Kabbage Business Loan

Kabbage Business Loan Review

Kabbage SBA loans is a business financing offering by Kabbage, based in Atlanta, GA. Founded in 2008, Kabbage offers access to small business loans in 50 states (and Washington, DC).

What are Kabbage SBA loans’s rates?

Kabbage SBA loans offers a fixed APR business financing product that ranges from 9% APR up to 36% APR.

Does Kabbage SBA loans charge an origination fee?

No, Kabbage SBA loans does not charge a loan origination fee. A loan origination fee is what some lenders charge for processing, underwriting, and funding a business 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 SBA loans set on the purpose of the business loan?

Kabbage SBA loans considers business 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 small business loans does Kabbage SBA loans offer?

Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. Kabbage SBA loans provides access to the following business loan types:

• Lines of Credit

Does Kabbage SBA loans charge prepayment fees?

No, Kabbage SBA loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the business loan off early.

How much can you borrow from Kabbage SBA loans?

Business loan amounts start at $1,000 and go up to $150,000.

What is the maximum business loan term you can get with Kabbage SBA loans?

Kabbage SBA loans offers small business loans with terms ranging from 6 to 18 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 Business Loan?

Kabbage Business Loan requires companies to be in business for at least 12 months. Businesses must have a minimum annual revenue of $50,000 to be considered.

When it comes to credit scores, Kabbage doesn't have a set minimum or maximum. People with all types of credit scores can apply.

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 Business Loan 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.

U.S. citizens are, of course, eligible for the services offered by Kabbage Business Loan. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Proof of identity

Does Kabbage Business Loan report your account activity to credit bureaus?

Yes, Kabbage Business Loan reports your account activity to the following credit reporting agencies:

• Equifax
• Experian

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.