Fairly easy to obtain the funding.
I checked out Kabbage mainly because I saw an ad on Facebook, and figured I would give it a shot to see if I could get approved. Within a week or so, I had an avaiable balance of $2500. I only took $800, and have paid back more than half of the loan already. Since then, they have took away the option to withdraw anymore funds, for reasons I am not sure about. My businesses income has stayed the same or increased, so not sure why they would do that. However, I am exceeding my monthly payments, and hope that this improves my businesses credit score so that I can possibly apply for a more traditional loan in the future if ever needed. My main reason for using Kabbage was to try and establish some type of business credit history, and I am still not sure if Kabbage reports to the credit bureus, however I figured it was worth the shot. Overall my experience has been good, however the short term of the loan and high fees are not ideal, it is an easy way to get quck cash for your business that you would probably not get otherwise. If you read everything up front and understand the process, I don't see how you can complain about their service. There are no hidden fees or costs, it is pretty straight forward. I am not sure that I would use them again, unless truly needed for inventory or equipment costs, but I wanted to give them a try and so far so good. I am curious to see if they will increase my limit, once I pay my loan amount in full.
Scams you on fees
They purposely put the first payment due date out past the 30 day anniversary date so they can charge you 2 months worth of fees. Most reputable companies have due date on the 30 day anniversary date or if they put it out past 30 days it's because it has a few day grace period without any additonal interest or fees charged. Not this company, they tricked us into thinking that if we paid the loan off in full when first payment was due, we'd only pay 1 months $500 fee, however, they charged us $1000 (2 months x $500). After fighting over they phone with them, they agreed to give us back the second $500 fee. However, after waiting a week and not receiving a check or credit back into our bank account from which the payment was drawn from, I called them only to find out that they are only giving us $500 credit towards "future loan fees". I think this is a shady company with shady business practices to cheat the consumer. I would never recomend this company to anyone. I'm trying to get my boss to close his Kabbage account because I beleive they are shady.
“Don't count on these guys to have your
I am a business owner in Clearwater Florida and I have been without power and internet for days. And for some time, cell service; due to hurricane Irma. It is Friday and I am still without power and internet. Luckily a family member got power and took me in.
About mid week, when I was able to load emails - I was touched by the many emails from our vendors, creditors, and banks - offering support, but not Kabbage; here is what I received from them. "Based on the most recent review of your account, your line of credit has been adjusted to $1,000. This decision was made for the following reason(s): Unknown financial impact of your business being based in an area potentially impacted by a natural disaster"
I had a $38,000 credit line.
I own a Tree Care Company - I have received over 125 calls since Monday. I am now booked out for the next 2 months, and my business has "flawless" credit.
I understand a business needs to protect themselves, but the way this was done was just wrong! I called Kabbage to ask what happens now. The rep was cold, robotic, and did not offer anything, other than - "yep, this is the way it is, and they will be reviewing accounts again in a couple months. I told him to just close the account and he did - with no hesitation, no compassion, no effort, nothing; like we simply didn't matter.
Just plain bad business! They solicit me regularly to lend me money. I had this credit line in place, for emergency purposes. While I do not need the money - it's the point.
You learn a lot about the people and the companies you deal with when something like this happens.
Heavily Front Loaded!
They want over 50% of the loan back in the first 2 month's. VERY heavily front loaded. The money you borrow doesnt even have time to work before you have to pay it back.
They are terrible
Awful, Avoid at all costs
Tell you one thing, do another. If you enjoy NSF fees, you'll love Kabbage. They will not work with you, rather, attempt to draft what is not there until you have racked up hundreds (if not thousands) in NSF fees.
Hello, thank you for your review. We completely understand your concern. We highly encourage our customers to be in communication with us if they ever reach a point where they feel that they might have some trouble making their monthly payment. As long as you call in advance of your payment, we will do everything that we can to work with you. Thank you!
DO NOT USE THIS COMPANY!! DANGEROUS!
This company will send your business into a tailspin! IF YOU VALUE YOUR BUSINESS, DO NOT USE THEM!! Believe me, I am suffering due to this company's unethical, dishonest dealings. First of all they give you a loan that sounds good, but is very vague. The next things you know, you have incredibly high monthly payments at an assinine interest rate. I contacted them to discuss the situation and an agent agreed to lower my payment for the next month, then without contacting me or getting my permission, they cancelled the agreed payment and took an arbitrary large payment. When asking for a reason, they beat around the bush and couldn't give me a straight answer. When I demanded a straightforward answer, they started threatening me with legal action. VERY BAD COMPANY!! AVOID THEM AT ALL COSTS!! I expect they will be in a major legal battle before long because I see many other similar reviews to mine.
Did they blame it on a "system error"? That appears to be their number one excuse. Liars
Easy to apply, fast to deposit
It was easy to apply, and deposited really quickly into my account. Also I now have an assigned Relationship Manager.
Terrible
We make well over $750,000 a year in revenue. Kabbage offers us a $6,000 credit line and we have used funds from here numerous times. They refuse to offer more money. On top of that, their fees are one of the highest in the industry. Don't waste your time!
Just avoid this lender!
I will keep this short and simple. Overall cost to borrow is very high, and this company requires the right to take your income directly in the event you are late due to a slowdown in sales. Lets say you use PayPal to process payments just for an example. If you are late, even if you have been proactive and worked with them before the due date, they start a total funds sweep of your PayPal account on a non-stop basis. If all goes well, business is good and you can make your payments, the worst issue is the high rates you pay once you calculate payments annually. If something goes wrong, you will wish you never dealt with this lender.
Lured into a legal action
They are predatory lenders. Very very high rates! Lure you into followup loans. After they make a serious profit and you have trouble paying they sell your loan to a shark financial company that will sue you for additional money. No warnings just all of a sudden receive a summons. Stay away from these guys. Very nice at first but then you get hit by a bus. Seriously bad organization!
Deal with the Devil
There is no other way to describe my naivete in connecting with these people at Kabbage. Deal with the Devil.
The six-month term initially seemed okay, but as the fees piled on and my business was trying to make some positive headway, they would not even consider a 12-month loan. I contacted them well before my payment due date to let them know I would not be able to make the full payment, and was told a person would contact me, an "account representative." No one did, and a day later, they'd completely drained my paypal and business account for what little was in there. i got stuck with bounced fees over several hundred dollars. I could not do business with my customers. I could barely survive, in a nutshell. I'm still working through some sort of payment arrangement for this account, through some mysterious person at a bank, which I assume is Celtic. We shall see what happens with that, but the damage to my business over the past week, when I'd done everything right, just disgusts and angers me. I was communicative, honest, and relied on them to work with me, as they said they would but did not. DO NOT WORK WITH THESE PEOPLE. Save yourselves!!