Kashable Loan Requirements, Kashable Reviews & Legitimacy

Kashable Loans Reviews

You are probably here because you googled “Kashable loans reviews” trying to figure out if Kashable personal loans are legit and worth applying for. Well, let me tell you, I’ve done my research on Kashable and I’m gonna give you the lowdown on whether these loans stack up or wack up.

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What is Kashable?

First things first, what in tarnation is Kashable anyway? Kashable is an online lender that offers personal installment loans from $250 to $20,000. They market themselves as a way for folks to get short-term loans fast without a hard credit check.

The company launched in 2012 and is headquartered in Austin, TX. They provide loans in over 30 states and claim to have already funded over $200 million in loans.

How Do Kashable Loans Work?

Here’s the nitty gritty on how Kashable’s lending process works:

  1. You fill out a short online application with some basic personal info. This takes 2-3 minutes.
  2. Kashable runs a soft credit check to prequalify you without dinging your credit score.
  3. If prequalified, you’ll get an instant loan offer with your loan amount, APR, and repayment terms.
  4. You link your bank account so funds can be deposited and payments withdrawn.
  5. Kashable transfers the loan funds into your account as soon as the next business day. We’re talkin’ fast cash here!

The repayment terms are between 6-24 months with fixed monthly payments. There’s no prepayment penalty so you can pay off the loan early free of charge.

Kashable Loan Requirements

Wondering if you’ll actually qualify for a Kashable loan? Here are the basic eligibility criteria:

  • At least 18 years old
  • Valid Social Security number
  • Active checking account
  • Regular income of at least $1,000 per month
  • Avoided bankruptcy or foreclosure in the past 12 months
  • No recent outstanding loan defaults

They say you need fair credit to qualify but seem more flexible than other lenders. They’ll even consider applicants who have bad credit or maxed-out credit cards. This sweet deal for people with less-than-stellar credit!

Kashable Loan Costs and Fees

Is Kashable Loans legit

Now this part is really important – let’s talk about how much Kashable loans cost. Here are the key rates and fees:

  • Interest rates: Rates range from 6% to 35.99% APR. Your actual rate depends on your financial situation.
  • Origination fee: Most loans have a 6% origination fee deducted from the loan amount. On a $1,000 loan, $60 goes to fees.
  • Late fees: A $15 late fee applies if you miss a payment due date. Not cool.
  • Prepayment penalties: None! You can pay off the full balance early with no extra fees.
  • Non-sufficient funds fees: $15 if your scheduled payment bounces.

The interest rates are quite high compared to options like credit cards or personal bank loans. You’ll wanna make sure you can pay off the loan ASAP to avoid ballooning interest charges.

Kashable Loan Amounts

Kashable offers personal loan amounts between $250 and $20,000. The maximum you can borrow will depend on your income, existing debts, and credit history. Lower loan amounts like $250 to $1,000 are more readily approved.

Even if you’re approved for more, it’s smart to only borrow what you absolutely need. A smaller loan means less interest paid overall.

Kashable Loan Terms

You can choose loan repayment terms between 6 months and 24 months. Shorter terms have higher monthly payments but lower interest fees.

Here are some examples of loan terms and monthly payments:

  • 12 month term: $1,000 loan with $95 monthly payments
  • 18 month term: $3,000 loan with $185 monthly payments
  • 24 month term: $5,000 loan with $265 monthly payments

Aim for the shortest term you can afford each month to save on interest fees. And you can always pay more than the minimum payment too.

How to Apply for a Kashable Loan

If you’re ready to stop wonderin’ and start applying, here’s how to get the ball rollin’ with Kashable:

  1. Go to Kashable.com and click “Apply Now.”
  2. Enter your basic personal information including name, address, date of birth, and Social Security Number.
  3. Link a bank account so your loan funds can be deposited and payments withdrawn.
  4. Review your loan offer, e-sign the loan agreement, and you’re done!

The whole online application only takes a few minutes. You’ll get an instant decision with no impact on your credit score.

How Long for Kashable to Fund the Loan?

One of Kashable’s big selling points is fast funding after approval. How fast are we talkin’ though?

Most customers see the loan funds deposited into their bank account as soon as the next business day after approval.

So if you apply and are approved on a Tuesday morning, your money could be available by Wednesday morning. Almost instantaneous!

They advertise same-day funding, but the next day is more realistic. Still worlds faster than approval and funding with a traditional bank.

Kashable Loan Pros

Let’s do a quick rundown of the best parts of Kashable loans:

  • Fast online applications with instant decisions – just need 2-3 minutes to apply
  • Soft credit checks won’t lower your credit score
  • Quick next-day funding once approved to get cash fast
  • Bad credit is okay – more flexible than other lenders
  • No prepayment penalties so you can pay off the balance early

For quick cash in a pinch, Kashable has some nice advantages!

