Kashable aims to help employees improve their financial wellness – but is it the best choice for you?
In this comprehensive review, we’ll dive into the details of how Kashable Loans work, explore their pros and cons, and compare them to other lending alternatives to help you make an informed decision.
Kashable Company Background
Kashable is a financial wellness company that has been making strides in the world of employee benefits since its founding in 2013. Headquartered in the heart of New York City, Kashable has built a reputation for providing socially responsible financing solutions to employees through their employers.
The company’s mission is clear: to harness innovative technology to enhance the financial well-being of working Americans while prioritizing affordability and reliability. Kashable recognizes that unexpected expenses can put a strain on employees’ finances, which is why they’ve developed a unique loan program that offers low-cost loans as a voluntary benefit.
By partnering with employers, Kashable aims to create a win-win situation. Employers can offer their workforce a valuable financial safety net without any added cost, while employees gain access to credit when they need it most. It’s a fresh approach to employee benefits that sets Kashable apart in the industry.
Not so sure about Kashable Loans? There are other online lending platforms you can consider. Read these articles to know more about them.
How Do Kashable Loans Work?
Kashable loans are designed to be a straightforward and accessible financing option for employees. The process starts with checking your eligibility and applying for a loan online. If you’re approved, the funds are typically deposited into your bank account within a business day, providing a quick solution for those facing unexpected expenses or financial challenges.
One of the key features of Kashable loans is the streamlined repayment process. Instead of having to remember to make a payment each month, your loan repayments are automatically deducted from your paycheck. This ensures that you stay on track with your repayment schedule and reduces the risk of missed payments or late fees.
The amount that’s deducted from each paycheck will depend on your loan terms, including the total loan amount, interest rate, and repayment period. Kashable offers loan terms ranging from 6 to 24 months, giving you some flexibility to find a repayment plan that fits your budget.
It’s worth noting that Kashable loans are unsecured, meaning they don’t require collateral like a car or a house. This can make them a more accessible option for borrowers who may not have valuable assets to secure a loan.
Another aspect of how Kashable loans work is the company’s commitment to helping borrowers build and maintain good credit. Kashable reports your loan payments to major credit bureaus, which means that consistently making on-time payments can help you establish a positive credit history and potentially improve your credit score over time.
If you’re considering a Kashable loan, the first step is to check your eligibility and potential loan terms. You can do this easily online without impacting your credit score. If you decide to move forward with a loan application, be sure to carefully review the terms and conditions, and don’t hesitate to reach out to Kashable’s customer support team with any questions or concerns.
Kashable Loan Terms
| Feature | Detail |
|---|---|
| Loan Amounts | $250 to $20,000 |
| Types of Loans | – Personal loans for employees of participating employers – Personal loans for federal employees and retirees |
| Interest Rates (APRs) | – As low as 6% for borrowers with strong credit – Ranges up to 35.99% depending on credit score and employment history |
| Loan Terms | 6 to 24 months |
| Repayment | Deducted from the borrower’s paycheck |
| Special Considerations | – Competitive rates compared to payday loans – Repayment flexibility |
| Target Audience | – Employees of participating employers – Federal employees and retirees |
When it comes to loan terms, Kashable offers a range of options to suit the diverse needs of employees. Loan amounts start at a modest $250 and can go up to a substantial $20,000, providing flexibility for those who need a small financial cushion or those facing more significant expenses.
Kashable offers two main types of loans: personal loans for employees of participating employers and personal loans specifically designed for federal employees and retirees. Both loan types come with similar terms and benefits, but the federal employee program is tailored to the unique needs of government workers.
One of the standout features of Kashable loans is the competitive interest rates. For borrowers with a strong credit history and a track record of financial responsibility, Kashable offers annual percentage rates (APRs) as low as 6%. This is a notable departure from the high rates often associated with payday loans or other forms of short-term borrowing.
However, it’s important to note that not all borrowers will qualify for the lowest rates. Kashable’s APRs can range up to 35.99%, depending on factors such as credit score and employment history. While this upper limit is higher than some traditional personal loan options, it’s still a far cry from the triple-digit APRs that can trap borrowers in a cycle of debt.
