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Kabbage

Kabbage
Overall Satisfaction Rating 1.44/5
  • 5 stars
    12
  • 4 stars
    2
  • 3 stars
    4
  • 2 stars
    7
  • 1 stars
    113
Based on 138 ratings submitted in the last year

This company is not yet authorized. See reviews below to learn more or submit your own review.

Kabbage funding provides small businesses with short-term loans and lines of credit. Kabbage loans are available in six-, 12- and 18-month installments. If you choose a Kabbage line of credit, you could be approved for up to $250,000. There’s no obligation to use the entire amount, and you don’t pay anything until you withdraw money.

BOTTOM LINE

Kabbage provides businesses with fast loans and lines of credit. The speed comes with some high fees, but its loan calculator lets you see the costs upfront. The company approves lines of credit up to $250,000.

PROS
  • No credit score necessary
  • Quick loans
  • Transparent about fees
CONS
  • No long-term options
  • Front-loaded payment plan

Top Kabbage Reviews We Found

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Rated with 5 stars
Verified Reviewer

I called very stressed over a payment due in 2 days. I spoke to an account health specialist Jonathan W. He immediately reassured me that they would work with me. ... I recommend Kabbage to everyone and have been telling other business owners that this is the type of company you need on your side...

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Rated with 5 stars
Verified Reviewer

Their online application was really easy and smooth on every step of the way. I have been in the business for 24 years and experienced few online applications over the years. This company really absolutely worth 5 stars.

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    What is Kabbage funding?

    Kabbage is a lender that offers online small business loans. The application process is straightforward:

    1. Create a profile for your business to help Kabbage better understand your needs.
    2. Securely link your business accounts for Kabbage to review. You can add accounts from places such as Etsy, Amazon, Stripe, QuickBooks, PayPal and more. This gives Kabbage a thorough picture of your business performance.
    3. Kabbage's team quickly assesses your application and tells you how much funding you’re able to access.

    The Kabbage app is available for both Apple and Android to assist business owners who work from their phones. It offers a fully mobile experience for every step of your loan, including application, funds withdrawal, making payments and account management. This streamlines the process for business owners who are always on the move.

    Kabbage loan requirements

    Unlike many other lending companies, Kabbage doesn’t require a credit score. Instead, the company looks at your business performance when approving your loan. Kabbage considers several factors, such as revenue consistency and cash flow. If your credit score is below average, Kabbage may still be able to help you.

    Kabbage does have some eligibility requirements. You must have been in business for at least one year and have an annual revenue of $50,000. Alternatively, you can qualify if you’ve made at least $4,200 a month for the past three months. These are just the minimum requirements and do not guarantee qualification or approval.

    Kabbage interest rates

    The Kabbage loan structure is different than most lending companies. Kabbage doesn’t charge interest on its loans. Instead, the company charges a monthly fee on top of your monthly payment. Rates can range between 1.5% and 10%, depending on your business performance.

    The fees are front-loaded, so you pay most of them in the first half of your loan term. Kabbage is transparent about its fees, and it provides a loan calculator so you know what to expect before applying. The costs are usually equivalent to 24% to 99% APR.

    Kabbage FAQ

    Is Kabbage legit for PPP?
    Kabbage is a legitimate option for Paycheck Protection Program loans. Since the COVID-19 crisis began, Kabbage has made this its priority. It can process PPP loans up to $2 million.
    Who owns Kabbage?
    American Express currently owns Kabbage. The deal was announced on Aug. 17, 2020.
    Is Kabbage FDIC insured?
    Yes. All Kabbage loans are provided by Celtic Bank, which is an FDIC member.
    What credit score do you need for Kabbage?
    Kabbage doesn’t specify a minimum credit score for its services. Instead, the company takes your business performance into account. You must have at least one year in business and revenue of $50,000 annually or $4,200 monthly for the past three months.
    Do Kabbage loans require collateral?
    No, it doesn’t. Your signature on the loan agreement is your guarantee that you’ll pay what you owe.

