Have more questions? Here are some common ones.
How does the Kasasa Loan work?
The Kasasa Loan is a fixed-rate, fixed-term loan with an agreed-upon payment schedule. The consumer gets their initial disbursement and makes regular payments until the balance is paid in full.
With its mobile-friendly dashboard and app, borrowers have more transparency and control over their loan. They can manage their loan, make payments, and withdraw from their take-back balance in just seconds (and see the impact of these changes before they make them!). Withdrawals deposit into the borrower’s checking account and the loan balance adjusts accordingly — but never exceeds the original amortization schedule.
The flexibility to get those extra funds if needed means borrowers no longer have to choose between saving for unexpected expenses and doing the financially responsible thing by paying down their loan quicker.
How will this type of loan impact my current lending process?
Kasasa does not underwrite any loans – you’ll continue to follow your current underwriting and decisioning practices. The Kasasa Loan system interfaces with your existing loan origination system allowing you to continue your current day-to-day operations.
How can I ensure this new type of loan is compliant for my institution?
The Kasasa Loan is built to be compliant with all relevant lending acts and regulations. All information related to loan documentation, transactions, and amortization schedules is transparent for institutions and borrowers.
*Based on 2017 Kasasa Consumer Study