Kashable loans also offer some flexibility in terms of repayment. Loan terms range from 6 to 24 months, allowing borrowers to select a repayment plan that aligns with their budget and cash flow. Plus, with repayments conveniently deducted from the borrower’s paycheck, there’s no need to worry about remembering to make a payment each month.
When considering a Kashable loan, it’s essential to review the specific terms and conditions carefully. By understanding the interest rates, repayment terms, and any associated fees, borrowers can make an informed decision about whether a Kashable loan is the right choice for their financial situation.
Eligibility Requirements for Kashable Loans
| Eligibility Criteria | Description |
|---|---|
| Employer Participation | Must be employed by a company that has partnered with Kashable to offer loans as a voluntary benefit. |
| Employment Status | Designed for individuals who are actively employed, either full-time or part-time. Active military members and their dependents are not eligible. |
| Financial Requirements | Must have a personal checking account open and in good standing for at least 90 days. |
| Credit and Employment | Credit history and employment record are considered; no specific minimum credit score requirement mentioned, but a strong profile is beneficial. |
| Additional Notes | – Availability of loans through employer’s partnership with Kashable – Checking account for loan deposit and repayments – Financial standing and employment stability are key factors |
Before diving into a Kashable loan application, it’s crucial to understand the eligibility requirements. One of the key factors that sets Kashable apart from other lenders is that their loans are offered exclusively through participating employers. This means that you must be employed by a company that has partnered with Kashable to offer these loans as a voluntary benefit.
If you’re unsure whether your employer offers Kashable loans, you can easily check by visiting the lender’s website and using their employer search tool. Keep in mind that even if your company is listed, you’ll still need to meet other eligibility criteria to qualify for a loan.
Another important aspect to consider is your employment status. Kashable loans are designed for individuals who are actively employed, whether that’s on a full-time or part-time basis. However, if you’re an active member of the military or a dependent of a military member, you won’t be eligible for a Kashable loan at this time.
When it comes to your financial standing, Kashable does have some requirements in place. To qualify for a loan, you must have a personal checking account that has been open and in good standing for at least 90 days. This account will be used to deposit your loan funds and to set up automatic repayments.
It’s worth noting that Kashable does consider your credit history and employment record when evaluating your loan application. While they don’t specify a minimum credit score requirement, having a strong credit profile and a stable employment history can certainly work in your favor.
Before applying for a Kashable loan, take a moment to assess your own financial situation and employment status. By ensuring that you meet the eligibility requirements upfront, you can save time and streamline the application process.
Kashable Loan Costs and Fees
| Cost/Fee Type | Description |
|---|---|
| Interest Rate (APR) | Ranges from 6% for well-qualified borrowers to 35.99%, depending on creditworthiness and other factors. |
| Origination Fee | One-time charge deducted from loan proceeds before deposit. The exact amount isn’t disclosed but is worth considering. |
| Late Fee | Up to $10 for missed payments or insufficient payment amounts. |
| Prepayment Penalty | None. Borrowers can pay off their loan early without incurring extra fees, potentially saving on interest. |
While Kashable loans offer competitive interest rates and flexible repayment terms, it’s essential to take a closer look at the costs and fees associated with these loans. By understanding the full picture of what borrowing with Kashable entails, you can make a more informed decision about whether this financial product aligns with your needs and budget.
Among the initial factors deserving contemplation, the interest rate holds paramount importance. Kashable’s APRs start at an attractive 6% for well-qualified borrowers, but they can range up to 35.99% depending on your creditworthiness and other factors. It’s important to keep in mind that the interest rate you’re offered will directly impact the overall cost of your loan.
In addition to interest charges, Kashable loans may come with an origination fee. This is a one-time charge that’s deducted from your loan proceeds before they’re deposited into your account. While Kashable doesn’t disclose the exact amount of their origination fees, it’s worth factoring this cost into your borrowing decision.
Late payments can also come with a price tag. If you miss a payment or fail to make the full payment amount, Kashable may charge a late fee of up to $10. To avoid these additional charges, it’s crucial to stay on top of your repayment schedule and ensure that you have sufficient funds in your account when each payment is due.
On the bright side, Kashable doesn’t charge any prepayment penalties. This means that if you find yourself in a position to pay off your loan early, you can do so without incurring any extra fees. In fact, paying off your loan ahead of schedule can save you money on interest charges in the long run.
