King of Kash Online Loans Review: 2020

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King of Kash

King of Kash Online Loans Facts

  • APR: Up to 1,200%
  • Loan Amount: $800
  • Loan Term: 4 to 14 months
  • Minimum Credit Score: Any
  • Co-Signer: Not Available

  • Fees: No origination fee, yes late fees
  • Time to Funding: Same day
  • Hard Credit Check: None
  • BBB Rating: C+
  • Trustpilot Rating: Not Rated

Pros & Cons

Pros 

  • Same day funding
  • No origination fees
  • No credit check

Cons

  • Extremely high APR
  • Low lending limits
  • Short loan terms
  • Not available in most states
  • Lack of customer reviews

In this loan review, we’ll discuss the specifics that borrowers need to know about King of Kash, including:

What Types of Loans Does King of Cash Offer?

King of Kash offers several types of expensive loans, none of which require credit checks. These loans can be used for any purpose and you do not need to disclose the purpose of your loan in order to be approved. All loans are unsecured, meaning no collateral is needed.

Personal Loans

A personal loan can be used for any purpose. Personal loans tend to come with lower interest rates than other types of loans and are intended for borrowers who need immediate financing. 

Signature Loans

Signature loans come with a simple application and immediate funding. These loans are uncollateralized loans that don’t require a credit check. The only thing required is a borrower’s signature.

Signature loans are intended for borrowers with poor or no credit. Almost anyone can get a signature loan.

Installment Loans   

An installment loan is a loan that the borrower agrees to repay over time through a set amount of payments. The set payments are referred to as installments. Installment loans usually come with fixed installment dates, rates, and payment amounts, meaning you won’t be caught by surprise. 

The length of time can vary from several months to up to 30 years. Installment loans tend to involve longer repayment periods than most other types of loans and target a broad range of borrowers.

Line of Credit 

A personal line of credit works like a combination of a personal loan and a credit card. You get approved for a certain amount and then you can spend it as you wish, just like any other loan. As you pay off the loan, the amount you are approved for becomes available again, like a credit card. 

You can use the money again and again as long as you pay it off in accordance with the company’s terms. You won’t have a line of credit forever, though. The loan usually comes with a set end date and will need to be renewed if you wish to continue accessing funds past that date. Line of credit loans target people who will have continual funding needs over a period of time. 

Terms and Rates

Terms

Loan terms offered by King of Kash vary depending on the state you live in and your personal income. Loans terms can vary between 4 and 14 months. 

Rates

King of Kash’s interest rates vary from state to state, and the full list of the company’s typical rates for each state they operate in can be found on their website. Specific APR information isn’t available for every state, but in the company’s home state of Missouri, King of Kash lists a maximum APR of 1,200%.

If you are unable to determine the standard APR for your state through the website, contact the lender to request an estimate before taking out a loan.

Loan Amounts 

Your first loan with King of Kash will be capped at $800. If you make timely payments, your future loans can increase to a maximum of $3,000. On average, payday loans are under $1,000. 

Time to Funding

King of Kash has very fast funding. In many cases, you will receive your funds the very same day you get approved for a loan. Few other lenders can promise such a prompt turnaround time for loan payouts, making King of Kash an ideal choice for borrowers who need funding quickly.

Funding Options

Once you have been approved, King of Kash will issue your loan funds in one of the following ways:

  • Physical check that can be retrieved at any King of Kash location
  • Wire transfer that will be sent to your bank the same day, if you’re approved between 9 a.m. and 3 p.m. on Monday through Friday. If you’re approved after 3 p.m., the transfer will be sent to your account the following banking day
  • ACH transfer sent to your bank the following banking day

Loan Requirements

Although King of Kash doesn’t perform credit checks, they still have many requirements that borrowers must meet in order to be eligible for a loan.

