Kabbage offers short-term loans to companies that have been in business for at least one year. Small businesses pay for the loan directly through their company checking account or through PayPal. In this article, we cover user reviews and rates. Ready to get started with Kabbage? Visit their website.
Quiz: Is Kabbage or OnDeck Right for Your Business?
What Kabbage Does Well
Users who gave Kabbage a positive review appreciate the seamless and clear process of the transaction, as well as the fast disbursal of funds. They also mentioned that its customer service is great, efficient, and professional.
One user who gave Kabbage a positive review on Trustpilot said that when he was applying for the loan, all the details he needed was explained to him in a very clear and understandable manner. He added that the money was transferred to his account after a day and was immediately available for use.
What Kabbage Does Not Do Well
As of the date this article was written (01/04/19), there are very few up-to-date negative reviews of Kabbage online. Some of them complained though that its interest rates are high. One user also mentioned that Kabbage used his personal credit information without his permission.
Kabbage offers lines of credit up to $250,000, which is payable via a 6-month or 12-month repayment term. However, a 6-month term requires a $2,000 minimum loan. Fee rates range from 1.5% to 10% based on several business performance factors. Check out their sample fee calculator to find out what your fee rate could be.
|Loan Fee Rate (First half of repayment period)||1.5% - 10% of loan amount, depending on creditworthiness.|
|Loan Fee Rate (Second half of repayment period)||1% of loan amount|
Kabbage charges a monthly fee for every month you have a balance. Every month you’ll have to pay back 1/6 of the total loan (for 6-month loans) or 1/12 of the loan amount (for 12-month loans) plus the monthly fee.
Kabbage also does not have early payment penalties, which means you can pay for the loan as quickly as you can without paying extra fees. Small businesses can take advantage of this policy and pay their loans back as soon as possible to save on interest rates.
Ready to get started with Kabbage? Visit their website.
Top Kabbage Alternatives
Same-day business line of credit up to $250,000
Fair credit borrowers and funding up to $100,000
Monthly payments with funding up to $250,000
Quick funding on a traditional line of credit up to $100,000
Comparing multiple financing options on a free marketplace
Top Lender Pick from Fit Small Business
Best SBA Lenders: Top 100 SBA Lenders— With more than 3,000 SBA lenders nationwide, choosing the best SBA lender can be difficult. Some of the best SBA lenders approve average loan amounts of about $75,000 to more than $1.5 million, with interest rates averaging around 6.4 percent to more than 9.2 percent. In this guide, we’ll show you the 100 top SBA lenders per current SBA data, and review 10 of the top SBA lenders.
Check out the list below of some of Kabbage’s features:
- No obligation
- Lines up to $250,000
- Simple Monthly Fees
- No Hidden Costs
- 6 or 12-month terms
- Convenient access through the Kabbage mobile app
Will borrowers be charged if they are late with a payment?
What information and verification are needed when applying for a loan on Kabbage?
Here is a list of some of Kabbage’s popular integrations: