KABBAGE 2019
IN-DEPTH REVIEW

In a nutshell: Kabbage loans offer quick financing to businesses through their easy online application. Applicants provide business revenue data by connecting a business checking account, a payment platform, or bookkeeping software. Kabbage uses this data to set loan amounts and terms.

9.1

Overview

 

Kabbage is a good option for small business looking for fast financing with short repayment terms. Instead of filling out paperwork, applicants provide their revenue data by connecting a business checking account, payment platform, or bookkeeping software. The application process is simple, and borrowers can get their funding quickly. However, Kabbage does charge fees and their rates can often be higher compared to their competitors.

 

 

Loan Features

 

Kabbage provides businesses with fast financing, sometimes within a few days. Business owners can apply for loans in amounts ranging from $2,000 to $250,000. After the loan is approved, funds can take as little as a few minutes and as long as a few days to become available.

For businesses owners with poor credit, Kabbage is a great option. Even though they do a credit check, Kabbage focuses more on the revenue data provided by linked accounts and how long a business has been in business. However, most applicants should have a credit score of at least 550.

 

 

Application Process

 

Kabbage offers a very streamlined process for businesses in need of fast financing. No paperwork is needed as businesses just need to connect a payment platform like PayPal, a business checking account, or bookkeeping software. Businesses can also connect to business accounts on Etsy, eBay, or Amazon. Kabbage uses connected revenue information to analyze business performance in order to set loan amounts and terms. Once terms are provided, an applicant can decide if they’re going to accept the loan.

 

 

Repayment Terms

 

Kabbage is known for providing fast access to funding, but it comes at a cost. The repayment periods for loans through Kabbage are relatively short at 6 to 12 months. Rates can be on the high end and range from 24% to 90%. Any borrowers looking for lower rates should seek a different lender with lower APR offers and longer repayment terms.

 

 

Customer Support

 

Customer support from Kabbage is available via phone or email. They also offer online resources by providing detailed information through their online help center and FAQ. For more information or to contact Kabbage, customers may visit their pages on LinkedIn, Facebook, Instagram, or Twitter.

PROS
  • Fast financing
  • Simple application
  • Borrow $2K to $250K
CONS
  • Short repayment periods
  • High rates
  • Charges fees
BOTTOM LINE
Kabbage provides businesses with fast fusting and short repayment terms.
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Joe Schwartz

Business Loans Editor

Our chief content editor, Joe manages a diverse team of content writers. He holds a degree in online communications and his writing has been featured in a wide range of online publications.