A loan is a loan is a loan, right? Well, not so much since the Kasasa Loan has come into the picture. In fact, many of the preconceived notions around loans have been turned on their ear. Why? Because the Kasasa Loan is the only auto and personal loan that gives borrowers the flexibility and control of Take-Backs™ — where consumers can pay ahead to reduce debt, and still access those extra funds if they need them. It also offers the transparency they crave through an award-winning dashboard that allows them to better understand and manage their debt in real time.
Think about it; all that used to matter with a loan was the rate — if you found a loan with a better rate, you took it. 13.7% of borrowers pay loans externally on average. And with the Kasasa Loan, borrowers are realizing they want more from their loan…much more.
In fact, 98% of consumers would refinance existing debt at the same rate to get a Kasasa Loan.*
Listen to what borrowers are saying about how the Kasasa Loan helps give them more control, transparency and flexibility over their debt:
“There was a pandemic spreading across our nation, peoples’ hours were cut, jobs were lost, and panic was spreading. But I had this reserve of paid-ahead payments on my loans that I was able to access (through Take-Back). I was able to provide for my family and make sure that our bills were taken care of amidst all the chaos and uncertainty.” - Shea, LA
“As I was paying the loan, I came into some money and was able to pay off the loan...up comes another emergency and all I had to do was put in the new amount that I needed, no new application, no nothing, but my money was available immediately.” - Beverly, CA
“I had a 3-month-old baby and we were homeless at one point. I used my Take-Back to put a down payment on an apartment.” - Savana, IL
“The Kasasa Loan Take-Back has helped me in moments where I was in need of a little extra cash. It was nice to have to opportunity to take back a little bit of what I have been putting in. I enjoy seeing how much I am saving each month by putting in a little extra — and being in control of my debt.” – Cassandra, WV
Also, hear how much borrowers love their loan. Have you ever heard someone say they love their loan?
“Love my bank for helping and offering this loan for me! I LOVE MY KASASA!!!!” - Jennifer, ME
“I love this loan. It has allowed me to plan my finances in a way I never thought possible!” - Greg, TX
“Kasasa Loan has helped me in so many positive ways. It has an app that is very easy to use and very convenient with easy-to-use technology. It also does not have any hidden fees and is pretty straight forward. I would absolutely recommend to a friend!” – Kendryck, SC
“I think this is a great idea and wish that I had found it sooner.” – Ray, SC
“It has made a difference in the way it was convenient in applying for the loan and making payments without the hassle of calls or having to get online to make payment. I hope to continue to do business with Kasasa.” – Dennis, TX
“I love the ability to prepay my loan down and instantly see the results. Also, to take out cash for unexpected needs” – Ronnie, GA
As you can see, borrowers are loving the Kasasa Loan. But they’re not the only ones. Community financial institutions are singing its praises as well. When you offer a loan that people love, of course you’re going to bring more loans in — which everyone is looking for right now. But that’s just the start.
Without changing credit criteria or increasing marketing investment, institutions that offer the Kasasa Loan as their primary loan see:
39% more loans per borrower
9% higher average balance per loan
70 NPS (likelihood to recommend to a friend)
Younger average borrower age (42 vs 48)
Those numbers don’t just happen. They’re the result of a powerful loan product and marketing strategy that includes our Lifecycle Marketing Program — an automated cross-sell program that identifies existing consumers who are paying debt elsewhere. 13.7% of borrowers pay loans externally on average. They’re already shopping or have debt elsewhere. We can help you pull that debt to you. The program also cross-sells existing consumers who don’t currently have a loan.
Borrowers and financial institutions alike are experiencing the Kasasa Loan difference. From major life challenges being aided by Take-Backs to extraordinary increases in loans per borrower for financial institutions, this is a win-win all around.
*2017 Kasasa consumer study