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Kabbage

Kabbage

 3.8/5 (180 ratings)
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About Kabbage

This profile has not been claimed by the company. 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 $150,000. There’s no obligation to use the entire amount, and you don’t pay anything until you withdraw money.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • No credit score necessary
  • Quick loans
  • Transparent about fees

Cons

  • No long-term options
  • Front-loaded payment plan

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 $150,000.

Top Kabbage Reviews

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Rated with 5 stars
Verified

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 ...

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Rated with 5 stars
Verified

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...

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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.

For lines of credit, Kabbage requires a minimum credit score of 640.

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.

Lines of credit have an estimated APR range of 9% to 36%, and monthly fees range from 0.25% to 3.5%.

Kabbage FAQ

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 loans. 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.

Lines of credit require a minimum credit score of 640.

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?
  • 3,391,204 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 1 star
Verified Reviewer
Original review: Aug. 26, 2021

I was trying to open an account and but they transferred the fund before I open the account. Now they won't open my account. Neither would reverse the transfer of my fund. I have been trying to get the fund back to my account from last one month. Imagine how many times have they made me say my name address phone social and is still making me say it. STAY AWAY..

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Rated with 1 star
Verified Reviewer
Original review: Aug. 26, 2021

I lost my job due to COVID and has my husband's application set up with my work email. I confirmed I changed the email before our company closed. However, Kabbage would not update it, despite the confirmation. I have been trying since MARCH 2021 to log in to my account. I have spent about 24 total hours on the phone with their incompetent reps to get my account access back. All have told me to send an email from the account I do not have access to anymore. I have had an attorney call and they had all of us on the phone and they said to send an email from my personal email to request the change. I did immediately and kept them on the phone while sending so they can confirm. They confirmed via phone AND email. I then received an email saying they were waiting on my email. What?

I resent their confirmation and no one replied. I have filed a BBB report and they state they are waiting on my email. I replied with the email and no reply again. Every time I call, it is the most painful experience and I am certain jumping off the Eiffel tower would be less painful. I called SBA to ask what to do, they suggested I manually send the Forgiveness app in, which I did. Never received the certified receipt back and K Servicing said they never got it. My PPP Loan is due tomorrow and I plan on suing this company.

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    Rated with 1 star
    Verified Reviewer
    Original review: June 21, 2021

    We received our PPP loan without issues. We have had nothing but nightmares and issues submitting our Loan Forgiveness Application. We submitted everything full 5 mos ago - and keep checking on it every 2 weeks. After being on the phone for 2 hours today - were told they have No PLATFORM to accept online applications. SO NO RUNNING SOFTWARE. Our original application from 5 mos ago is now NULL and VOID - as the SBA changed laws so now because they NEVER reviewed the application that one is useless and we need to resubmit - which we CAN'T BECAUSE THEY HAVE NO SOFTWARE or PLATFORM up and don't know when it will be up. Although, the website says you need to submit by mid July or payments are due.

    CAN'T SPEAK TO ANYONE IN THE US, only India or the Philippines. THEY HAVE NO INFORMATION, can't say when their platform/software will be up. You can't submit anything on paper - only online - which of course is not up and no information on when their new system will be up. THEY ARE A JOKE - DO NOT DO BUSINESS WITH A FINANCIAL COMPANY THAT HAS NO INFORMATION, NO ANSWERS, etc. I am to the point where I feel it is a complete SCAM. Go elsewhere - our Bank recommended them and was the only lender they recommended and had their link on their website. I thought all was good since CenterState Bank (now SouthState used them and pushed us to go thru them). WRONG....

    7 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 21, 2021

    Got my first line of credit with Kabbage 2018, they were a great company until bought by American Express. I repaid back 10 loans in the time of 2018-COVID when they out of nowhere cut every clients funding. Even through COVID we never missed a payment and with a 750 Fico and 40-50k a month revenue coming in was denied funding when they finally reestablished. American Express should be ashamed of themselves for treating small businesses this way. Find box was able to get the job done for anyone looking.

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 31, 2021

    THE WORST COMPANY EVER, On May 26th 2021, I received an invitation that "KABBAGE FUNDING IS BACK" and to re-log into my account. It must be noted that during COVID-19 at a time businesses were struggling to stay afloat, KABBAGE cut everyone's funding and left everyone to fend for themselves. Fortunately for us, our business survived and has remained viable with no slowing down. KABBAGE seems to be at it again with dim tacts, they were unable to explain why I was denied funding with a FICO Score of 779 and Cash Flow of average $20,000/month and over $100,000 cash reserves in our company bank accounts. The CUSTOMER SERVICE IS HORRIBLE and lack communication skills. They have failed to address our concerns for Fair Credit Practices and have yet to communicate back after multiple emails to their upper management. Point is, THEY DO NOT CARE! STAY AWAY FROM THIS COMPANY!

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 22, 2021

    We applied for a PPP loan. Their software for the application was not impressive but it eventually worked. We got the loan. However, applying for forgiveness is a nightmare. I applied 3 month ago and can get no response from them on the status of the application. Customer service is terrible. They just keep say that I need to be patient and wait for a response. I know many banks are currently processing forgiveness applications. I don't know what is taking them so long and they will provide no timeline for when I might get a response. My advice is to use another bank. I will never do business with them again.

    8 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.

    4 people found 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.

    4 people found 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!!!!

    3 people found this review helpful
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