Kashable Loan Requirements, Kashable Reviews & Legitimacy
You are likely here because you searched for “Kashable loans reviews” in an attempt to determine the legitimacy and value of Kashable personal loans. Allow me to share my findings after conducting thorough research on Kashable, providing you with an accurate assessment of whether these loans are commendable or not.
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Table of Contents
What is Kashable?
First and foremost, let’s delve into the intriguing world of Kashable. Kashable is an esteemed online lending institution that specializes in providing personal installment loans ranging from $250 to $20,000. Their unique selling point lies in their ability to offer swift short-term loans without subjecting borrowers to a rigorous credit check.
Established in 2012, Kashable proudly calls Austin, TX its home base. Operating across more than 30 states, this dynamic company boasts an impressive track record, having successfully funded over $200 million in loans.
How Do Kashable Loans Work?
Here’s a breakdown of how Kashable’s lending process works:
1. Begin by completing a brief online application, providing some essential personal information. This step should only take 2-3 minutes of your time.
2. Kashable conducts a soft credit check to prequalify you for a loan, ensuring that your credit score remains unaffected.
3. If you meet the prequalification criteria, you will receive an instant loan offer detailing the loan amount, APR, and repayment terms.
4. To facilitate the deposit of funds and subsequent payment withdrawals, you will need to link your bank account.
5. Once everything is in order, Kashable promptly transfers the loan funds into your account, often as soon as the next business day. We pride ourselves on delivering fast cash when you need it most!
The repayment terms for our loans range from 6 to 24 months, with fixed monthly payments. Additionally, we do not impose any prepayment penalties, allowing you to pay off the loan ahead of schedule without incurring any extra charges.
Experience the convenience and efficiency of Kashable’s lending process today!
Kashable Loan Requirements
Are you uncertain about your eligibility for a Kashable loan? Let’s take a look at the fundamental criteria you need to meet:
1. You must be at least 18 years old.
2. You need to have a valid Social Security number.
3. You must possess an active checking account.
4. You should have a regular income of at least $1,000 per month.
5. You must have avoided bankruptcy or foreclosure in the past 12 months.
6. You should not have any recent outstanding loan defaults.
While it is stated that fair credit is required to qualify, Kashable appears to be more flexible compared to other lenders. They are even willing to consider applicants who have bad credit or maxed-out credit cards. This presents an excellent opportunity for individuals with less-than-stellar credit!
Kashable Loan Costs and Fees
This is a crucial section now, so let’s discuss the cost of Kashable loans. The main rates and fees are as follows:
Interest Rates:
Our interest rates range from 6% to 35.99% APR, depending on your unique financial situation.
Origination Fee:
For most loans, there is a 6% origination fee that is deducted from the loan amount. For instance, on a $1,000 loan, $60 will be allocated towards fees.
Late Fees:
We understand that missing a payment due date can be frustrating, which is why we have a $15 late fee in place. We strive to ensure a smooth experience for our customers.
Prepayment Penalties:
The good news is that we do not impose any prepayment penalties. You have the freedom to pay off the full balance ahead of schedule without incurring any additional fees.
Non-sufficient Funds Fees:
In the event that your scheduled payment bounces, a $15 non-sufficient funds fee will be applied.
It is important to note that our interest rates may appear relatively high when compared to alternatives such as credit cards or personal bank loans. Therefore, it is advisable to prioritize paying off the loan as soon as possible to avoid accumulating excessive interest charges.
At Kashable, we aim to provide a professional and transparent lending experience, ensuring that our customers are well-informed about the costs associated with our loans.
Kashable Loan Amounts
Kashable provides personal loans ranging from $250 to $20,000, with the maximum amount you can borrow determined by your income, existing debts, and credit history. It is worth noting that smaller loan amounts, such as $250 to $1,000, are more likely to be approved promptly.
However, it is advisable to borrow only the amount you truly require, even if you are eligible for a larger loan. Opting for a smaller loan will result in paying less interest in the long run.
Kashable Loan Terms
You have the flexibility to select loan repayment terms ranging from 6 to 24 months. Opting for shorter terms will result in higher monthly payments but lower interest fees.
To provide you with a clearer understanding, let’s take a look at a few examples of loan terms and their corresponding monthly payments:
- For a 12-month term, you can secure a $1,000 loan with manageable monthly payments of $95.
- If you prefer an 18-month term, you can obtain a $3,000 loan with monthly payments of $185.
- Alternatively, a 24-month term allows you to borrow $5,000 with monthly payments of $265.
To minimize your interest fees, it is advisable to aim for the shortest term that aligns with your financial capabilities each month. Moreover, it’s worth noting that you have the option to exceed the minimum payment if you wish to expedite your loan repayment process.
By offering you this range of loan terms, we strive to provide you with flexibility and convenience while ensuring that you can effectively manage your financial obligations.
