Kabbage

1.8
(2)

Kabbage provides automated, online financing to small businesses.

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"Predatory Lending - Stay Away"

Describe the project or task the provider helped with:

I got a loan from Kabbage because it was so much easier than applying with a bank. It is the biggest mistake I ever made. Their interest rates are so high taking out this loan ate up all of my profits and more. When I finally got it paid off I was in worse shape than I was when I took out the loan

What do you like best?

Nothing, Kabbage is a predatory lender. What they do to small businesses should be illegal.

What do you dislike?

EVERYTHING!!! They are predatory lenders. They charge advertise low interest rates, but that is their monthly interest rate, the actual APR wound up being over 100%! They also charge higher rates at the start of the loan so if you can manage to pay it off early it doesn't save you any money. They also made automatic withdrawals from my bank account, so I suppose I was avoided paying a few late fees, but also meant that I couldn't pay my suppliers on time.

Recommendations to others considering the provider:

Stay away. We finally paid off Kabbage 2 years ago, with our financials being a total mess. Since we have been utilizing invoice factoring and po financing and it has helped a lot in repairing relationships and growing our business.

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PI
Project Team Member in Information Technology and Services
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"Small Business Loan"

Describe the project or task the provider helped with:

I needed to remodel the store and kabbage provided me with a line of credit to do so.

What do you like best?

I like how easy it was to get a quote and to get access to funds.

What do you dislike?

I wish that the loan options were more flexible especially since I have evidently great credit.

What Other Services solution do you use?

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