Kabbage Review – Legit Small Business Lender?

Securing a small business loan can be a daunting and burdensome task, which is where Kabbage comes in. Located at Kabbage.com, Kabbage is a technology company that aids small businesses in securing a line of credit ranging between $500 to $250,000.

Rendering an application process that takes no more than a few minutes to complete, small business loan applicants are able to receive an answer within a couple of minutes of completing their application.

Widely acknowledged as a transparent loan matching network, there are several need-to-knows that should be respectably weighed prior to committing with Kabbage.

To learn all the ins-and-outs associated with Kabbage, we openly invite you to continue reading our unbiased review.

Kabbage.com Review

Kabbage is a technology company that claims to quickly connect small businesses with capital.

Contrary to what other review sites may say, Kabbage IS NOT a lender.

To date Kabbage has helped over 130,000 businesses secure over $4 billion in funding.

Robert Frohwein and Kathryn Petralia both co-founded Kabbage in 2009.

Kabbage, Inc

Kabbage, Inc is the corporate entity behind Kabbage.com.

According to the Better Business Bureau, Kabbage, Inc was incorporated on February 12th, 2009 in Atlanta, Georgia.

Currently Kabbage reflects a BBB business rating of A+ and became a Better Business Bureau Accredited business on January 31st, 2014.

Kabbage, Inc reflects the following physical office address of 730 Peachtree St., NE STE 1100, Atlanta, Georgia 30308-1263.

Business Management

Robert Frohwein – CEO

Marc Gorlin – Chairman

Kathryn Petralia – Co-Founder

Kris Nelson – Compliance Officer

Annie York – Customer Service Rep

APR, Terms & Fees

Kabbage loans have a term duration of either 6 or 12 months.

Each month borrowers will be required to pay either 1/6 or 1/12 of their business loan.

Uncharacteristically, Kabbage does not support lenders that enforce a fixed APR rate.

Instead borrowers will pay a monthly loan borrowing fee ranging between 1.5% to 10%.

Projected APRs under this business model are estimated between 24% to 99%, which are a bit on the high end when compared to traditional financial banking institutions.

How does Kabbage.com Work?

Kabbage’s application process is conducted entirely online where Kabbage will inquire for information regarding yourself and your business.

You should be prepared to provide your designated lender with read-only access to your business banking accounts along with any other channels you may rely upon such as PayPal, QuickBooks or Amazon. Kabbage requires this information in order to calculate your maximum credit limit and your monthly fee.

Applicants should be aware that Kabbage will conduct a hard credit inquiry during the application stage, which may negatively affect your credit.

While Kabbage does not require a minimum credit score for eligibility requirements, the credit check they conduct on applicants would be to determine risk while verifying the identity of the applicant.

Eligibility Requirements

• 12 months in business
• Revenue of $4,200 over the past 3 months
• Or an annual revenue equating to no less than $50,000

An algorithm will determine your rates, fees and will approve or deny your application.

Typically applications only take a handful of minutes to complete, however, if Kabbage has difficulty verifying your information the process may take longer to complete.

Applicants who have been approved are able to request funds from designated lenders.

Additionally you can request a Kabbage Card, free of charge, which can be used toward expenses directly from your credit line.

Operational Transparency

As a whole, Kabbage is a rather transparent small business lending service platform.

Unlike other competitive loan service networks, Kabbage fully discloses their application procedure, their rates and fees along with their corporate entity.

Kabbage also appears active across Twitter and Facebook.

Kabbage can also be reached through the following communication channels:

Mailing Address
Kabbage
925B Peachtree Street NE
Suite 1688
Atlanta, GA 30309

Telephone

(888) 986-8263

Email

support@kabbage.com

Community Feedback

Kabbage reflects an A+ rating from the Better Business Bureau and has compiled 51 customer complaints throughout the past 3 years.

Application rejections, expensive fees, SPAM emails, front-loaded fees and bad customer service are among the most common complaints found in reference to Kabbage.

Other review portals such as TrustPilot and SiteJabber go on to reflect relatively positive user experiences out of a few thousand reviews in total.

“A fairly painless way to get cash fast, the loan was deposited into my PayPal account with immediate access to the funds, excellent customer service.”

“Jimena Gave great help. Kind and courteous. Keep her on the payroll. Great people skills. Stayed with me on the phone until everything was completed.”

Kabbage Review Conclusion

Kabbage could be the outlet you have been seeking if you are having a difficult time securing a small business loan from local banks or other financial institutions.

The application and approval process is relatively easy and only takes a few minutes to complete.

Their projected APRs are a bit on the high end when compared to traditional financial institutions but when compared to other small business loan networks it is not only competitive but oftentimes much cheaper.

If you are in need of securing a small business loan and are searching for a dependable loan servicing platform, then we invite you to check out Kabbage for yourself and see what they have to offer you.

We ask that you share any feedback, positive or negative, you may have by leaving a comment below!