    Is Kabbage legit?

    Kabbage is a safe company to use for short-term business loans. Celtic Bank, an FDIC-insured institution, provides the company’s loans. It secures your information with the highest encryption standards available. Even Kabbage can’t see or store your personal information, making it very secure to borrow from them. Kabbage may be a good solution if your company needs a short-term loan — especially if your credit score isn’t ideal.

    Kabbage Reviews

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    How do I know I can trust these reviews about Kabbage?
    How do I know I can trust these reviews about Kabbage?
    • 3,054,201 reviews on ConsumerAffairs are verified.
    • We require contact information to ensure our reviewers are real.
    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.

    For more information about reviews on ConsumerAffairs.com please visit our FAQ.

    Page 1 Reviews 0 - 10
    Rated with 5 stars
    profile pic of the author
    Verified Reviewer
    Original review: Feb. 11, 2021

    I applied for both first and second draw with Kabbage. Approved for the first draw, currently waiting on a decision for the second. I also applied for the loan forgiveness as Kabbage made it available on their site. Kabbage makes the process easy and relatively quick. They helped my business immensely and I greatly appreciate it.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: July 23, 2020

    Thank you so much! I didn't decide to apply for a PPP loan until Friday July 17th. Then read the list of docs needed to submit with the application - and decided to wait until Monday July 20th to get my office manager to help gather them in PDF format. I filed my application by 9:10 Monday morning. Being prepared, I had everything ready to upload, and the bank account number handy. The funds are in my account by 7:00 am Thursday. This IS for real. And it works very well - if you read and follow the instructions.

    32 people found this review helpful

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      Rated with 5 stars
      profile pic of the author
      Verified Reviewer
      Original review: July 17, 2020

      So I am just going to try and run down what happened between applying around 8am yesterday (7/16.) At 10:08 am I got the Congratulations, **CC, has been approved a PPP loan for $**zx. I thought great, that was quick. The email states that when go back onto Kabbage, there will be some paperwork to sign. Over the course of the day, I read some reviews, and everyone's experience with Kabbage was different. Some people getting separate emails before an approval. Thankfully, I sent a DM to Kabbage on Twitter. He told me that because I had to manually add my checking account, and I had not confirmed the micro-deposits, THAT is why I could not see the loan docs. And it makes a lot of sense if you read the reviews, they should really change what the approval emIl says, letting us know that it's OK if the loan docs aren't showing up if your bank account isn't confirmed.

      So I woke up at just about 5am this morning, checked my bank and saw the deposits! Logged into Kabbage, confirmed the account! It then brought me to the loan docs to sign, it did take two separate tries using the DocuSign, but it worked! As soon as I signed my dashboard updated to Congratulations, we have deposited $** to your bank account ending in **. That was all done just before 5am. I think I may have the money in my account TODAY. If not I am sure I will see it Monday :-(. I am sorry lot of people seem to be having trouble, but I must have just been one of the lucky ones!! 5 Stars all around from me!! So grateful!

      15 people found this review helpful
      Rated with 5 stars
      Verified Reviewer
      Original review: May 15, 2020

      Kabbage is definitely worth the effort. Their process is simple, streamlined and fast track. I cannot thank them enough for the seamless process from application to approval. My bank FRB had recommended them. I was a little skeptical at first but decided to give them a try. I had all my documents and the approval took less than 2 days. I have referred many of my friends who are small business owners to try them out. Very impressed and satisfied with their services.

      15 people found this review helpful
      Rated with 5 stars
      Verified Reviewer
      Original review: May 14, 2020

      Working with Nelson ** to finalize my PPP loan process has been fantastic. I was approved for PPP about a week ago and had to call to finalize my deposit instructions. But because of the high demand, I couldn't get through. I'd emailed as well but hadn't heard back from anyone. I decided to reach out to the CEO on social media and ask for his help. He responded almost immediately, the same day. And he put me in touch with Nelson on that same day. Nelson called me that day and was professional and patient. He walked me through the entire process to make sure everything was taken care of. The Kabbage team, from CEO to loan processor, is going above and beyond to make sure that small businesses are receiving PPP funding during these times. I HIGHLY recommend their service.

