Kasasa Loan FAQs
Kasasa loans® sound 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 swept 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.
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