KASASA Loan
Introducing a loan that breaks the rules: The Kasasa Loan®.
It’s the only loan with Take-Backs™ on your side.
You know it’s smart to pay off your loan faster, but what if you need that additional cash later for other things? With a Kasasa Loan, you don’t have to choose. You can pay ahead on your loan with confidence knowing you can withdraw the additional funds at any time. Plus, it’s all backed by a mobile-friendly dashboard that lets you know exactly where you stand.
Here is how to apply!
What to Expect
- Pay ahead to pay off your loan faster and reduce interest costs
- Additional funds (your “Take-Back® fund”) are always available to withdraw at a click of a button, with no penalties or fees
- Your rate remains the same and your payoff schedule adjusts automatically
- Maintain anytime control of your loan with a mobile-friendly personal dashboard
- The simple interface shows you a real-time view of where you stand at any given point
- Easily visualize the impact of changes you’re considering before you make them
- Track, make extra loan payments, or withdraw the additional funds with a click of a button
- Competitive, fixed rates for a wide range of needs
- Auto purchase and refinance
- Home improvements
- Vehicle repairs or updates
- Family vacation
- Education expenses
- Personal projects or startups
- Major life events
- Debt consolidation
- Medical expenses
- And more!
How It Works
Pay ahead if you want. Get a Take-Back if you need it. It’s just that easy.
- You can choose to pay the minimum monthly payment and stay right on track.
- Or, if you have extra funds, you can put them toward your balance to pay it off sooner and save on interest.
- If something comes up, you can easily withdraw from your take-back fund with the click of a button.
- The funds are transferred into your chosen account, and your payoff schedule adjusts automatically.
Choose the only loan as flexible as real life.
KASASA Loans FAQs
Sounds good, but what’s the catch?
When you’re first seeing a new kind of loan that’s never been done before, you’re probably going to have some questions. Let us put your mind at ease.
Q: How is this different from other loans?
A: Most other loans offer little to no benefits beyond the initial borrowing transaction. The Kasasa Loan gives you the ability to access any extra you’ve paid on your balance while your account is in good standing. It also provides enhanced visibility into your loan details, as well as the ability to manage it all from an easy-to-understand dashboard.
Q: What happens to the term when I access my Take-Back® balance?
A: The loan term never changes. But your projected payoff and loan savings automatically adjust to reflect the new projected payoff date based upon your take-back amount, never extending beyond the original loan terms.
Q: Are there any penalties or fees for withdrawing these extra funds?
A: There are no penalties or fees for utilizing your Take-Back balance. The only thing that changes is how much quicker you could pay off your loan (and how much that could save you).
Q: Do additional payments go toward the principal?
A: Yes, additional funds you pay ahead are automatically applied to the principal and are used to build your Take-Back balance.
Q: How do I get money back when I need it?
A: Additional funds paid into your loan are available to access (while your account is in good standing with your institution) via your Kasasa Loans Dashboard or direct engagement with your financial institution, either in-branch or however you prefer to connect.
Q: Is paying down the loan better than putting it in a savings account where it can earn interest?
A: The amount of money you can save on interest over the lifetime of a loan will typically be much greater than the average interest return you can earn in a typical savings account. You also eliminate the trouble of opening and managing a separate account that provides you limited access to those funds.
Q: Does withdrawing from my Take-Back balance affect my credit score?
A: No, there is no impact on your credit score. As long as you don’t fall behind the minimum payment or default on your loan, your credit score should not change beyond the natural impact timely loan payments can have on your score.
Q: Can you miss a payment if you’ve overpaid?
A: If you have paid ahead by a full payment on your Kasasa Loan, you can access those funds to make your next payment, but your Take-Back is NOT automatically applied to future payments.
Q: How fast will cash be transferred from my Take-Back balance to my checking account?
A: That depends on how you request your Take-Back. If you go into a branch, you can have your funds that day, in cash. Should you choose to use the Kasasa® App or Dashboard, your funds will generally be available in 1 – 3 days due to processing time and the location of the destination account.
Q: Can I transfer Take-Bank funds to an account outside of the lien holder?
A: Yes, payments and Take-Backs can be done for accounts housed at outside institutions, but that often takes additional processing time.
Get Take-Backs at your fingertips.
Download the Kasasa Loan app for free at the Apple App Store® and Google Play™
Kasasa Loans put you first.
Loan Description: A Kasasa Loan is a fixed rate, fixed term loan that provides consumers with an opportunity to lower their overall interest expense or create an open-end, revolving line of credit, by making payments that are in excess of the loans scheduled monthly payments. Unlike traditional personal loans, consumers who have met each of their required schedule payments, can borrow against these excess funds at the same interest rate as their initial Kasasa Loan to address unexpected needs (i.e. car repairs, health issues) or take advantage of opportunities (i.e. college acceptance) that may arise. The loan’s current available credit limit will be specified in each periodic statement issued.
Loan Rates & Term: Kasasa Loans are subject to credit approval by our institution. Many factors affect credit approval and the interest rate you may receive. Upon approval, your loan’s Annual Percentage Rate (APR) will not change throughout the life of your loan. Should your application be approved, your Kasasa Loan will begin on the day you sign our loan agreements and will continue until the maturity date or until you have a zero balance in your account.
Loan Interest Charges & Fees: Interest will begin to accrue, with no grace period, on the date advances are posted to your loan. We use the daily balance method to calculate the interest on your account. Your daily balance is determined by adding any new advances, charges or unpaid accrued interest to the days beginning balance and then subtracting any payments or credits that are made. We determine your interest charges by applying a daily periodic rate (i.e. APR / 365) to each daily balance within a billing cycle. In addition to interest, you will also be charged a late fee if you are late on a scheduled payment and a returned payment fee for every payment that is returned for insufficient funds, refer to the Fee Schedule for current fees.
Application of Loan Payments: All payments are applied first to any accrued interest, then to the loan’s principal, then to any outstanding fees and finally to any remaining principal.Additional Information: Membership restrictions may apply. To qualify, a borrower must be at least 18 years old, a U.S. citizen or a permanent resident and must meet our institution’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other funding criteria. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors including the term of the loan, your financial history, years of experience, income and other factors. Rates and terms are subject to change at any time without notice and are subject to state restrictions. Contact one of our credit union loan representatives for additional information, details and loan application.
Trademarks: Kasasa Loans is a trademark of Kasasa, Ltd., registered in the U.S.A.
