Kashable - 3x3x3 Challenge With Zach Husain
Kashable provides a holistic financial wellness program that gives employees access to the lowest cost financing for unexpected life events, unlimited live financial coaching, and much more.
Transcription:
What is Kashable?
Kashable is an inclusive financial wellness platform that provides all employees with access to socially responsible credit, giving them the flexibility to finance unexpected life events and emergencies. This might be an emergency home repair after a severe storm that damages their roof or floods their basement, and they don't have the cash on hand to be able to pay for that. Kashable also pairs that access to affordable credit with really foundational resources like unlimited live financial coaching, a digitally interactive financial planning dashboard with literacy library, free credit monitoring, as well as access to free high interest checking and savings accounts.
How is Kashable different?
Kashable is different because we partner with employers. That allows us to underwrite the loans using employment data as well as repayment via payroll deduction that allows us to see employees as much more than just a credit score, like a traditional lender might see. This allows us to be much more affordable than any open market option that an employee would see regardless of where they fall on the credit and wage spectrum. One of the biggest reasons why folks use Kashable is really to consolidate pre-existing high interest debt and pay it down at a lower interest rate, saving hundreds, if not thousands of dollars on interest costs. Another area where we really differentiate ourselves in the employee benefits arena is as a healthy alternative to 401k loans. Oftentimes, 401k loans come with a variety of issues such as they can be really kind of limiting to an employee. One, they're not portable. If an employee leaves an organization, they often can come with tax penalties or implications. It limits contributions to a 401k until you're able to pay that loan back. And so it becomes a big issue for employers if this becomes a routine practice for employees. And so Kashable can be a great alternative to that, giving employees more flexibility, more affordable cost, and we've really shown that with one of our clients, Huntington Ingalls here, where we help to reduce 401k loans by 34% and prevented 8,000 loans in total.
Who is a good fit for Kashable?
Kashable is offered as a free voluntary benefit to all employers with 500 or more eligible employees. This really may sound like a cop out, but Kashable is a great benefit for all organizations. We see employees across the wage spectrum struggle with financial stress and living paycheck to paycheck. We can be a particularly important benefit for groups with diverse populations who have employees across the credit spectrum, across kind of socioeconomic paths, as well as organizations who service employees in different age cohorts. They have a lot of younger employees with no credit history or have many employees on H1B visas that need to establish credit for the first time.
Transcription:
What is Kashable?
Kashable is an inclusive financial wellness platform that provides all employees with access to socially responsible credit, giving them the flexibility to finance unexpected life events and emergencies. This might be an emergency home repair after a severe storm that damages their roof or floods their basement, and they don't have the cash on hand to be able to pay for that. Kashable also pairs that access to affordable credit with really foundational resources like unlimited live financial coaching, a digitally interactive financial planning dashboard with literacy library, free credit monitoring, as well as access to free high interest checking and savings accounts.
How is Kashable different?
Kashable is different because we partner with employers. That allows us to underwrite the loans using employment data as well as repayment via payroll deduction that allows us to see employees as much more than just a credit score, like a traditional lender might see. This allows us to be much more affordable than any open market option that an employee would see regardless of where they fall on the credit and wage spectrum. One of the biggest reasons why folks use Kashable is really to consolidate pre-existing high interest debt and pay it down at a lower interest rate, saving hundreds, if not thousands of dollars on interest costs. Another area where we really differentiate ourselves in the employee benefits arena is as a healthy alternative to 401k loans. Oftentimes, 401k loans come with a variety of issues such as they can be really kind of limiting to an employee. One, they're not portable. If an employee leaves an organization, they often can come with tax penalties or implications. It limits contributions to a 401k until you're able to pay that loan back. And so it becomes a big issue for employers if this becomes a routine practice for employees. And so Kashable can be a great alternative to that, giving employees more flexibility, more affordable cost, and we've really shown that with one of our clients, Huntington Ingalls here, where we help to reduce 401k loans by 34% and prevented 8,000 loans in total.
Who is a good fit for Kashable?
Kashable is offered as a free voluntary benefit to all employers with 500 or more eligible employees. This really may sound like a cop out, but Kashable is a great benefit for all organizations. We see employees across the wage spectrum struggle with financial stress and living paycheck to paycheck. We can be a particularly important benefit for groups with diverse populations who have employees across the credit spectrum, across kind of socioeconomic paths, as well as organizations who service employees in different age cohorts. They have a lot of younger employees with no credit history or have many employees on H1B visas that need to establish credit for the first time.