Kabbage

Getting a line of credit with Kabbage was the worst decision I've ever made for my business. Between the astronomical hidden fees and the insanely high interest, Kabbage is a lose/lose deal.

The company has no internal communication and terrible customer service. Condescending managers who are happy to run you through the ringer with no help.

Fast forward March 2020. Upon the start of corona virus, despite NEVER missing a payment, Kabbage yanked my line of credit. As my city was shutting down, when my business needed additional funds more than ever, with out any reason or notice, the cancelled my line of credit. When I called, they said it was because my credit score went down... they were correct, it did go down. 3 points.

I continue making my payments, and eventually reach the point where things are getting pretty grim and need to make some arrangements. I call in weekly, let customer service know how much I can pay and when and think it's all good. There is NO COMMUNICATION WHATSOEVER within the company. Essentially, even if you just make the agreed upon payment and set a date for the next payment, they are still going to bombard you with automated calls. Apparently they cannot figure out how to program their basic automations.

It's been a stressful 9 months, but I've been making my payments and arrangements diligently without too much issue, until today. I'm in manufacturing, in Louisiana and last week we had a storm which knocked out power for days... in some areas it's still not on. Because of the outage, I literally have no work going out until earliest next week. I have a small payment ($1100ish) that I figured I could defer to next week. I honestly did not think it was a big deal, as I've deferred payments before. After getting bounced around to three people who could not help me with my request, I get passed off to the "manager" Jared.
I expressed my issues with Jared, who pretty much said once the payment was set there was nothing he could do about it. I found that hard to believe, and albeit, was very stressed/frustrated at this point, and I imagine it showed in my tone. Jared then proceeded to tell me I could call chase to issue a stop payment. Quite frankly, after sitting on their phone, and getting bounced from person to person, one wrong department to another, the last thing I wanted to do was sit on another automated call, especially since Kabbage was a complete waste of my time. I may have said something along the lines of "I won't even be able to get a person on the line at chase.", which while not true, we all know it means I have an even longer, more frustrating call in my future. In a completely uncompassionate and condescending manner, Jared then offer to give me the phone number to chase.

(At that point I hung up on him. I'm seeking help, not some dude to talk down to me.)

I read about 20 Reviews on here, Yes, Some People do qualify for the 2% Fee. (this is 2% Per Month) Read the Fine Print Our Business has been Operating for 6 Years, Our Credit Line is approx 22K. Are the Fees Still High? Yes, They are, But We also have a Bank Line of Credit and When you Are Going for A Business Line, The Interest Rate is Never Great because there is a Fair Amount of Risk involved for the Lender.
Now, I have never Defaulted on my Kabbage Account, But I read alot of reviews from people who have and they say Kabbage is Ruthless. Heres the Facts, You took the Money, You agreed to the Terms, If you did not read that part, Its on you. Kabbage is all Automated so No they dont care if you have a Bad Month, And You need to plan ahead, Being in Business is more than selling stuff, and if you are borrowing, you must have a plan in place to pay it back. If you are purchasing your product correctly, Repayment should not be a problem, Dont Bite off more than you can chew and Don't Default. I use them a couple times a year. I Would recommend this company to a well organized business who has a good understanding of their returns on an investment. There are companies Popping up like this all over now, Paypal is great, but You can only take one at a time. Im very Happy with Kabbage its a great Backup.