Before signing on the dotted line, be sure to carefully review the specific costs and fees associated with your Kashable loan offer. By taking the time to understand the full financial implications of borrowing, you can better assess whether a Kashable loan is the right choice for your unique circumstances.
How to Apply for a Kashable Loan?
If you’ve determined that a Kashable loan is the right financial solution for your needs, the next step is to navigate the application process. Fortunately, Kashable has designed their application to be user-friendly and straightforward, allowing you to request funding quickly and easily.
Step 1: Check your eligibility
Visit Kashable’s website and navigate to the loan application page. Provide basic information about your employer to determine if they are partnered with Kashable. If your employer offers Kashable loans, proceed to the next step.
Step 2: Fill out the online application
Enter your personal details, including your name, contact information, and employment history. Provide necessary financial information, such as your bank account details for fund disbursement and repayment. Submit the initial application for prequalification.
Step 3: Review your pre-qualification offer
If prequalified, review the estimated loan terms, including interest rates and repayment periods. Carefully consider the offer and decide whether it aligns with your financial needs and budget. If you choose to proceed, continue to the formal application process.
Step 4: Complete the formal application
Provide any additional information requested by Kashable, such as proof of income or employment verification. Authorize Kashable to conduct a thorough review of your credit history and employment status. Wait for a decision on your loan application, which typically takes a few minutes to a few hours.
Step 5: Review and accept your loan terms
If approved, carefully review the final loan terms, including the interest rate, repayment period, and any associated fees. Ask any questions you may have about the loan agreement and repayment process. If you’re comfortable with the terms, accept the loan offer and sign the loan agreement electronically.
Step 6: Receive your funds
Once the loan agreement is signed, Kashable will initiate the transfer of funds to your designated bank account. Depending on your bank’s processing times, you can expect to receive the money within one to three business days. Confirm receipt of the funds and ensure that your repayment schedule is set up correctly.
Kashable Loans Review
Pros
Competitive interest rates: Kashable offers competitive interest rates starting at 6% APR for well-qualified borrowers. These rates are significantly lower than those of many payday loans or other short-term financing options.
Fast funding: Once approved, Kashable loans are typically funded within one to three business days. This quick turnaround time can be especially helpful for those facing unexpected expenses or financial emergencies.
No prepayment penalties: Borrowers who can pay off their Kashable loans early can do so without incurring any prepayment penalties. This flexibility allows borrowers to save on interest charges and reduce their overall debt burden.
Credit-building potential: Kashable reports loan payments to major credit bureaus, which can help borrowers establish or improve their credit history. By making consistent, on-time payments, borrowers may see a positive impact on their credit scores over time.
Easy application process: Kashable’s online application is user-friendly and straightforward, allowing borrowers to apply for a loan quickly and easily. The prequalification process also enables applicants to check their potential loan terms without impacting their credit scores.
Automatic repayments: Loan repayments are automatically deducted from the borrower’s paycheck, reducing the risk of missed payments or late fees. This setup helps borrowers stay on track with their repayment schedule and simplifies the repayment process.
Unsecured loans: Kashable loans are unsecured, meaning they don’t require collateral like a car or a house. This feature makes Kashable loans more accessible to borrowers who may not have valuable assets to secure a loan.
Helpful customer service: Many borrowers praise Kashable’s customer service team for being friendly, knowledgeable, and responsive. Customers appreciate the guidance and support they receive throughout the loan application and repayment process.
Easy to use mobile app: Kashable’s mobile app receives positive feedback for its user-friendly interface and convenience. Borrowers can easily manage their loans, view their balance, and make payments on the go.
Transparent terms and conditions: Several customers commend Kashable for providing clear and transparent information about their loan terms and conditions. This clarity empowers borrowers to make educated choices and grasp their financial commitments with clarity.
Financial education resources: Some reviewers appreciate the financial education resources Kashable provides, such as budgeting tools and credit score monitoring. These resources can help borrowers improve their financial literacy and make better-informed decisions.
Cons
High maximum APRs: Although Kashable’s starting APRs are competitive, their maximum rates can be as high as 35.99%. Borrowers with lower credit scores or less stable employment histories may be offered rates on the higher end of this spectrum.
Limited availability: Kashable loans are only available to employees of participating employers, which means not everyone can access these loans. If your employer isn’t partnered with Kashable, you won’t be eligible for their loan products.
