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It is based largely on common sense underwriting; bank statements are acceptable in lieu of tax returns. Therefore, underwriting is done same day you apply. If approved, your money is in your account within 2-3 days.
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.
These reviews were written by current and former borrowers in the last year.
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**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.
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!!
Horrible - Deal with the Devil
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!
Kabbage is the worst in customer service
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.