We all may have experienced a need for some extra cash before. There may be several options, including allotment loans, loans in which the borrower can allocate funds straight from their paycheck, and personal loans, popular funding options for short-term emergencies. An allotment and Personal loan definitely overlap and are pretty similar. 

Kashable is a lender that offers allotment loans for private and federal government workers/employees, which can be used for almost any emergency expense. They are just one place to start; there are many personal and allotment loans like Kashable.. Continue reading to learn everything you need about Kashable and an alternative through CreditNinja! 

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.

Loans Like Kashable: 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. Along with their loans, Kashable offers a credit monitoring service; for that, you only need to create an online Kashable account. 

The Basics of Allotment Loans

Because Kashable loans are 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 Loans With Kashable

Kashable loans can be used for a variety of expenses, including medical expenses, car repairs, or for paying off debt. Loan amounts range between $250 and $2,500, and loan terms can range between six and 24 months. And 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 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.”

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. 

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. 
  • Repayment terms can vary from a few months or over 12 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. 

*Applications approved before 10:30 a.m. CT Monday-Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case the loan, if approved, will be funded the business day after such additional verification is completed.

References:

Homepage | Kashable

Low-Cost Loans for Employees | Kashable

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