      40 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: April 6, 2021

      My organization received a PPP loan from Kabbage in 2020, which was then moved to K Servicing. I submitted the loan forgiveness application materials in December 2020 and was asked to sign the loan forgiveness documents on January 11, 2021. At that time I got an error notification saying I could not sign the documents due to an error, and I followed up with them immediately to try and resolve it. That is the last time I have had any information on my application, except to know that it has not been submitted to the SBA in the 3 months since I tried to submit to K Servicing.

      When I have been able to get through via the phone, I am given little to no information and told to just wait. I have been told several times that the issue has been “escalated” or that they will try to “push it through manually," but I have never received any follow up of any kind. And each time I call, they have no information on what the last person told me or what has happened with the escalation team. It's an endless loop of poor customer service.

      Be the first one to find this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: March 23, 2021

      I am the owner of two small businesses, which are both sole proprietors going under my ss #. Both businesses are on my 2019 taxes and back in July 2020 when I was applying for my first PPP loan for business A Kabbage told me to do them separately. At the time business B was still doing ok and no one had an idea that a year later we would still have restrictions on businesses. I chose to only apply for business A. Now roll forward to Feb 2020. I tried to apply for both business A and B and I was told that I cannot do them separately.

      It took me 2 months to get a straight answer from SBA. They told me Kabbage/KServicing is the only company that can fix this. All they have to do is call the SBA and no one at that company will do it for me. I have reached out to Rob ** the owner and other upper executives with no answer. Support has no clue what I am talking about. When you ask to speak to a manager you get put on a continuous hold. KServicing they just opened up with no email addresses, you can't find them on Linkedin. There is ZERO support. I need someone that has a clue at that company to give me call.

      Be the first one to find this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: March 15, 2021

      I applied for my second draw for PPP with Kabbage. My accountant said we more than fit the criteria for a second draw. I have been checking regularly for its approval. One day about 10 days ago I got an email saying that I had withdrawn my own application. I called immediately to say I had not and was assured that it was an error and would be fixed. I was told this email was sent by accident to many people. When in the following days my dashboard continued to say my loan was withdrawn, I called each day and was told on multiple occasions the loan was still active and no problems.

      I followed up again today and was told by the same woman I spoke to on Friday (who had assured me all was good) that my loan had not been approved and to apply elsewhere. I asked why. She was unable to give me a reason. I asked to speak with a supervisor, she said there were none available. I asked what day the decision was made. She said the decision was made 10 days ago. Wasted my time. I will not forget this Kabbage.

      2 people found this review helpful
      Rated with 1 star
      Verified Reviewer Verified Buyer
      Original review: Feb. 27, 2021

      Hi, I applied for PPP loan with Kabbage for 1st draw back in July 20. Chase was my bank and they sent my loan back to Kabbage. I showed Chase bank all documentation of loan approval and my business information and they still returned the check. Chase closed my account so no other funds would go into the account. I contacted Kabbage about resending the loan and supplied them all the necessary information to have the loan resent. I opened a new account at Prosperity and gave them the information to deposit to the new account. Kabbage never changed the account information and I never received the loan. I called them for months and never got any help.

      Now 2nd draw is available and I applied and was approved. KServicing is now processing for Kabbage and They sent the loan to the Chase account which has been closed. I have spoken to several different representatives and sent over the requested bank information and they said they would change on the backend and send both loans to me. As of Friday, February 26th no response to when I will receive the approved loans. Please help, I have been approved TWICE and still have not received business funding!!!!

      2 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Feb. 24, 2021

      I applied for second round of PPP. I was denied, now they are holding me hostage as they won’t withdrawal my application. Which means I can’t apply anywhere else. Poor customer service, they put you on hold only to be disconnected after being on hold forever. This company is horrible!

      4 people found this review helpful
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