Kasasa Enhances its Take-Back Loan

https://finovate.com/kasasa-enhances-its-take-back-loan/
http://finovate-wpengine.netdna-ssl.com/wp-content/uploads/2020/01/numbers-money-calculating-calculation-3305.jpg?#

Community bank marketing expert Kasasa announced a partnership with Carleton today in which Kasasa will integrate Carleton’s insurance and debt protection calculations into its Kasasa Loan, a move that will allow it to tailor loan limits.

Headquartered in Indiana, Carleton provides financial calculation software, loan origination compliance support, and document generation software. Through the partnership, Kasasa will enable its clients to add debt protection and credit insurance products to their Kasasa Loan offering.

Kasasa will use Carleton’s CarletonCalcs, which will allow it to tailor limits to each client based on their institutional, state, and federal compliance requirements. “By integrating CarletonCalcs throughout the Kasasa service platform, Carleton will ensure compliant loan computations and precise amortization schedules through Kasasa’s dashboard and mobile app,” said Carleton President and COO Matt Ruszkowski.

“We wanted to ensure the Kasasa Loan added a high level of configurability and compliance support to meet our client’s needs, in addition to providing consumers the greatest flexibility when choosing their loans,” said Chris Cohen, EVP, Product Management for Kasasa.

Kasasa debuted its Kasasa Loan in 2017 and showcased it at FinovateSpring 2018. The concept works similar to a regular loan agreement in which the borrower repays according to a regular payment schedule. However, it is unique because every month the consumer has the option to overpay on their loan repayment and at any time in the future if they need to access cash quickly, they have the option to “take-back” any portion of the overpayment.

Kasasa is an Austin-based company with 450 employees. The company counts 900 community financial institutions as clients.

https://finovate.com/kasasa-enhances-its-take-back-loan/