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  Kabbage Business Loan

Kabbage Business Loan

in Business Loans from Kabbage

Claimed

Kabbage Business Loan

Claimed

in Business Loans from Kabbage

SuperMoney Net Recommendation Score +14

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +14, equating to 3.3 on a 5 point rating scale.

+14

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Mostly recommended

3 users recommend
2 users are unsure
2 users don't recommend
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Highlights
Community Rating Mostly recommended
Loan Amount $2,000 - $250,000
APR  (Fixed APR) 16% - 67.5%
Loan Term (Months) 6 - 18 months
Number of Reviews 7

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).

Kabbage SBA loans FAQ

What are Kabbage SBA loans’s rates?

Kabbage SBA loans offers a fixed APR business financing product that ranges from 16% APR up to 67.5% 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 $2,000 and go up to $250,000.

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.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From Our Editor

What We Love About Kabbage Loans

Kabbage will provide business loans and working capital to companies of all sizes, regardless of their credit score or available assets. Essentially, the company has used AI to assess the creditworthiness of even the smallest companies, including the one-man eBay operation, and they understand that cash flow is the biggest issue in small business. As such, they’ve worked to create a lending solution to help all companies get the funding they need quickly and easily.

All companies need to do is prove they have been in business for at least one year and show that they generate enough revenue to qualify. Once the approval has been made, borrowers can take what they need and only pay for what they use.

What Could Kabbage Do Better?

The terms and fees involved in a loan from Kabbage are what stop most people. After all, even though they are reasonable, you are paying a premium here because you’re getting quick, credit-less approval for business capital based on very little information. The company has to account for that risk somehow. Still, the company is focused on speed and simplicity, so that’s why people come to them and are often willing to pay a little more in the way of fees.

Kabbage's Backstory

Kabbage was founded in 2008 as Rob Frohwein noticed many small businesses using online marketplaces and payment providers that didn’t have many assets or a means of getting credit from traditional lenders. The company was founded using software that allows the brand to access consumer accounts in real-time to assess their financial health and creditworthiness. To date, they have processed over $3 billion in loans.

The Verdict

If you’re a small business or independent contractor in need of some quick cash, Kabbage Business Loans might be just what you need. The company doesn’t require a lot of credit or business collateral, and they’ll approve loans quickly and easily.

Still, you’d be prudent to check out all of your options for business financing before you choose one. Kabbage and other lenders can be compared to see which ones offer the ideal solution, and you can even check out lender reviews at the Supermoney.

Contact

Hours of Operation

  • Sunday All Day
  • Monday All Day
  • Tuesday All Day
  • Wednesday All Day
  • Thursday All Day
  • Friday All Day
  • Saturday All Day

Other Services by Kabbage

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

No Origination Fee
No Prepayment Fee
Credit Score Range 300 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Non-Military
  • Veterans
Minimum Months in Business 12
Minimum Revenue $50,000
Verification Documents Required
  • Proof of Income
  • Proof of Identity
Approval Speed 1 hour
Credit Bureau Reporting
  • Experian
  • Equifax
Funding Time Range Up to 1 day
Loan Amount $2,000 - $250,000
APR (Fixed APR) 16% - 67.5%
Loan Term 6 - 18 months

Kabbage Business Loan Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +14, equating to 3.3 on a 5 point rating scale.

+14

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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