For many Americans, protecting and maintaining financial wellness is a top priority. That’s why we’ve partnered with Kashable, a financial wellness platform that offers socially responsible credit options, budgeting tools, and more.
For many Americans, financial wellness is a top priority. Saving for retirement, buying a home, building a college fund for their children, or just building a week-to-week budget—financial wellness is multifaceted and takes conscious effort to build and maintain.
Unfortunately, life doesn’t always cooperate with these goals and plans. A single emergency can instantly derail someone's financial health and put even the most careful and frugal consumers into debt that can take weeks, months, or even years to repay. And to make matters worse, consumers often don’t have access to the financial tools or educational resources to help them reach their goals.
That’s where our new partnership with Kashable comes in. With access to socially responsibly credit options and financial wellness tools, employers can give their employees the tools they need to help avoid the financial fallout of an emergency and improve their financial health.
Why is financial wellness important to employees?
Life is unpredictable, especially when it comes to finances. Big expenses like medical bills, car repairs, home repairs, and other unexpected costs can take even the most cautious consumers’ finances from healthy to struggling. And when you consider the fact that 53 percent of Americans can’t afford to cover a $1,000 emergency expense, these kinds of unexpected bills can cause financial damage that’s hard to recover from.
When emergency expenses happen, many consumers rely on loans to maintain their financial health, continue to pay essential bills, and pay off the balance of their expenses over time. However, for many Americans, it can be difficult or even impossible to get a loan with manageable terms or even get a loan at all.
In fact, around 25 percent of Americans are considered subprime borrowers, which can mean higher interest rates and stricter terms. These stricter terms can mean higher down payments, larger fees, and more, while higher interest rates can lead to higher costs in the long run.
But that’s only part of the puzzle. Recovering from an emergency expense and paying off debt can be tricky and requires careful planning and budgeting. However, many Americans don’t have the financial literacy to navigate these situations, with just 50 percent of Americans considered to be financially literate.
So not only do consumers who face financial difficulty need access to loan options that can help meet their needs, but they also need expertise, guidance, and tools to keep them on track and help get them back on their feet.
What’s included with Kashable
With our new partnership with Kashable, employers can give employees access to the tools they need to help protect themselves from emergency expenses and protect their financial wellness.
And the best part? Employees don’t even need to be enrolled in Allstate Identity Protection to access these tools—they’re available to all employees, regardless if they are enrolled in Allstate Identity Protection.
Too many financial wellness programs tell employees what they should do without helping them address the financial challenges they're facing today. We chose Kashable because it provides access to affordable and socially responsible lending when employees need it most. For workers living paycheck to paycheck, that can mean the difference between financial stability and turning to high-cost alternatives. Together, our partnership creates a connected experience that combines financial resilience, protection, guidance, and planning.
Socially responsible loans
The first piece of the puzzle is access to socially responsible loans—meaning loan options that may offer competitive rates and repayment terms.
Plus, employees don’t have to go through a complicated application process that takes hours or requires tons of different paperwork. With much of their information already on file, the application process typically takes minutes.
And employees may get quick funding (which can be critical when an emergency expense is looming over their heads). Repayment is also made easy, with the employer able to choose between repaying the loan through payroll deductions or direct deposit.
Access to financial wellness tools
As part of our partnership with Kashable, employees also get access to financial wellness tools, including 1:1 private coaching so employees can get the exact guidance they need, including help with budgeting, resources to help them make better financial decisions, and more. These tools and services provide what employees get from their banks, as the team at Kashable provides employees with the day-to-day support they needThis day-to-day support includes:
Budgeting tools to help them stay on track and improve their finances
Financial education resources to help employees get the answers they need about how to better manage their money
Active check-ins from Kashable experts to help employees stay on top of their financial goals
Ready to learn more about Kashable and how their service can help support employees’ finances? Contact our sales team.
Kashable's financial wellness services and loan products are offered and administered solely by Kashable. All loan applications, underwriting decisions, loan terms, approvals, servicing, and repayment arrangements are provided by Kashable and subject to Kashable's terms and conditions. Allstate Identity Protection is not a bank, lender, loan broker, loan servicer, or financial institution and does not make credit decisions, originate loans, or process loan repayments.