Some of these requirements include:

  • You must be at least 18 years old
  • You must be a U.S. citizen
  • You must be able to provide a valid photo ID and a verifiable social security number
  • You must have a verifiable home or cell phone number
  • You must have a credit or debit card (Visa or Mastercard only) in your name
  • If you are employed, employment must be permanent with a minimum of 36 hours per week
  • Current proof of employment or a fixed income, such as paystubs

You can apply for a loan in one of three ways: online for a fast decision, at one of their physical locations in Missouri, or over the phone.

There is not much information available in terms of the pre-qualification and formal application process for King of Kash. Since the company requires no credit check, the process may not be like most other lenders.

Unlike other lenders, where your credit score will play a major role in what loan terms you are eligible for, there is no need for a pre-qualification step of the process. You don’t need anything other than the above personal information and proof of income to be eligible for a loan through King of Kash.

Fees

Origination Fees

King of Kash doesn’t charge any origination fees. When you get approved for a loan, you can receive funds without an upfront charge.

See The Best Personal Loans with No Origination Fee

Late Fees

King of Kash charges late fees and can also decrease your credit limit and ability to borrow from them in the future if you miss payments. Late borrowers may also be subject to return item fees. 

Early Payment Fees

There are no early payment fees. King of Kash lets you repay your loan on your own terms and does not charge you for making payments before the loan due date. 

Repayment

Borrowers have multiple options to repay their loans, including:

  • Using a credit or debit card either in-person or by phone
  • By money order at any King of Kash store location
  • By ACH, provided ACH authorization is given
  • If none of the above methods are used, payment will be withdrawn from a checking account automatically

If you decide to pay your loan off early, there are no early repayment fees.

While King of Kash doesn’t report late or defaulted borrowers to traditional credit bureaus, they do claim to take advantage of some non-traditional credit reporting agencies to report accounts with negative payment history. Borrowers who do not remain in good standing could have their ability to borrow from other lending agencies affected, even though their FICO credit score may not be directly impacted.

The King of Kash Customer Experience

Contact Information

Customers can call 1-800-892-3006 during regular business hours.

Store Locations:

  • Monday to Friday: 10 a.m. until 6 p.m.
  •  Saturday: 10 a.m. until 1 p.m.

Customer Services & VIP Phone Center:

  • Monday to Friday: 8 a.m. until 6 p.m.
  • Saturday: 9 a.m. until 1 p.m.

You can also use the store search tool on the King of Kash website to find and visit a physical location near you.

Corporate Office Mailing Address:

King of Kash
8304 Wornall Road
Kansas City, MO 64114

International Payment Processing:

A-1 Premium Acceptance Ltd t/a King of Kash
20-22 Wenlock Road, London, N1 7GU

Customer Feedback and Reports

King of Kash is not accredited with the Better Business Bureau with a C+ rating. The Better Business Bureau reports thirteen closed complaints against the company in the past three years and two single-star reviews.

King of Kash has no verified profile on Trustpilot, and therefore no customer reviews available from the website. It is not uncommon for small lenders like King of Kash to have a scarce online presence, as many of their loan applications are filed in person and over the phone.

Summary

We recommend that everyone avoid taking a loan from King of Kash, as we recommend for all lenders with lenient standards charing an APR above 36%.

King of Kash’s lack of BBB accreditation and online reviews from reliable sources like Trustpilot makes the company a somewhat risky choice for borrowers. Less information from other borrowers means that you won’t always know what to expect when taking out a loan from King of Kash. However, lax standards for loan approval and quick payout times make King of Kash a good option for borrowers with poor credit history in need of fast funding.

About King of Kash Loans 

King of Kash Loans was founded in 1978. The company has served thousands of customers and endeavors to create a high-quality loaning business “characterized by integrity and fairness.” Headquartered in Kansas City, Missouri, the company has grown over the last 40 years to serve borrowers in ten different states.

Loans offered by King of Kash tend to be more affordable than title loans and payday loan companies. The company’s clientele is typically borrowers with poor credit.

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