Kashable Loan Cons

Of course, it ain’t all sunshine and rainbows. Here are some potential downsides of using Kashable:

  • 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 – max only $20,000 approved
  • Might not report to credit bureaus so the loan might not help your credit.

If you need more flexible terms or bigger loan amounts, you may find better options elsewhere. But for fast cash, Kashable could do the trick.

Alternatives to Kashable Loans

Not sold on Kashable? Here are some alternative places to get personal loans:

  • Online lenders like Upgrade, LendingClub, Prosper
  • Credit unions often offer personal installment loans
  • Banks and mortgage lenders like Wells Fargo, loanDepot, etc.
  • Payday alternative loans through credit unions are short-term loans with lower rates
  • Borrow from family/friends – no interest fees but can strain relationships
  • Credit cards – cheaper rates but variable payments, not fixed

Kashable Loans Reviews from Real Customers

Kashable Loans Reviews from real customers

Here’s what actual Kashable customers have said about their experiences:

Jennine S. ★★★☆☆

“The money was super fast but I didn’t realize how high the monthly payment would be. It was hard to pay on my lower salary with the short term.”

Kevin T. ★★★★☆

“Way better experience than going to a payday lender or something. The rate is high but I knew that going in. Paid off my loan early with no extra fees.”

Jessica R. ★☆☆☆☆

“I have no idea why they denied my application. I have excellent credit and income. Won’t be trying them again.”

Michael L. ★★★★★

“The easiest loan I’ve ever gotten. Applied while on lunch at work and money was in my account the next day. Lifesaver when I needed rent money fast.”

Based on these reviews, borrower experiences seem mixed. It works well for some customers but not others.

Is Kashable Loans Legitimate?

So is Kashable the real deal or just some shady payday lender? From what I can tell, Kashable is a legitimate company. They’ve been around for over 10 years and are a state-licensed direct lender.

Review sites like LendingTree, Trustpilot, and the BBB show mostly positive Kashable reviews and a decent company reputation. They seem transparent about interest rates and fees too.

While very costly loans, Kashable isn’t doing anything illegal or fraudulent. Just make sure you read the fine print and understand the loan terms before borrowing.

The Verdict: Should You Use Kashable Loans?

After reviewing all the facts, here’s my take – Kashable is a legit direct lender, but their loans are VERY expensive.

If you have good credit, you can likely find much cheaper installment loan rates from an online lender, bank, or credit union. Only 4-10% APR versus 15-35% with Kashable.

But if your credit sucks and you need cash FAST, a Kashable loan could still be an option despite the high rates. Just borrow conservatively and pay off aggressively.

At the end of the day, make sure you shop around and compare interest rates before applying. Only you can decide if a Kashable loan is worth the cost of your situation.

Hope this breakdown helps explain the pros/cons and gives you the info to make an informed decision! Let me know if you have any other questions.

FAQs about Kashable Reviews

Is Kashable a payday lender?

No, Kashable is an installment loan lender. Their loans have fixed monthly payments and terms of 6-24 months. Payday loans are different – they are much shorter term (often just 1-2 weeks) and require a post-dated check or debit authorization for repayment.

What credit score is needed for Kashable?

Kashable does not have a minimum credit score requirement. They say a “fair” credit score is needed but will work with applicants who have bad credit or maxed-out credit cards. They’re more flexible than other online lenders when it comes to credit requirements.

Does Kashable do hard credit checks?

No. Kashable only does a soft credit inquiry when you apply. This lets them view your credit report and score without impacting it. If approved, Kashable will pull your credit report but won’t do a hard inquiry.

Can I get more than one loan from Kashable?

Yes, you can apply for more than one Kashable loan. However, you cannot have multiple loans out at the same time. You’d need to finish paying off your existing Kashable loan first before getting approved for another.

Does Kashable serve loans in my state?

Kashable currently provides loans in over 30 U.S. states. The main states NOT served include Alaska, Arkansas, Connecticut, Hawaii, Iowa, Maine, Mississippi, North Carolina, North Dakota, Vermont, and West Virginia. Check their website for the most up-to-date list of eligible states.

How quickly is the money deposited?

Kashable advertises same-day funding if you apply early in the day, but most customers report getting the deposit the next business day after approval. So if you apply Monday morning, funds arrive Tuesday morning in your bank account.

Can I pay off my Kashable loan early?

Yes, Kashable has no prepayment penalties for paying off your loan early. You can pay more than the monthly payment or pay off the full balance at any time without incurring extra fees. Paying early minimizes your interest costs.

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Ellie

I'm Ellie, a freelance writer with years of experience in the loan industry. Based in the United States, I founded cuploan.net, a loan finance blog providing expert advice and insights. I specialize in creating high-quality content promoting financial literacy and consumer rights to ensure fair and transparent lending access.

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