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Kabbage - Small Business Loans

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Most Helpful Positive Review

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

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.

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Most Helpful Negative Review

Jun 13, 2013
Sorta Interested
Anonymous

It seems to me that they are not fully up front in explaining the full cost of capital in the loan structure, by emphasizing the 2-7% top line cost.

" Your cost will be typically 2%-10% based on your store's monthly revenue and Kabbage score."

You would pay 2% If and only If you pay back the entire balance in the same billing cycle, and if you are lucky ennough to get the 2% rate.

The on site example of Ms. Thompson getting a $10k loan, the first two months clipped for only 3%, followed by 4 months of 1%.

Since this is a fee on the total loan, finding the equivalent APR is rather easy: 3+3+1+1+1+1=10, but since this is a six month loan the APR would be 20%. We can see this in the listed cost of loan in the Ms. Thompson example

  • Advance: $10,000
  • Cost: $1,000

  • Total Due: $11,000

1000 on 10,000 is 10% for six months, or 20% annually.

Caveat Emptor, I am not saying this is a bad thing; like stated above, if you can manage it well this is a good source of short term funding, and let people like Ms. Thompson pay Kabbage's bills.

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Reviews (154)

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Jun 29, 2016
Horrible APR. Nightmarish Mistake.
Anonymous Loan Holder

Horrible APR and customer service. Reps are rude and belittle you when you try to work out payments. When you fall behind, company is merciless and attacks your personal accounts causing them to overdraft which causes further financial issues. I highk recommend Mariner Finance. 

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Jun 22, 2016
Anonymous

I applied they came back with 12500 approval monthly payment was $780 if I took out 5000 that's almost 8 K if you don't pay it off until 12 month Mariner finance just approved me for 5000 for $150 a month try them you'll be much happier

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Jun 22, 2016
Anonymous

This company is not real they approved me on a Friday and I sent them additional money to show I had collateral they now decline me don't waste your time

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Jun 14, 2016
Anonymous Loan Holder

Very poor communication. Some of my reps have actually been judgemental. Frequent errors. Representatives are very rude. Pulled money before agreed date, over drafted my account. I can't wait until this is over.

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Jun 13, 2016
bad apr and customer service to boot.
Anonymous Loan Holder

I've been a kabbage member a few years now. I've taken out 3 loans, always paid up my loans. I've been asking for a lower rate or a longer term with the same rate but they won't budge. I will be going a traditional route this next time... I've found someone that basis the funding on the amount of cash flow rather then the net profit.

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May 27, 2016
Testimony
Anonymous

I live in UK London and i am a happy man today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, he gave me happiness for me and my family, i was in need of a loan of $250,000.00 to start my life all over as i am a single mother with 3 kids I met this honest and GOD fearing man loan lender that help me with a loan of $250,000.00 U.S. Dollar, he is a GOD fearing man, if you are in need of loan and you will pay back the loan please contact him tell him. Thank you

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May 03, 2016
Terrible Customer Relations
TwoMen Loan Holder

I hae been a customer for some years. I have boorowed alot of money and paid back alot more! I have never ever been late and they continue to not lower my interest rate. Steer clear of these folks, they are in business to make as much money they can off you and hope that you fail. GO ANOTHER ROUTE! 

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Apr 09, 2016
Easy, fast and full disclosure!
Anonymous Loan Holder

I have ready multiple posts from people who say they were "decieved" and the payments were too high for them etc. Kabbage couldn't make it easier to understand what the payment plan is. Before you confirm your loan, they spell out exactly what each payment is, when its taken out, and for how long so I cannot see where the confusion is for some. I took just a portion of the full loan amount my first time and did so based on the payment plan they put RIGHT IN FRONT of your face on the same screen. I didn't take more than I felt comfortable repaying. 

If you can get a loan with a low interest rate with a bank, take it! But, if you need funds NOW and have the business to repay the loan, Kabbage is a great resource. I plan on repaying the loan as soon as I can to save on fees and that method will keep my interest costs down and make this loan that much more beneficial to me. 

Be responsible with your funds, take what you can afford to pay back, and try and pay it off early. If you do all of those things, Kabbahge is a fantastic resource to have in your business financing aresenal. 

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Apr 07, 2016
Anonymous Loan Holder

Bad customer service - terrible APR.

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Mar 25, 2016
May be more hassle than it's worth
Anonymous

After reading some of these reviews, I am starting to think twice. I am in the process of getting a loan and was approved but, they informed me that there was an error message when I tried to link my bank account. After I sent several documents already, they won't take me at my word. Apparently I have to submit more information to them because they have to "manually" enter my bank information into the system. This doesn't seem right  because they already had access to all my bank statements to begin with. Now I am leery and have a gut feeling that this isn't the way to go. I guess I should trust my instincts and forget it. Things happen for a reason.

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Company Overview

Kabbage offers working capital to small businesses. Approved borrowers get access to a set line of credit, and then can decide on their own how much of that they want to borrow. Applications take place entirely online, and Kabbage reviews a variety of business data (not just your credit) in order to make their decision, making Kabbage a unique option for small business owners.

**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.