Kabbage - Small Business Loans Reviews

1.7 out of 5 stars
27 Reviews

From Borrowers in the last year

ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

3.5 out of 5 stars

Customer Service

3 out of 5 stars

1.5 5

Compare Personal Loans

Check out rates on new loans or refinance an existing loan.

SHOP PERSONAL LOANS
Collapse

Most Helpful Positive Review

Apr 15, 2013
It seems too good to be true!
Anonymous Borrower

I sell antiques online. Saw an ad on eBay that said I was pre qualified for money, so I applied, and within 2 minutes I got a response that I had $2000 with an opportunity to get up to $10000. I took out $1000 to buy inventory, and was able to pay it back in 2 months. It really saved me to be able to take advantage of an inventory opportunity that I would not have been able to other wise. Yes it is more expensive than some other ways to get money, but where else can you get money that fast, delivered to your paypal account, with out using just a credit score? I will keep using this for sure! Seems like banks don't care about businesses that are doing new things so it is cool that Kabbage is doing this for us.

more ...

Was this review helpful?

 

Most Helpful Negative Review

Dec 12, 2013
Very dissapointed
Anonymous Borrower

I am a small business owner with an Etsy shop. I applied for Kabbage, was approved and took out a $500 cash advance. I was fully aware of my payment schedule and fees and it helped me get the supplies I needed to grow a little more. This is where I have the problem though. I paid off my Advance EARLY and then was immediatly told "You are not currently eligible to take a Kabbage advance". It has been months and I still can't get another advance even though I established a good credit history with them by paying off early and my sales have been steady. I called and spoke to a representative and they could not give me any answers as to why my account was shut down. I really thought this was a good way for me to grow my business little by little, guess I was wrong. =(

more ...

Was this review helpful?

 

These reviews were written by current and former borrowers in the last year.

May 08, 2017
DO NOT USE THIS COMPANY!! DANGEROUS!
Anonymous Borrower

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.

more ...
Apr 17, 2017
Easy to apply, fast to deposit
Anonymous Borrower

It was easy to apply, and deposited really quickly into my account.  Also I now have an assigned Relationship Manager. 

more ...
Apr 13, 2017
Terrible
Anonymous Borrower

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!

more ...
Apr 11, 2017
Just avoid this lender!
Anonymous Borrower

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. 

more ...
Mar 31, 2017
Lured into a legal action
Anonymous Borrower

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!

more ...
Mar 18, 2017
Deal with the Devil
Anonymous Borrower

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!!

more ...
Mar 07, 2017
Horrible - Deal with the Devil
Anonymous Borrower

Yeah, I too thought that Kabbage was a good look. I learned the hard way that you can not rely on the line of credit for anything (outside of that one or two times everything goes well.) Kabbage does more than just look at your financial transactions. They have access to adminstrative details on your account too (name, address phone numbers.) That part is very important for those entrepenurs/small business owners who may have accessed a relative or their spouse to open a business bank accoun/Paypalt on their behalf (let's say due to chexsystems or something.) Here is my grief. I'm approaching my 1 year anniversarty with Kabbage. They froze my account after 4 months. Not because of late payments or anything but out of nosiness. I went along with these crooks and provided them with everything they wanted. The only thing they don't have from me (or know about me) is my blood type.It got to the point where I stopped and asked them are they data brokers. It was then that I supposedly satifsed all of their requests. Here's the kicker, my account is almost paid off and it's still blocked. If Kabbage had no plans or reinstating access to my credit line, why collect over 10 new documents since the account was approved, funds have been deposited and 95% has been paid back. BTW, My monthly fee was over $750 per month. I was willing to take that lost because having a LOC would have helped me make more money. By them blocking my account, I ended up losing. I know my comment is all over the place, but that's the mental space Kabbage leaves you in. Kabbage is a rip off. There staff (support) seem young and know very little about business (or business documents. I was told that they needed a federal document for my company. I had to remind them that almost all business documents are state and city.) 

Here's my take. If you need a LOAN (and have no other options) take it if you're approved, BUT DO NOT THINK YOU HAVE A LINE OF CREDIT because the minute you get comfortable... BAM! 

more ...
Mar 02, 2017
Kabbage is the worst in customer service
Anonymous Borrower

If you pay on time and don't mind the exburant fees associated with taking money- Kabbage is the perfect company to deal with.  It becomes a nightmare if you experience an obstacle while paying them back.  Their "Collections Department" representatives are exteremely rude.  I advise to look elsewhere for funding, as their products are only 6 or 12 months and the rates are extremely high.  

more ...
Feb 27, 2017
Bad business
Anonymous Borrower

Kabbage blames human mistakes on technical glitches. I asked for an extention, on my advance, to which they stated they would grant. I committed my funds elsewhere only to find they did not grant me an extension and auto-deducted from my bank account. When I called them to get it resolved, they blamed a "computer glitch". That's classic and also a tactic I use when one of my employees makes a mistake. In any event, the damage is done. My account is overdrafted to a point I don't think I'll ever be able to recover from. Kabbage straight up lied to me and I now consider one of the worst companies I have ever done business with in 8 years of operation. People.. stay away from them at all costs. Your desperate money situation is not worth a Chapter 11.

more ...
Feb 03, 2017
Kabbage can freeze your credit line
Anonymous Borrower

Kabbage can freeze your credit line at any point of time, no warning or any sort of explanation given. You CANNOT rely on them, this is the worst possible lender for the small business, no matter how bad things are you are better off without them. The customer service is rude and abysmal, will not tell you anything. Stay AWAY!

more ...

Was this review helpful?

 
1 Reply
Mar 21, 2017

Hello,

Kabbage accounts are regularly re-evaluated, which can contribute to changes in your credit line and/or fees. During this process, we consider a range of factors, including account status, account utilization, business performance and current terms. We pride ourselves on excellent customer service and are always willing to speak in detail about your current situation. Please give us a call at 888-986-8263 if you feel that an error has been made. Thank you!

Sincerely,

The Kabbage Team

 
Add a Review

Add Your Review

I Own It I Had It I Applied

Please state your experience.

How would you rate this loan overall?

Please select a rating

What should others know about this loan?

Optional

How was application process?

How was customer service?

Join the Credit Karma Community

It’s free, and you’ll get tools and info that can help you improve your financial health:

  • Credit scores and reports
  • Credit monitoring
  • Personalized recommendations

**Annual Percentage Rates, terms of loan, and monthly payments presented are estimated and were created based on analysis of information provided by the consumer and available rate information from lenders. While efforts have been made to maintain accurate information, the loan information is presented without warranty and the estimated APR or other terms presented do not bind any lender. Lenders generally have a range of available APRs (for example, a lender’s range might be 2% to 12%) and only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, vehicle information, credit usage and history. All loans are subject to credit review and approval. Additionally, model year, loan-to-value, minimum loan balance mileage, income, debt, etc. restrictions may apply. When evaluating offers, please review the lender’s Terms and Conditions for additional details.