Kashable Loan Pros
Let’s take a closer look at the key features of Kashable loans:
1. Fast online application process with instant decisions – it only takes 2-3 minutes to apply.
2. Soft credit checks that do not negatively impact your credit score.
3. Quick next-day funding once approved to get cash fast
4. Bad credit is okay – more flexible than other lenders
5. No prepayment penalties, allowing you to settle the outstanding balance ahead of schedule.
When you find yourself in need of immediate funds, Kashable offers a range of appealing benefits.
Kashable Loan Cons
While Kashable may seem like a convenient option for quick cash, it is important to consider the potential drawbacks. Here are some factors to keep in mind:
- Very high interest rates of up to 35.99% APR – that’s high!
- Origination fees take 5% of the loan amount for fees.
- Short minimum terms of only 3-6 months – make payments high.
- Can’t borrow large amounts – maximum only $20,000 approved.
- Might not report to credit bureaus so the loan might not help your credit.
Moreover, it is worth noting that Kashable may not report your loan activity to credit bureaus. As a result, the loan may not contribute to improving your credit score, which could be a disadvantage for those seeking to build or repair their credit history.
Alternatives to Kashable Loans
Not convinced about Kashable? Here are several alternative options for obtaining personal loans:
- Online lenders such as Upgrade, LendingClub, and Prosper provide convenient loan services.
- Credit unions frequently offer personal installment loans tailored to your needs.
- Banks and mortgage lenders like Wells Fargo and loanDepot are reliable sources for personal loans.
- Credit unions also provide payday alternative loans, which are short-term loans with lower interest rates.
- Borrowing from family or friends is an option, although it may strain relationships. However, no interest fees are involved.
- Credit cards offer cheaper interest rates, but the payments are variable and not fixed.
By exploring these alternatives, you can find the most suitable personal loan option that meets your requirements.
Reviews from Real Customers
Here’s what some of our valued Kashable customers have shared about their experiences:
Jennine S.
“I was pleasantly surprised by how quickly I received the money. However, I underestimated the monthly payment, which proved to be challenging given my lower salary and the short-term nature of the loan.”
Kevin T.
“Choosing Kashable over a payday lender was definitely a wise decision. Although the interest rate was high, I was well aware of that from the start. What impressed me the most was the ability to pay off my loan ahead of schedule without any additional fees.”
Michael L.
“I’m still puzzled as to why my application was denied. With my excellent credit and income, I expected a different outcome. Unfortunately, I won’t be giving them another chance.”
At Kashable, we value the feedback of our customers. We understand that each individual’s experience may vary, and we strive to continuously improve our services to meet the needs and expectations of all our clients.
Is Kashable Loans Legitimate?
Is Kashable a reputable company or merely an untrustworthy payday lender? Based on my research, it appears that Kashable is indeed a legitimate company. With over a decade of experience, they are a state-licensed direct lender.
Prominent review platforms such as LendingTree, Trustpilot, and the Better Business Bureau (BBB) predominantly feature positive Kashable reviews, indicating a favorable reputation for the company. Moreover, Kashable seems to prioritize transparency by providing clear information about their interest rates and fees.
Although Kashable offers loans at a considerable cost, it is important to note that they operate within the bounds of the law and do not engage in fraudulent activities. However, it is crucial for borrowers to thoroughly read the fine print and fully comprehend the loan terms before proceeding.
By enhancing the language, adopting a more professional tone, and providing additional context, the revised passage presents a more engaging, credible, and comprehensible assessment of Kashable’s legitimacy as a lending company.
FAQs about Kashable Reviews
Do payday lenders exist on Kashable?
No, Kashable is an installment loan lender. Their loans offer fixed monthly payments and have terms ranging from 6 to 24 months. On the other hand, payday loans are distinct as they are much shorter in duration, typically lasting only 1 to 2 weeks. Additionally, payday loans necessitate a post-dated check or debit authorization for repayment.
What minimum credit score does Kashable require?
Kashable does not impose a minimum credit score requirement. Although they suggest that a “fair” credit score is preferable, they are willing to collaborate with individuals who possess poor credit or have reached the limit on their credit cards. In terms of credit prerequisites, they exhibit greater flexibility compared to other online lenders.
Does Kashable do hard credit checks?
No, Kashable only conducts a soft credit inquiry when you submit your application. This allows them to review your credit report and score without negatively impacting it. If your application is approved, Kashable will access your credit report, but they will not perform a hard inquiry.
Can I apply for more than one Kashable loan?
Yes, it is possible to apply for multiple Kashable loans. However, you cannot have multiple loans simultaneously. You must first repay your existing Kashable loan before being eligible for another one.
Does Kashable serve loans in my state?
Kashable currently offers loans in more than 30 states across the United States. The states that are not served by Kashable include Alaska, Arkansas, Connecticut, Hawaii, Iowa, Maine, Mississippi, North Carolina, North Dakota, Vermont, and West Virginia. For the most up-to-date list of eligible states, please refer to their website.
How quickly is the money deposited?
Kashable offers same-day funding if you apply early in the day. However, many customers have reported receiving the deposit on the next business day following approval. For instance, if you submit your application on a Monday morning, the funds will typically arrive in your bank account on Tuesday morning.
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