Origination fees: Some Kashable loans may come with origination fees, which can add to the overall cost of borrowing. These fees are deducted from the loan proceeds before they are disbursed to the borrower, reducing the amount of money available for use.
Potential for cycle of debt: While Kashable loans can provide fast financial relief, borrowers must be cautious not to rely on them too heavily. If not managed responsibly, taking out multiple loans or continuously borrowing can lead to a cycle of debt that may be difficult to break.
Automatic payroll deductions: Although automatic payroll deductions can help borrowers stay on track with their repayments, they also reduce take-home pay. Borrowers must ensure they can afford the loan payments in addition to their regular expenses and financial obligations.
Lack of flexibility: Once a Kashable loan is disbursed, borrowers have limited options for adjusting their repayment terms or amounts. This lack of flexibility may be challenging if the borrower experiences a change in their financial situation during the repayment period.
Privacy concerns: Since Kashable loans are offered through employers, some borrowers may be uncomfortable with their employer knowing about their financial situation. While Kashable maintains strict privacy policies, the mere act of applying for a loan through an employer-sponsored program can feel intrusive to some.
Inconsistent approval process: A number of customers express frustration with Kashable’s loan approval process, describing it as inconsistent or unclear. Some borrowers feel that the reasons for their loan denials are not adequately explained or justified.
Long application processing times: While many customers report fast funding times, others have experienced delays in the application review and approval process. These delays can be particularly stressful for borrowers who need funds quickly to cover urgent expenses.
Difficulty with loan refinancing: Some borrowers have encountered challenges when attempting to refinance their Kashable loans. Customers report inconsistencies in the refinancing process and unclear eligibility criteria.
Aggressive marketing tactics: A few reviewers mention receiving frequent emails or notifications from Kashable encouraging them to borrow more money. These marketing tactics can be perceived as aggressive or tempting for borrowers who may already be in a vulnerable financial position.
Impact on credit scores: Although Kashable reports loan payments to credit bureaus, some customers have reported unexpected drops in their credit scores after taking out a loan. The exact reasons for these drops are not always clear, but borrowers should be aware of the potential impact on their credit.
Difficulty obtaining refunds for overpayment: Some customers have reported issues when trying to obtain refunds for overpayments on their Kashable loans. Borrowers have experienced delays or unresponsiveness from customer service when seeking to resolve these overpayment situations.
The Verdict: Should You Use Kashable Loans
Kashable loans can be a helpful tool for some borrowers, but they may not be the best choice for everyone.
You may benefit from a Kashable loan if:
- You are an employee of a participating employer and meet the eligibility requirements.
- You have a stable income and can comfortably afford the loan payments.
- You need fast access to funds to cover unexpected expenses or consolidate high-interest debt.
- You have a clear plan for repaying the loan and avoiding a cycle of debt.
- You value the convenience of automatic payroll deductions and the potential credit-building benefits.
However, you may want to consider alternatives if:
- You are not employed by a participating employer or do not meet the eligibility criteria.
- You have concerns about the high maximum APRs or the potential for origination fees.
- You are uncomfortable with your employer being aware of your financial situation.
- You have a history of struggling with debt or are unsure about your ability to repay the loan.
- You need more flexibility in your repayment terms or loan management options.
Ultimately, the decision to use a Kashable loan should be based on a careful evaluation of your financial circumstances, your ability to repay the loan, and your overall financial goals. Before applying, be sure to:
- Review the loan terms and conditions carefully.
- Consider the total cost of borrowing, including interest and any fees.
- Explore alternative options, such as personal loans from banks, credit unions, or other online lenders.
- Assess your budget and ensure that you can comfortably afford the loan payments.
- Read customer reviews and research the experiences of other borrowers.
By taking a thoughtful and informed approach, you can determine whether a Kashable loan is the right choice for your unique financial situation. Remember, borrowing money is a significant responsibility, and it’s essential to make decisions that support your long-term financial health and well-being.
Alternatives to Kashable Loans
Some alternative lenders to Kashable Loans include:
SoFi: SoFi, short for Social Finance, is a financial technology company that offers a range of financial products and services, including personal loans, student loan refinancing, mortgages, investment services, and more. SoFi is known for its competitive rates, user-friendly online platform, and focus on customer service.
