Kashable loans review: Employer-based financing with competitive interest rates

Woman with her children excited about her Kashable loans approval Image: Woman with her children excited about her Kashable loans approval

In a Nutshell

Kashable is an online lender that offers personal loans with competitive interest rates. But Kashable isn’t available in every state, you’ll have to work at a qualifying employer to apply — and rates for people who don’t have strong credit can be relatively high.

Editorial Note: Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors' opinions. Our marketing partners don’t review, approve or endorse our editorial content. It’s accurate to the best of our knowledge when posted. Read our Editorial Guidelines to learn more about our team.
Advertiser Disclosure

We think it's important for you to understand how we make money. It's pretty simple, actually. The offers for financial products you see on our platform come from companies who pay us. The money we make helps us give you access to free credit scores and reports and helps us create our other great tools and educational materials.

Compensation may factor into how and where products appear on our platform (and in what order). But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. That's why we provide features like your Approval Odds and savings estimates.

Of course, the offers on our platform don't represent all financial products out there, but our goal is to show you as many great options as we can.

Pros Cons
Lowest rates are competitive Interest rates can be relatively high if your credit isn’t solid 
Kashable’s reporting to credit bureaus may help you build credit Repayment comes directly out of your payroll
Prequalification application Not available in every state — and only through select employers  

What you need to know about Kashable loans

Kashable is a New York–based online lender that offers personal loans through certain employers, including the federal government. The company bills itself as “a better way to tackle costly debt and unexpected expenses.”

Kashable loans range from $250 to $20,000 with competitive annual percentage rates, or APRs  — which you’ll be more likely to get if you have strong credit.

Here’s what you need to know if you’re considering a loan from Kashable.

Competitive starting interest rates

Kashable’s lowest interest rates are competitive, even when compared with traditional personal loans. But keep in mind that Kashable says you’ll have to be a “high-credit borrower” with “a responsible financial history” to potentially qualify for those rates.

And while Kashable notes its lowest interest rates on its website, the lender isn’t clear about the higher end of its rates. To get some idea, you’ll have to dig deep into Kashable’s website to see if it lists any interest rate information for your state — some states require lenders to publish this information. Look for your state on Kashable’s “State Licenses” link at the bottom of the website.

From the information we see for some states, Kashable’s higher range of rates goes well into the double digits — relatively high for a traditional personal loan, though still likely a better option than a payday loan.

If you want to check your potential rate and terms, Kashable offers a prequalification application that won’t hurt your credit scores. But keep in mind that if you apply, Kashable will check your credit with a hard inquiry, which will lower your scores slightly, and final terms and approval may differ from your prequalification.

May help you build credit

Kashable reports repayment history to consumer credit bureaus (it doesn’t specify which ones), so making payments on your loan on-time and in full may help you build your credit.

But if you don’t make payments on-time, or if you don’t make your full monthly payment, your credit scores could drop.

Employer-based qualification

Kashable only offers loans through select employers, which means it’s not available to the general public. If you’re not sure if your employer qualifies, you can check directly on Kashable’s website.

Kashable also has a program that offers personal loans specifically for federal employers. But it’s only available in 30 states as of June 2020.

Repayment through payroll deduction

Kashable says if you’re approved, you’ll usually get your loan funds in your bank account within three business days.

Repayments are handled through payroll deductions that are automatically taken out of your wages.

While payroll deduction may be a positive if you prefer automation, you might not appreciate it if you want more flexibility on payments.

A closer look at Kashable loans

If you’re thinking about applying for a loan from Kashable, here are some more details to consider.

  • Employment history matters: Kashable says it uses a combination of employment and credit data to determine approval, terms and loan amounts.
  • Not available to military members: Kashable doesn’t offer loans to active military personnel and their dependents.
  • Must have a personal bank account: You receive loan funds through direct deposit into your bank account.

Should I apply for a Kashable loan?

If you need to consolidate high-interest debt or want to finance a major purchase, a Kashable personal loan may make sense — but you’ll want to apply for prequalification to get an idea of the interest rate you may face.

Kashable’s lowest rates are competitive compared to traditional personal loan lenders, but since it doesn’t publish its full APR range for most states, you might not be able to compare potential loan terms with other lenders until you apply for prequalification.

And if you prequalify, check that your estimated APR is lower than the APRs of any credit cards you have before you take out a loan.

Depending on the amount you need, it may make sense to explore a payday alternative loan from a federal credit union. With PALs, credit unions limit fees to the cost it takes to process your application, up to $20 — and interest rates are capped.

Also remember that your Kashable loan repayment will be deducted directly from your paycheck. While this may help you avoid missing a payment, it will also limit your flexibility on the timing of payments.

How to apply for a Kashable loan

Kashable has an online application that it says can be completed in minutes. The first step is to check if you qualify based on your employer.

Be prepared to provide the following information on your online loan application:

  • Full name
  • Email address
  • Employer name
  • Employee ID number
  • Bank account info for deposit
  • A copy of your paystub

Not sure if Kashable is right for you? Consider these alternatives.

  • Dave app: The Dave app may be a good option for someone with a steady paycheck who needs a few extra dollars from time to time. Cash advances may be available to members up to $100.
  • Earnin app: Earnin may also be a good choice if you occasionally need a small amount of extra cash before your next paycheck and you meet the app’s eligibility requirements.