As a small business owner who needed a little capital to get ahead, we decided to partner with Kabbage when they were first coming out into the light as a great loan company. This was a few years ago. Back at that time, Kabbage seemed legit even though we were well aware of their high interest rates and steep guidelines. Nevertheless, we applied and were approved for a $4000 loan, which was just what we needed for some help. And thinking we embarked on a good thing, we would borrow small amounts from that $4k every now and then which made our life in small business a little more relaxed.
We never missed a payment on our Kabbage loan, not once. And as we paid our monthly debt, our loan amount would grow again. This made it nice because, if we ever needed a little help in the future, it was always there to borrow from. That first year, we were genuinely happy with their services and prided ourselves as being one of their very best and dependable clients.
Then after the first year or so, we received word one day from Kabbage via an email that they were switching from one lending institution to another but that it would have no impact on Kabbage’s clients.
This is when their company took a massive nose dive.
Once they had a new lending bank in place who gave them the funds for us clients to borrow from, they abruptly changed course and blocked many of us small businesses from borrowing even though we were already well established with them and extremely dependable. We ourselves had a perfect payback record yet they permanently cut us from any future borrowing AND without any advance notice of their intention. The only way we knew we were cut was when we tried to borrow $100 which resulted in their computer bouncing back a notice at our attempt, saying 'we are ineligible for a loan'. And upon a phone call to their company the very next day while in my state of confusion, Kabbage said we were not able to take a loan in the future. Yet, they gave us absolutely NO reason why. We suddenly found ourselves without their services and 1/2 of our original loan amount remaining to pay back.
This discriminatory treatment, my friends, is 110% unacceptable.
Since that time, we have refused to pay Kabbage another dime of what we owed them. As soon as they cut us from their business, we immediately closed our bank account, as well as removed the 'pre-approved payment' link in our Paypal account. For us, it came down to the principle of the matter in how Kabbage's shady business tactics fell on us. We refuse to tolerate this treatment and did exactly what we had to do. Kabbage deserves everything they dish out. Period.
So folks, save yourself from the horrific reality of your future and just don't sign up with Kabbage. You'll be unknowingly setting yourself up for a huge letdown. They will change their rules on you in the blink of an eye, without any notification, and will leave you hanging while indebted to them. And should you dare falter on even one payment owed to them, they will haunt you in your dreams by their constant moves in cleaning out your bank account, Paypal and the like. Kabbage will stop at nothing to get themselves paid back, no matter what your reality is. They will end up being the worst nightmare you have ever encountered. This, I assure you.
In summing things up here, Kabbage is nothing but a tragically bad loan shark. And I am putting this mildly. They don't give a rip about your business or what state it might be in for the month. All they care about is making huge amounts of money off you, and in a very short period time, and they are especially good at preying on the weak. They are also experts at changing their rules behind closed doors, and never informing you of those changes until you find out the hard way. By staying clear of this company, you will never be putting yourself at risk in becoming one of their statistics as we, along with many others here in these reviews have.
It is because of us that has Kabbage laughing all the way to their bank each day. Please learn from us who know.
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