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KwikCash installment loans review
California residents without the best credit can borrow up to $10,000.
There are times in life when you need a little extra cash to pay off bills, consolidate your debt or cover an unexpected expense. An installment loan from KwikCash offers installment loans to get through a tough financial period, even if you don’t have the best credit. Our review outlines everything you’ll need to know about KwikCash before you apply.
Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.
What is KwikCash?
KwikCash offers unsecured installment loans for residents of California who have a range of credit scores and personal needs. Loan amounts go up to $10,000, although higher loan amounts are reserved for people with better credit scores and a solid history of timely payments.
Installment loans are known to have high interest rates, and KwikCash is no exception. APR ranges from 87% to 99%. In order to make your loan more affordable, KwikCash won’t charge any fees on top of interest. That means there are no application or monthly service fees.
If you need a larger loan, KwikCash could be the solution to your financial troubles. The application process is relatively simple, and you could have your funds within a few days.
What are the benefits of an installment loan from KwikCash?
Monthly payments. Choose the day your payments are processed based on your payday. Whether it’s at beginning or the end of the month, KwikCash allows you to choose what works best for you.
Long terms. An installment loan from KwikCash can range from 36 to 60 months, giving you plenty of time to repay what you owe and work down your debt with lower monthly payments than other, shorter small-loan options.
No prepayment penalty. KwikCash encourages you to repay your loan early to save money on interest. If you’re able to pay extra towards your principal, you won’t be charged a fee for doing so.
Is there anything I should be aware of?
California residents only. If you don’t live in California, you won’t be able to borrow from KwikCash.
Performs credit checks. Most lenders only do soft credit pulls or complete credit checks with third-party credit companies, but KwikCash will check your credit with Experian. This means your loan application will show up on your credit report.
Automatic payment withdrawal. Your payment will be withdrawn automatically from your bank account. If you don’t have enough to cover the cost of your payment, you may be charged extra fees by KwikCash and your bank.
Like all installment loans, KwikCash is an expensive product. While interest rates vary, they’ll generally be higher than an equivalent loan from a bank or credit union. As with other credit options, we recommend you only borrow the amount you need and be sure to budget your monthly payments.
KwikCash reviews are mostly positive. Customers frequently cite KwikCash’s fast turnaround and excellent customer service as reasons to go back. The few negative reviews are from users who said they were approved but never received the funds.
Is KwikCash safe to use?
Am I eligible?
In order to borrow an installment loan from KwikCash, you’ll need to meet some basic eligibility requirements before you’re considered for approval. You must:
Be at least 18 years old.
Have a Social Security number.
Have an open checking account.
Be a resident of California.
How do I apply?
KwikCash has a simple application process for users short on time. The first step is the basic application where you’ll need to submit personal information, including your address, Social Security number, employment and income information, the purpose of your loan and the amount you would like to borrow.
If your application is preapproved, you’ll be contacted by one of the members of KwikCash’s customer service team. From here, you’re guided through the next steps. Your documents are reviewed by KwikCash’s underwriting team, and if you’re approved, your funds will be transferred to your bank account, sometimes as soon as the next business day.
These are the documents you will need to submit:
A copy of your current driver’s license.
A voided check from an active checking account.
A copy of your most recent bank statement.
Two recent paycheck stubs.
What happens after I get the loan?
Once your loan is deposited into your bank account, you’re required to start making monthly payments until your loan is paid off in full. KwikCash doesn’t charge prepayment penalties, so save on interest by paying more than your minimum payment each month.
Remember that a loan is a contract, and if you don’t make timely payments, KwikCash may choose to submit your missed payments to a credit bureau. This can show up on your credit report and damage your future chances of getting a loan.
KwikCash is an installment loan lender that works with California residents to provide clear, comprehensive loans no matter the situation you find yourself in. However, it’s crucial to compare your options before you borrow to be sure you’re getting the best terms and loan service for your needs.
Frequently asked questions about kwikCash
If your loan payment is late by more than 10 days, KwikCash will charge $10 for a missed payment. Additionally, if you pay by check and it bounces, you will be charged a $15 fee.
No. KwikCash doesn’t currently serve any states beyond California.
You can contact KwikCash’s customer service team at 800-478-6230, Monday through Friday, 9 a.m. to 5 p.m. Pacific time, if you would like to request an additional payment.
You should contact KwikCash as soon as possible to adjust your payment schedule to account for any payment inconsistencies.
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