With a Kasasa Loan, you get take-backs™. When you have extra cash, you can pay extra to get ahead (and save on interest)…and if you need that extra cash later, you can take it back! No worries, no penalties. Your rate stays the same and your payoff schedule automatically adjusts.
Kasasa Loans allows you to pay ahead to save on interest, take back extra cash anytime and stay in control of your loan. You can know exactly where you stand and easily project the impact of any changes you’re considering in real time. Here's how it works:
- You can choose to pay the minimum monthly payment and stay on track to pay off your loan as projected.
- If you have extra funds (e.g. Christmas bonus or tax refund), you can put them toward your balance to get ahead and save on interest.
- If life throws you a curveball—say unexpected car repairs or the “need” for a sudden vacation—you can withdraw some of your available “take-back” funds.
- The funds are transferred into your account and your loan balance and payoff schedule automatically adjust to reflect the change.
Loan Description: A Kasasa Loan is an innovative 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 loan’s scheduled monthly payments. Unlike traditional personal loans, consumers who exceed each of their required scheduled 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 available credit limit will be specified in each periodic statement issued by our institution.
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 of your application, your loan’s Annual Percentage Rate (APR) will be established and 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 loan 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 day’s 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 fee of 5% of your payment amount for each time you are late on a scheduled payment and a fee of $30.00 for every payment that is returned to you for insufficient funds.
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 create or retire the loan’s revolving line of credit.
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 our established range of rates 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 bank loan representatives for additional information, details and loan application.