When going through a financial emergency, there are several different types of funding available. There are debt consolidation loans, payday loans, personal installment loans, and even a credit card Cash advance, to name a few. These types of loans are available via private lenders, direct lenders online, banks, credit unions, and financial institutions like King of Kash.
Here, you will learn how loans like King of Kash work as well as the other funding options available. Once you have all the facts, you can decide which loan type and provider can help you the most.
Finding the Right Personal Loan
Ready to find the best type of loan to suit your needs? Finding such a loan doesn’t have to be a huge hassle when you have a plan! Before you apply for a loan, consider the following:
- Are you looking for a secured or unsecured loan?
- How much would you like your monthly payments to be?
- What does your most recent credit report look like?
How Will a Loan Affect My Finances and Credit History?
Usually, when borrowers apply for loans or lines of credit, lenders will perform a hard credit check. A hard credit check is an official inquiry into your credit score and credit report. Hard credit checks have the ability to affect your credit score in a negative way if lenders request too many of them within a short period of time.
To avoid unnecessary damage to your credit, borrowers and financial institutions may also request a soft credit check. Soft credit checks usually don’t affect credit, and borrowers may request them as often as they like.
King of Kash does not perform traditional hard credit checks during their approval process. Instead, they may just request a soft credit check to confirm that you are not currently going through bankruptcy.
While King of Kash does not perform traditional credit checks and does not report to traditional credit bureaus, they do utilize the services of several non-traditional credit reporting agencies. If you make late loan payments or default on your loan, King of Kash may report your negative activity to those non-traditional credit reporting agencies. Although your activities are reported with non-traditional credit reporting agencies, they still have the ability to affect your official credit reports and credit scores.
Loans Like King of Kash: What You Need To Know
King of Kash has a few qualification requirements borrowers must meet in order to receive approval. Those requirements are:
- Customers must have an open and active checking and/or savings account for at least 30 days.
- Borrowers must have a Visa or MasterCard debit or credit card in their name.
- A phone number where the borrower can be reached (a mobile number or a landline).
- A borrower must be at least 18 years of age or older.
- A borrower must be a U.S. citizen.
- A borrower must have a verifiable Social Security number.
- A borrower must have a valid form of photo identification.
King of Kash store locations operate within the hours of 10 AM–6 PM Monday through Friday and 10 AM–1 PM on Saturday. You can also reach King of Kash’s customer service and VIP phone center between the hours of 8 AM–6 PM Monday through Friday and 9 AM–1 PM on Saturday.
Regarding funding amounts, borrowers can receive $100 to $5,000 with King of Kash. However, if it is your first time receiving a loan with King of Kash, you are limited to a maximum loan amount of $800. Once you are approved and ready to receive your cash loan, King of Kash may deliver your approved funds via the following methods:
- Physical checks that borrowers may pick up at a King of Kash store location.
- Wire transfers sent to the borrower’s bank account within King of Kash’s operating hours.
- ACH transfer sent to the borrower’s bank account the following business day upon approval.
King of Kash also offers a 24-hour grace period on all of their loans. A grace period is a set amount of time when borrowers can change their minds about their loans. Furthermore, King of Kash does not charge any interest on loans where borrowers repay the total funded amount within 24 hours.
Lastly, King of Kash provides a 100% refund policy for any payment that is taken in error and for payments that are not in accordance with the terms of a borrower’s loan agreement.
While King of Kash does not charge early payment fees, they do charge late payment penalties. Some penalties if you do not make your King of Kash loan payments on time are:
- Late payment fees.
- Return items fees.
- For King of Kash credit cards, you may receive a decrease in your available credit limit.
- Difficulty finding approval for King of Kash loans in the future.
Borrowers may submit loan payments to King of Kash via the following ways:
- Over the phone or in person (requires a Visa or MasterCard debit or credit card).
- Via money order at a King of Kash store location.
- Via ACH (must give ACH Authorization).
If borrowers do not make payments via any of the methods listed above, King of Kash may automatically withdraw the due funds from your checking account.
What Types of Loan Products Does King of Kash Offer?
Borrowers may apply for King of Kash loans in person, over the phone, or online. Below is more information on the financial products offered by King of Kash.
Personal Loans: Personal loans tend to be the most popular choice amongst borrowers because they are such a versatile form of funding. You can use personal loan funds for just about any financial emergency. Traditionally, borrowers with higher credit scores qualify for lower interest rates, while subprime borrowers may be stuck with higher rates until they can boost their credit scores.
Line of Credit: A line of credit is a revolving form of funding, which means borrowers have renewed access to a preset credit limit every month. Unlike other loans, borrowers are only charged interest on the funds they actually use, not their entire credit limit amount.
