Kabbage Review – Small Business Loans and Lines of Credit

Are you in urgent need of cash for your business or have bad credit? Are you considering to get a small business loan from Kabbage? Then read my comprehensive Kabbage review and get a better understanding of  Kabbage small business loans.

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An Overview of Kabbage

Owning and running your own business requires that you be very good at managing your capital. This ensures your small business runs smoothly during the low seasons and inventory requirements are always met.

However, what do you do when your savings aren’t sufficient and you need money fast? That is where Kabbage comes in. Kabbage is hands down the best online alternative lender for small business lines of credit and is able to provide you with loan amount of up to $100,000 within minutes.

Why go for Kabbage?

Kabbage has a seamless  automatic online approval process and really easy repayment conditions that make it top of your list of lenders to pick from.

Kabbage  offers you convenient access to small business loans and by so doing puts the  power of growing your business  in your hands.

Kabbage gives you continuous access to your money hence ensuring your business keeps running. You can take the funds you require anytime, day or night.

Getting Started with Kabbage Small Business Loans

First off, you will be required to provide your basic info.

  • Your tax ID number
  • Your business name and address
  • Your company structure
  • Industry type
  • The month and year of establishment

The Process of Applying for a Small Business Loan from Kabbage

Many lenders will put you through a long application process. With Kabbage you only need to fill a kabbage online application. This takes just minutes. You will then need to link your application to any online service that you use such as paypal or to a business checking account.

Once you’ve done this, Kabbage quickly goes through the information you have provided to see if you pass the test for a Kabbage loan. Some of the things Kabbage looks into include; personal credit check,  time in business, average monthly revenue, volume of transaction,  etc.

After they have completed checking your info, Kabbage informs you if you qualify for the loan and how much you qualify for. Getting approval takes minutes and funding takes a few days at the very most.

Factors That May Heighten Your chances of Getting Approved for a Kabbage Loan

  • Have been in business for a year at least.
  • Have an average monthly revenue volume of at least $4200.

Once you’ve been approved, you’ll need to select the amount you need and Kabbage deposits the amount directly into your bank or your PayPal account.  Remember, it is now possible to do all this on your mobile phone using the Kabbage mobile app. You can now say bye bye to those long queues that you would have to endure when using other lenders.

Kabbage Versus Alternative Lenders

Pros

  • With Kabbage you require really low minimum amount of revenue. Other lenders require twice as much at least.
  • Instead of looking into your credit scores, Kabbage focuses more on the banking,  accounting and e-commerce of your small busines thus making it ideal for you if you have poor credit record.
  • You get to draw against you’ve line as often as once every 24 hours.
  • You get credit of $2,000-$100,000, with each draw being treated as an individual loan.
  • You get 6 or 12 months to pay back each loan.
  • Kabbage further simplifies the payment process by combining all your payments into a common due date each month.
  • Kabbage also doesn’t charge an early repayment penalty which most alternative lenders do.
  • Kabbage makes it so that instead of paying interest like you would on other loans, you only pay monthly fees which are from 1.5% to 12% of your loan for the first two months of a 6-month loan or for the first six months of a 12-month loan. Thereafter, you pay a standard 1% fee for the remaining months of the loan.
  • Kabbage also doesn’t charge an additional origination fee which most alternative lenders do.
  • Kabbage doesn’t dictate what you use your loan for. You could choose to invest in building a website and the next time, you could choose to purchase inventory. Most of the other lenders insist on knowing what you intend to use your loan for before approving you for the loan.
  • Kabbage has a high level of customer service. The Kabbage agents are quick to answer any questions you may have as opposed to focusing on the type of loan you are interested in and for much money. Most of the other lenders will lay more emphasis on the type of loan and the amount of money you require.
  • There’s no pressure from the agents to commence the application process.

Downsides to Kabbage

Kabbage loans are expensive. This is because they give easy and quick access to capital and quick to customers with poor credit record.

Kabbage gives you a really short amount of time to pay back the loans. Although just a short while back the company put the 12-month repayment term in place, that option is not available to all customers.

Conclusion

I believe you now have a better understanding of Kabbage small business loans after reading this review. Don’t let a shortage in cash flow slow down the progress of your business. I recommend you get a Kabbage small business loan and increase your working capital. With the hassle free online Kabbage loan, your business keeps running and you will be smiling all the way to the bank!

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