in Business Loans from Kabbage
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Where does Kabbage do business?
Kabbage is a business financing offering by Kabbage, a direct lender based in Atlanta, GA. Founded in 2008, Kabbage offers access to business loans in 50 states (and Washington, DC).
What are Kabbage’s rates?
Kabbage offers a fixed APR business financing product that ranges from 20% APR up to 99% APR.
Does Kabbage charge an origination fee?
No, Kabbage does not charge a loan origination fee. A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
What limitations does Kabbage set on the purpose of the loan?
Kabbage considers loan applications for business purposes, such as:
- Business Debt Refinance
- Equipment Purchase
- Lease Improvement
- New Location
- Product or Service Expansion
- Working capital
What types of business loans does Kabbage offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Kabbage provides access to the following business loan types:
- Lines of Credit
Does Kabbage charge prepayment fees?
No, Kabbage does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
How much can you borrow from Kabbage?
Loan amounts start at $500 and go up to $250,000.
What is the maximum loan term you can get with Kabbage?
Kabbage offers business loans with terms ranging from 6 to 12 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for Kabbage?
Kabbage requires companies to be in business for at least 12 months. Businesses must have a minimum annual revenue of $50,000 to be considered.
Applicants with a credit score of at least 300 and up to 850 are eligible for Kabbage.
Kabbage does not have or does not disclose a minimum annual income eligibility requirement.
The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the Kabbage product fall outside of the MLA limits and as a result the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.
Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Proof of identity
Does Kabbage report your account activity to credit bureaus?
Kabbage reports your account activity to the following credit reporting agencies:
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|No Origination Fee|
|No Prepayment Fee|
|Credit Score Range||
300 - 850
|Immigration Status Considered||
|Minimum Months in Business||12|
|Verification Documents Required||
|Loan Amount||$500 - $250K|
|Loan Term||6 - 12 months|
|APR (Fixed APR)||20% - 99%|