Kashable offers employee-focused installment loans that are generally repaid through automatic payroll deductions. Employees typically need to work for a participating employer to access Kashable, while eligible federal employees may also have access for emergency expenses.
This guide explains how Kashable works and highlights similar loan options, including alternatives like CreditNinja.
If you’re dealing with an unexpected bill or a gap between paychecks, loans like Kashable are one option to consider. They may appeal to borrowers who prefer automatic paycheck deductions to help them stay on track with payments compared to other funding options.
CreditNinja is not affiliated with Kashable® or the other lenders named on this page. All trademarks belong to their respective owners.
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 them as an option. You can quickly check whether your place of work provides these loans through Kashable’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.
How Are Kashable Loan Payments Made?
Kashable generally uses automatic payroll deductions to collect scheduled loan payments. This means borrowers typically have their installment payment deducted directly from their wages rather than making each payment manually. Kashable also uses automatic repayments through wage allotment for eligible federal employees.
While automatic deductions may make payments easier to remember, they also reduce the amount of each paycheck available for other expenses. Borrowers should review the payment amount and repayment schedule before accepting a loan.
CreditNinja offers a different structure. Borrowers apply directly online rather than accessing the loan through an employer-sponsored benefit program, which may appeal to consumers who want a personal installment loan that is not connected to their workplace.
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 couple of 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 to some private-sector and federal government employees. If you’re an active-duty servicemember or a covered dependent, the Military Lending Act generally caps the rate on most consumer loans at 36%. Keep in mind that Kashable’s loans aren’t currently available to active military members or their dependents.
For postal workers wondering, “are postal allotment loans legit?” these loans can be legitimate, but it’s still important to verify the lender and review the rates, fees, and repayment terms before borrowing.
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 from $250 to $30,000, with loan terms from 6 to 36 months. APRs 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.
Kashable’s program for federal employees is available in every state except West Virginia, plus Washington, D.C. and Puerto Rico. For private-sector employees, availability can vary by state and employer. Kashable also offers refinancing for eligible loans.
Kashable loans are issued by Kashable’s lending partners, not Kashable itself.
What Will the Kashable Application Process Look Like?
On Kashable’s website, you’ll see three categories of guides on how to apply: loans for employees, loans for federal government employees, and loans for employers.
When applying for one of these loans as an employee, below is what the application process looks like:
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 phone number, email address, and employment.
You’ll notice that federal government employees are 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. If not, you can set it up during this step of the application process.
Step 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 payment amount will depend on your specific annual percentage rate, loan amount, and repayment length.
Pros and Cons of Kashable
Before applying for loans like Kashable, consider the pros and cons.
Pros:
- Automatic payroll deductions may make payments easier to manage.
- Checking your rate won’t affect your credit score, though a full application may involve a hard credit check.
- Eligible employees can conveniently apply online.
- Payments may be reported to credit bureaus.
Cons:
- Generally depends on employer participation.
- Payroll deductions reduce the amount of each paycheck available for other expenses.
- Origination fees apply, and rates may be higher for borrowers with weaker credit.
- Not currently available to active military members or their dependents.
Alternatives to Kashable Loans
When considering loans like Kashable, there are a few options you may come across:
- Personal Installment Loans – You receive your funds in a lump sum and repay the balance through scheduled installments. This option doesn’t necessarily require employer participation or payroll deductions.
- Payroll Deduction Loans – These loans are repaid automatically through deductions from your paycheck, similar to how Kashable generally handles repayment.
- Credit Union Loans – Personal loan option that’s available to qualifying credit union members.
- Payday Loans – Short-term loans that are typically due by your next payday. They usually have shorter repayment periods than installment loans.
Finding the Right Personal Loan
Personal loans are a common first choice for many people when they need financial assistance. These loans are often available online 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.
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.
Compare Interest Rates, Fees, and Total Loan Cost
Before accepting any personal loan, look at more than the advertised interest rate. Lenders may charge interest as well as additional fees that affect the total amount you repay.
Kashable currently advertises APRs from 6% to 35.99%, with its lowest rates reserved for the most creditworthy borrowers. Its current loan examples also show an origination fee of $225 on a $5,000 loan and $1,500 on a $30,000 loan. Actual costs depend on the loan offer.
Borrowers with good credit or a stronger financial profile may have more opportunities to qualify for lower interest rates from some lenders. However, always compare personalized offers, fees, repayment periods, and total loan amount.
CreditNinja provides approved applicants with personalized loan amounts, rates, and terms so they can review the offer before moving forward.
CreditNinja: How Does It Compare?
At CreditNinja, we offer personal installment loan options. You can apply for them regardless of whether you work for the federal government, a private company, or work for yourself, and you don’t have to get your employer involved. We have offered financial solutions to borrowers since 2018.
Some Benefits of Working With CreditNinja for Personal Loans
Here are some benefits of working with us:
- Once approved, you may get same-day funding!*
- No minimum credit score required to apply, and your credit score isn’t the only thing we consider.
- A quick and easy application process.
- If approved, you’ll see a personalized loan amount, rate, and terms before you sign.
- No prepayment penalties.
- Flexible repayment, loans up to 24 months.
- You can apply and manage your loan online.
The Application Process When Working With CreditNinja
Our application process is extremely simple; here is what to expect when you apply for a personal installment loan with 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’ll get a decision shortly. If approved, you’ll see your personalized loan amount, rate, and terms.
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 can be legitimate, especially for U.S. federal, government, and some public-sector employees, but it’s important to verify the lender and review the rates, fees, and terms before borrowing. 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 $30,000.
What is the online application process for a Kashable loan?
With Kashable, you create an account, verify your employment, choose how much to borrow and review your terms, then sign your loan agreement online. Once repayment is set up through payroll, Kashable deposits the funds into your bank account.
How do Kashable allotment loans work?
Kashable loans are personal installment loans designed primarily for employees of participating employers and eligible federal employees. Payments are deducted automatically from your paycheck until the loan is repaid.
How do employee loans work?
Employee loans may be offered through an employer benefit program or through a lender that partners with an employer. With Kashable, eligible employees apply online, and repayments are typically deducted automatically through payroll. Private-sector access generally depends on whether an employer participates in the Kashable program.
Can you get loans like Kashable with bad credit?
Yes, borrowers with bad credit may still have options, although approval and loan terms will depend on the lender’s requirements and the applicant’s overall financial profile. Kashable may consider several factors when reviewing an application, and private-sector access can also depend on whether your employer participates in its program.
CreditNinja’s Final Thoughts
CreditNinja offers eligible borrowers another option to consider because you can apply directly online without needing access through an employer-sponsored lending program. When comparing loans like Kashable, review the APR, fees, repayment terms, loan amount, and eligibility requirements to find an option that fits your situation.
Check out our blog for more financial topics, like how to ask for a loan from your boss.
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