Signature Loans: A signature loan is a type of funding where the loan deal is secured by the borrower’s signature. For this type of loan, the borrower’s signature replaces traditional collateral like a car or a home. Instead, the borrower’s signature represents their credibility which lenders use to determine loan approval, funding amounts, interest rates, etc.
Installment Loans: An installment loan is funding borrowers pay back in monthly installments, hence the name. Typically, interest rates for installment loans can be either fixed or variable. Fixed-rate loans have a consistent interest rate throughout the life of the loan, while variable rates may change with current market conditions.
Rapid Cash Loans: Rapid cash loans are a type of payday loan meant to give borrowers early access to their paychecks. King of Kash rapid cash loans usually come in funding amounts of $1,000 or less.
Short-Term Loans: Borrowers who don’t want to make a long-term commitment out of their funding can turn to short-term loans. With this type of loan, borrowers typically repay the full balances within a few weeks or less.
Same-Day Loans: Consumers going through dire financial emergencies may consider same-day loans to get their funding in a timely manner. To refrain from acquiring too much debt, borrowers should strive to pay off their same-day loans within a few days or less.
$500 Loans and $1000 Loans: These loans are exactly what they sound like, loans that come in funding amounts of either $500 or $1,000. These loans are available to returning customers of King of Kash. If it is your first time getting a loan with King of Kash, your loan amount is limited to $800.
Alternatives Loans Besides King of Kash
There are more options besides King of Kash loans out there, even if you have a bad credit score! Below are other financial products and providers you may consider.
A payday loan is a type of short-term funding that almost always comes with a low loan amount and a very high-interest rate. Payday loans have such a short repayment period that lenders usually expect borrowers to pay off their loan balances in about fourteen days!
Car Title Loans
Similar to payday loans, car title loans are another type of short-term funding known for their short loan terms and high-interest rates. If you are wondering how much you could get for your car title loan, look into the equity in your vehicle. Borrowers with vehicles with higher equity may be eligible for higher loan amounts than those with vehicles with little to no equity.
If you own a business or company, you may be able to take advantage of business loans to pay for your business expenses. You may utilize this type of loan for just about any business-related need, including payroll, inventory, or store location costs.
Banks are financial institutions that offer loans, checking accounts, savings accounts, and other financial products and services. However, keep in mind that banks are traditional lenders, which means they usually only work with consumers who have good credit, no history of bankruptcies, and a pristine payment history.
Credit Union Loans
Credit unions are niche non-profit financial organizations that provide their members with loans and other financial services. Many credit unions are small local institutions, which means you may not have access to convenient online banking options when it comes to applying, receiving approved loan funds, and even repaying loan balances.
Pawn loans involve consumers leaving items of value (cars, jewelry, etc.) at a pawnshop in exchange for cash. Borrowers can get their belongings back once they pay back the pawnshop owner. Otherwise, they risk having their property sold to another customer.
Other Options To Consider
You may also consider other non-loan alternatives such as:
- Using funds from your savings account or emergency fund.
- Asking friends or family to lend you the cash you need.
- Getting a temporary part-time job to earn extra income.
- Having a garage sale to declutter your home and earn some money.
CreditNinja: How Does It Compare?
CreditNinja is a direct lender that has worked to connect borrowers to easy installment loans since 2018. While the CreditNinja loan process takes place online, borrowers can easily reach a qualified loan representative if needed. But excellent customer service is just one of the reasons why over 275,000 people have chosen CreditNinja over the years.
How Does CreditNinja Stand Out?
Check out just a few of the perks borrowers can enjoy when they work with CreditNinja:
- Easy application.
- Fast funding upon approval.
- Competitive rates.
- Flexible terms.
How Do Personal Installment Loans With CreditNinja Work?
With CreditNinja, you can enjoy an online process that allows you to apply, work with a loan agent, and receive approved funds all from the comfort of your home. Start by filling out a loan application on the CreditNinja website.
Upon approval, you can send in your documentation. The information CreditNinja typically requires are proof of income, proof of residency, government-issued photo ID, and your bank account information. After your documents are processed, you can read your contract, sign it, and receive your money! CreditNinja distributes approved funds via direct deposit, which means your money should appear directly in your bank account.
Who Should Pick CreditNinja?
At CreditNinja, we seek to be a great alternative to the predatory lenders that subprime borrowers are usually left with. CreditNinja loans were designed for consumers who may have a less-than-perfect credit score and are in need of quick and efficient funding. Just because you don’t have perfect credit doesn’t mean you shouldn’t have access to convenient loans!
Additional Loan Options
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