Salary Finance: Salary Finance is a financial technology company that partners with employers to offer financial wellness solutions to their employees. They provide access to affordable loans, savings programs, and financial education to help employees improve their financial well-being.
Upstart: Upstart is a lending platform that uses artificial intelligence and machine learning to assess creditworthiness beyond traditional credit scores. They offer personal loans with competitive rates based on factors such as education, job history, and other data points.
FinFit: FinFit is a financial wellness platform that provides employees with tools and resources to improve their financial health. They offer services such as financial education, budgeting tools, early wage access, and access to affordable loans.
BMG Money: BMG Money is a financial services company that specializes in providing emergency loans to federal employees. They offer loans with competitive rates and flexible repayment options, catering to the unique financial needs of government employees.
TrueConnect: TrueConnect is a financial wellness benefit program offered through employers that provides employees with access to affordable loans. TrueConnect partners with employers to offer small-dollar loans with reasonable terms and repayment options, helping employees avoid predatory lending practices.
Conclusion
Kashable Loans offer a unique and potentially beneficial borrowing solution for employees of participating companies. With competitive interest rates, fast funding, and the convenience of automatic payroll deductions, Kashable can be an attractive option for those in need of short-term financing.
However, it’s crucial to carefully consider the potential drawbacks, such as high maximum APRs, limited availability, and the risk of falling into a cycle of debt.
Before applying for a Kashable Loan, compare the terms and conditions with other lending alternatives, assess your financial situation, and ensure that you have a clear plan for repaying the loan. By weighing the pros and cons and making an informed decision, you can determine whether Kashable Loans are the right choice for your unique financial needs and goals.
Frequently Asked Questions
1. Who is eligible for a Kashable loan?
To be eligible for a Kashable loan, you must be employed by a company that has partnered with Kashable to offer these loans as a voluntary benefit. You’ll also need to meet certain credit and employment criteria, which may include a minimum credit score and a stable employment history.
2. How much can I borrow with a Kashable loan?
Kashable offers loans ranging from $250 to $20,000, depending on your eligibility and the specific loan terms offered by your employer. The exact loan amount you qualify for will be determined by factors such as your income, credit history, and debt-to-income ratio.
3. What are the interest rates for Kashable loans?
Interest rates for Kashable loans can vary depending on your creditworthiness and the specific loan terms. Rates typically range from 6% to 35.99% APR, with the most competitive rates reserved for borrowers with excellent credit and a strong financial history.
How long does it take to get approved for a Kashable loan?
The application process for a Kashable loan is designed to be quick and straightforward. Most applicants receive a decision within a few minutes to a few hours of submitting their application. If approved, funds are typically disbursed to your bank account within one to three business days.
4. How do I repay my Kashable loan?
Repayment for Kashable loans is handled through automatic payroll deductions. When you apply for a loan, you’ll agree to have a portion of your paycheck withheld each pay period to cover your loan payment. This ensures that your payments are made on time and simplifies the repayment process.
Can I pay off my Kashable loan early?
Yes, you can pay off your Kashable loan early without incurring any prepayment penalties. If you have the financial means to pay off your loan ahead of schedule, doing so can save you money on interest charges and help you become debt-free sooner.
5. Will taking out a Kashable loan impact my credit score?
When you apply for a Kashable loan, the company will conduct a hard credit inquiry, which may cause a small, temporary dip in your credit score. However, as you make on-time payments on your loan, Kashable will report your positive payment history to the credit bureaus, which can help improve your credit score over time.
6. What can I use a Kashable loan for?
Kashable loans can be used for a variety of purposes, including debt consolidation, unexpected expenses, home repairs, medical bills, or other financial needs. However, Kashable loans cannot be used for postsecondary educational expenses, such as tuition, fees, or room and board.
7. What if I have trouble repaying my Kashable loan?
If you experience financial difficulties that impact your ability to repay your Kashable loan, it’s essential to reach out to the company’s customer support team as soon as possible. They may be able to work with you to create a modified repayment plan or provide guidance on your options for managing your debt.
Emily Johnson is a seasoned loan expert whose passion lies in empowering individuals to make informed financial decisions. With years of experience in the lending industry, Emily has honed her expertise in various loan products and strategies.