Kashable provides allotment loans to federal employees and some private workers through employers it partners with. Allotment loans — which deduct repayments directly from paychecks — are meant to benefit employees and act as a safety net, offering fast turnaround times and much better interest rates and terms than payday loans or other quick loan options.
Kashable allotment loans start at only 6% interest and never exceed 36%. It works with borrowers with poor credit and never charges prepayment penalties. Flexible loan amounts start at $250 for general employees and $500 to $20,000 for federal employees, and generous loan terms can last anywhere from six months to two years.
But if your employer doesn’t work with Kashable, you might wonder if similar loans are available. Check out these top options for loans like Kashable.
Self-employed or gig workers don't have access to allotment loans like Kashable, and they may also have a hard time getting personal loans without a predictable income stream. Cleo solves that problem by offering interest-free cash advances up to $250. There are no credit checks or interest charges, and while most other cash apps have a direct deposit requirement, Cleo does not. Instant transfer fees are $3.99, and you'll need a $5.99 monthly subscription, but if you ever have trouble making ends meet between paychecks, Cleo might be a good solution.
EarnIn stands out among other cash advance apps because it doesn't charge any mandatory fees or a monthly fee. Plus, it offers higher advances than most apps, with up to $750 between pay periods, which is more than the minimum Kashable loan of $500 that does charge interest. On the other hand, you can only request $150 a day, and you'll need to verify the hours you've worked.
Not available in: Connecticut
Pros
Advances up to $750
No monthly subscription fees
No interest, mandatory fees or requests for tipping
If your employer doesn't have a relationship with Kashable, maybe it works with BMG Money instead — another lender that offers allotment loans to federal and private employees. It also offers loan amounts from $500 to $12,000 for private workers or $10,000 for federal employees. BMG Money doesn't have as competitive interest rates as Kashable, with rates starting at 19.99%. However, it offers longer repayment, with terms of up to four years for private employees or three years for federal employees.
Not available in: Connecticut, Indiana, Maine, Massachusetts, Nebraska, New York, Vermont, Washington, West Virginia, Wisconsin
Pros
Longer loan terms than Kashable
No minimum credit score requirement
Loans as soon as the same business day
Cons
Must work for a company that partners with BMG Money
If you need to borrow more than Kashable allows and have good to excellent credit, consider personal loans by Lightstream, which range from $5,000 to $100,000. Lightstream also has lower maximum interest rates than Kashable, starting at 7.49% (slightly higher than Kashable) but capped at 25.99%. It also offers a 0.50% discount on rates if you set up autopay, but you must sign up before funding.
If you don't have access to allotment loans like Kashable, and your credit isn't the greatest, consider Upstart. It accepts borrowers with poor credit scores and doesn't charge an arm and a leg in fees like payday loans. Upstart interest rates are pretty close to Kashable loans, with a range between 7.4% and 35.99%. And Upstart has larger loan amounts, from $1,000 to $50,000, but you may have to pay an origination fee of up to 12%.
Not available in: Connecticut, Iowa, Maine, Maryland, Nevada, New York, Oklahoma, Oregon, West Virginia
Pros
Higher loan amounts than Kashable
Comparable interest rates
Accepts bad credit borrowers
Cons
May charge origination fees up to 12%
Loan terms are only 3 or 5 years
In some states, minimum loan amounts are up to $7,000
Access Loans is another company that provides allotment loans like Kashable to employees. But unlike Kashable, it doesn't conduct credit checks, so there's no hit on your credit score just for applying. Maximum loan amounts are a lot smaller than Kashable, topping out at $6,000, but it also caps rates at 35.99%. Access Loan also allows borrowers to repay the loan through payroll or direct debit from their account.
Available in all states
Pros
No credit check required
Max interest rate caps at $6,000
Option to repay via direct debit
Cons
Smaller maximum loan amount than Kashable
May report late payments to credit bureaus
Minimum interest rate higher than Kashable
Loan amount
$850 to $6,000
APR
Up to 35.99%
Interest Rate Type
Fixed
Min. credit score
None
Turnaround Time
As soon as same day
Maximum Loan Term
0.67 years
Minimum Loan Term
3 years
APR
Up to 35.99%
Min. credit score
None
Loan amount
$850 to $6,000
How does Kashable compare?
Allotment loans like Kashable can be a great benefit for employees who need access to fast, affordable loans. Interest rates start at just 6% — although those are typically reserved for borrowers with great credit — but they never go over 36%. The lower rates make loans like Kashable a far better option than payday loans. Kashable also offers more reasonable loan terms, from six to 24 months, giving borrowers more time to repay.
But loans like Kashable are not available to all workers. If your employer doesn’t have a partnership with Kashable, allotment loans aren’t an option, so look elsewhere to find a loan with reasonable rates and terms. Fortunately, a few lenders have rates, terms and turnaround times that are comparable to Kashable. Or, for smaller loan amounts, a cash advance app may provide the right solution.
Lacey Stark is a freelance personal finance writer for Finder, specializing
in banking, loans, investing, estate planning, and more. She has 20
years of experience writing and editing for magazines, newspapers, and
online publications. A word nerd from childhood, Lacey officially got her
start reporting on live sporting events and moved on to cover topics
such as construction, technology, and travel before finding her niche in
personal finance. Originally from New England, she received her
bachelor’s degree from the University of Denver and completed a
postgraduate journalism program at Metropolitan State University also
in Denver. She currently lives in Chicagoland with her dog Chunk and
likes to read and play golf. See full bio
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