Kabbage Review

Kabbage Review

Kabbage is a focused on giving small businesses the platform to access capital in a flexible and straightforward manner. It has offered more than $3 billion in loans to small businesses as well as powered automated funding to different organizations from various parts of the world. Kabbage’s culture is founded on open environment that involves sharing of ideas and close collaboration.  

Kabbage embrace a robust goal to drive innovation and improve capital access via data and automation. Kabbage understand the challenges that small and medium businesses go through in their efforts to access funding and that is why Kabbage has come to reduce the time and complexity in accessing small funding. 

What type of funding does Kabbage provide?

Small business loans 

Highlights

requirments_icon1Loan Amount
Up to $150,000

Terms
Up to 6 or 12 years 

Fund received
10 minutes

What do I need in order to qualify for funding?

You will need a few things to qualify for funding:

  • A minimum credit score of 660
  • Be a high income earner –have a yearly income of at least $76,860
  • Have a low debt to income ratio (up to 40%)

How do I apply to get funding?

You will need a few things to qualify for funding: 

  • One year and above in business 
  • Business revenue of US$4,200 monthly or US$50,000 yearly, with the last 3 months. 
  • Robust credit  
  • Strong business plan 
  • Profit and Loss statements 

Find the right funding for your business

What is the process to receive funding?

Receiving funding from Kabbage is fast after your request has been approved. It takes between minutes to three days. You can receive your funding either through a direct deposit to your bank through ACH, PayPal money transfer, or direct transfer through your debit card to your selected bank. 

Does Kabbage run a credit check? 

Yes 

Do I have to provide security or a guarantee? 

No 

Are there fees involved? 

Yes, Kabbage charges monthly fee on each month that you have a loan balance. You will be charged 1/6 or 1/12 of the total loan amount. Additionally, you will have to pay a monthly fee which may range from 1.5% to 10% depending on a number of business factors. 

What are the loan rates? 

The loan rates range from 6% – 31% depending on your creditworthiness 

What documentation do I need to provide? 

You will need documents to verify your business and its revenue.  

How long will it take for money to get into my account? 

The review process is instant and takes a few minutes for your credit request to be approved. You will get approved for lines of credit to a maximum of US$150,000. The decision on how much as well as time that you want to access your capital is solely yours. You have the freedom to borrow any amount depending on your credit line after each 24 hours.   

What happens in the case of a default? 

Often, the loan amount accrues charges and after sometime (1 month) your details are submitted to a collection agency for actions and if not successful you can be charged in a car of law. 

Is Kabbage regulated? 

Kabbage is regulated and works under the management of Celtic Bank Corporation.