Kashable is essentially a type of employee benefit program some employers may offer. With Kashable, employees can access their paychecks early, and pay back the balance plus any fees when they receive that paycheck.
Kashable offers these loans to private and federal employees for emergency expenses. This guide explains how Kashable works and highlights similar loan options, including alternatives though CreditNinja.
If you’re dealing with an unexpected bill, a medical emergency, or just need to catch up between paychecks, loans like these can offer fast relief without the hassle of traditional lending. They’re especially useful when you need help now and prefer automatic paycheck deductions to stay on track.
Kashable Loan: What You Need To Know
Kashable is a unique financial service that employers can sign up for. And so, to get one of these loans, your employer must offer these loans as an option. You can quickly check whether your place of work provides these loans through Kasable’s website. If your place of employment does not offer Kashable loans, you won’t be able to use them; however, you can refer them to your HR department. Along with their loans, Kashable offers a credit monitoring service; for that, you only need to create an online Kashable loan account.
The Basics of Allotment Loans
Since Kashable offers allotment loans, it is important to understand exactly what they are. With allotment loans—also called payroll deduction loans or payroll allotment loans—your payments to your lender will be made directly from payroll. This means a few things:
- You won’t have to make the payments yourself (usually).
- You will see the payment amount deducted from your paychecks until the loan is repaid in full.
Allotment loans are available for those who work for a private company or the federal government, including military workers. The interesting thing about loans, if you are a current or past military member, is that due to the military lending act, APRs for your loans cannot exceed 36%, which is applied to loan types, including installment loans, personal loans, and payday loans.
Details on How A Kashable Loan Works
Kashable loans can be used for a variety of expenses, including medical expenses, car repairs, or paying off debt. Loan amounts range between $250 and $2,500, and loan terms can range between six and 24 months. Interest rates can start at 6% for borrowers with the best FICO credit scores and go up to 35.99% for borrowers with a low FICO credit score.
These loans are available in every state except West Virginia, and they also offer loans for refinancing.
What Will the Kashable Application Process Look Like?
On Kashable’s website, you’ll see three categories of guides: loans for employees, loans for federal government employees, and loans for employers. These are pretty straightforward; loans for employers for anyone who isn’t a federal employee. The loans for federal employees section is for people who are federal employees. And the employers section is for employers interested in signing up for Kashable.
When applying for one of these loans as an employee, here is what the application process looks like with Kashable:
Step One: Register and Verify Employment
The first step of the application process with Kashable is to create an account online. You’ll then verify your personal number, email address, and employment.
You’ll notice that federal government employees that Kashable is already set up, so no need to check whether your employer works with Kashable if you fall under the umbrella of federal government employees.
Step Two: Fill Out the Online Loan Application
The next step is to let Kashable know how much money you want to borrow and review the repayment schedule and the potential costs. If approved, you can sign the loan agreement electronically.
Step Three: Set up Repayment
Once you have provided the signed loan agreement, repayment will usually be automatically set up through your payroll system, and if not, you can set it up in this step of the application process.
Sept Four: Get the Funds
Once everything looks good, Kashable will deposit the loan proceeds into your bank account.
Regardless of whether applicants are federal workers or work for a private employer, the application process will be pretty similar with Kashable.
What To Expect With Repayment
Regarding repayment with Kashable, the funds will come directly from your work’s payroll. Your monthly payment amount will depend on your specific annual percentage rate, interest rate, loan amount, and repayment length. Here is an example that they provide on their website:
“A 12-month $3,500 loan with a finance charge of $265.74 and a 14.89% APR has 26 bi-weekly installments of $140.49 each. An 18-month $4,000 loan with a finance charge of $655.25 and a 21.20% APR has 39 bi-weekly installments of $114.75 each.”
Finding the Right Personal Loan
Personal loans are usually the first choice for many people when they need financial assistance through a loan. These loans are widely available, easy to apply for, and highly versatile. And with a fixed interest rate (typically, fixed rate loans are the standard), you’ll repay them like installment loans in predictable, equal payments.
Personal loans can be a great alternative to payday loans for borrowers with bad credit. If you are thinking about a personal loan, you can look to traditional lenders such as banks and credit unions or turn to online lenders.
When you begin your search for a personal loan, you may find a wide variety of options, and that can make things confusing. However, finding the right personal loan can be much easier once you know what to look out for. Here are some qualities that your personal loan should have:
Competitive Interest Rates
Interest will likely be your loan’s highest cost, so compare your rates to find your best deal.
- A Flexible Repayment Plan — Think about whether you want a short-term or long-term loan. Also, ask about prepayment penalties.
- An Easy Application Process — An easy and fast process is essential for emergency funding.
- A monthly payment that fits your budget well.
- No hidden fees.
- Exceptional customer service backing your loan.
CreditNinja: How Does It Compare?
At CreditNinja, we offer personal installment loan options, and you can apply for them regardless if you work for the federal government, a private company, or work for yourself, and you don’t have to get your employer involved. CreditNinja has been helping borrowers since 2018 with our financial solutions.
Pros and Cons of Kashable
Before applying for loans like Kashable, consider the pros and cons.
Pros:
- No monthly payments because you will repay the balance with your paycheck
- No minimum credit score required in order to qualify
- Free credit monitoring when you have a loan
- Fixed APRs
Cons:
- Your paycheck may seem smaller because of the payment deductions
- If your loan gets out of hand it may be hard to cover other expenses like bills.
- May come with higher interest rates, especially for those with poor credit scores
Some Benefits of Working With CreditNinja for Personal Loans
Curious about some of the benefits that borrowers who work with us offer,here are some advantages of CreditNinja:
- Once approved, you may get same-day funding!*
- Regardless of a credit check, you can apply for our loan programs even with bad credit history or a low FICO credit score.
- A quick and easy application process.
- Exceptional customer service.
- No hidden fees.
- No prepayment penalties.
- Flexible repayment, loans up to 24 months.
- You don’t need to worry about gathering loan documents; everything can be done online.
The Application Process When Working With CreditNinja
Our application process when working with CreditNinja is extremely simple; here is what the loan process will look like when applying for emergency loans through us:
Fill Out a Loan Application
The first step is to begin with our online loan application. This part is only a few simple steps, and you’ll need to add some basic personal information and details on income.
Find Out About Approval
Once you submit your application, you will find out about approval shortly.
Get Your Funding
If approved for funding, you can get the loan proceeds deposited directly into your bank account.
FAQ
Are allotment loans legit?
Yes, allotment loans are legitimate, especially for U.S. federal, government, and some public-sector employees. These loans let you borrow money and repay it through automatic paycheck deductions.
What is the maximum loan amount for Kashable?
The maximum Kashable loan amount is $20,000
What is the online application process for a Kashable loan?
Yes, you can apply online for loans similar to Kashable. Many financial institutions and fintech companies offer quick and convenient online application processes for personal loans that cater to individuals seeking short-term financing solutions
How do Kashable allotment loans work?
Kashable loans operate as a unique financial solution designed primarily for employees of participating companies, allowing them to access personal loans based on their income and employment status.
