“Do you take card?”
“Can you just Venmo me?”
“Sorry, I don’t have any singles.”
“What’s the bitcoin exchange rate now?”
With each new innovation in financial technology, our society grows closer and closer to becoming completely cashless. Credit cards, Venmo, bill payment and budgeting apps, and Bitcoin among countless others all have made it more efficient than ever to spend money, but there have been few innovations in how working Americans can access credit in a safe and affordable manner.
For many, borrowing happens without much due diligence or an understanding of their actions’ long-term implications. Making ends meet in the short-term is a high priority and no reliable or affordable alternatives seem to exist, especially for those of us with poor or no credit. Many people look to their retirement plans as a source of funds without recognizing the pitfalls of borrowing from their 401k such as the loss of potential investment gains, and the double taxation that occurs as a result.
At Kashable, we believe hard-working Americans deserve a better credit option. That’s why we developed a Socially Responsible Credit program to offer working Americans access to a low-cost loan to pay down expensive debt or cover unexpected expenses. Socially Responsible Credit is more than a tagline – it’s transforming how working Americans access credit when they need it most. Here’s what makes it special:
One loan at a time
To prevent over-borrowing, Kashable’s system ensures discipline. Even if approved for a larger amount, borrowers will still only have one loan to repay at a time. They have the option of taking a maximum loan amount that is 5-10% of their net pay. Yet borrowers do not have to take the maximum loan amount, with some borrowing as low as $250. Either way, we ensure that they will receive the funds to meet their needs while also being able to easily repay their loans; the best of both worlds.
Transparency
When it comes to personal loans, trust and transparency is critical. Borrowing is an important decision, and applicants deserve to see all the information that matters most in a clear and easy to understand manner.
Right from the beginning, Kashable provides its users with full disclosure regarding their:
- Loan terms (including the correct APR)
- What they will be repaying per paycheck
- The total cost of their loan
Additionally, a friendly and helpful customer support team provides answers to any question a borrower may have during any stage of the process.
Low rates
Kashable’s unique underwriting process incorporates employment data with credit score to enhance the credit profile of employees. This allows Kashable to lend to employees across the credit spectrum, even those who may have a weak credit score but have been employed with the company for a long time.
While other lenders may see borrowers as just a credit score, we see Bill, a long-term, hardworking employee who needs some financial help. Whether Bill has great credit, poor credit, or no credit history at all, if he’s been employed at the same company for several years, he is likely to be eligible for a Kashable loan at the best terms available to him in the open market.
Automatic repayments
Once an employee is approved for a Kashable loan, automatic repayments are set up through payroll, and the employee can select the repayment period that fits their needs. Automatic repayments make repayment effortless, removing the risk of late fees or overdraft fees.
Also, Kashable reports each of those automatically on-time repayments to credit bureaus, which create a unique opportunity for employees to build credit over time.
Financial literacy and education
How many of us can say we took Financial Wellness 101? While many Americans learn to play the recorder in middle school, we frequently miss out on essential financial lessons that help us understand how to be responsible spenders, savers and borrowers.
To help employees make the right financial decisions they can access our free financial literacy library at any time, even if they don’t apply for a Kashable loan. Once registered, they’ll have access to a free library of courses, tools, blogs, calculators and more.
Kashable also has built a communications library with digital newsletters and other materials to help clients communicate the benefit and promote financial wellness and literacy throughout their organization.
Laying the foundation of financial wellness
Kashable’s mission is to transform how working Americans access credit by laying a reliable and affordable foundation. Our Socially Responsible Credit program was designed to create disciplined borrowers, and protect employee financial security across the credit and wage spectrum.
About Kashable
Kashable is a financial wellness benefit that offers low-cost loans to employees across the credit spectrum, providing a reliable tool to pay down expensive debt and cover unexpected expenses. Kashable is an intelligent alternative to 401(k) loans, credit cards, and pay advances during financial emergencies. Kashable only lends what employees can afford to borrow, with loans that are repaid automatically through payroll. Kashable is Socially Responsible Credit™.
Learn more at www.kashable.com.
Media Inquiries: press@kashable.com