Kasasa, a Texas-based fintech solutions provider that equips community banks and credit unions with the tools and technology needed to compete with megabanks, is partnering with Collins Community Credit Union to launch Kasasa Loans, the Texas-based company announced.
The program, which is launching solely in Iowa on July 28, is the first ever Take-Back personal loan program that provides consumers with the opportunity to borrow back the money they’ve used to pay off their loan. Through Kasasa Loans, Collins Community Credit Union members can withdraw from their loan balance at any time, and that money will be deposited directly back into their checking account.
According to Kasasa’s website, the Kasasa Loan is a fixed-rate, fixed-term loan with an agreed-upon payment schedule. The consumer gets their initial disbursement and makes regular payments until the balance is paid in full. Borrowers have more transparency and control over their loan and can manage the loan, make payments, and withdraw from their take-back balance at any time, while seeing the impact of these changes before they make them. Withdrawals deposit into the borrower’s checking account and the loan balance adjusts accordingly — but never exceeds the original amortization schedule.
Learn more about Kasasa’s program here.