Kabbage

Very fast communication and helped out with my problem in a matter of minutes! Thank you for your help!

First I'd like to start my review with this, Kabbage as a lending company is a simple easy to use system that lends at a modest rate and delivers cash into your account fast. This is where my negative experience begins. After being referred to Kabbage by a customer and close friend of mine and acknowledging the referral program incentive as an enticing offer, I went ahead and took the initiative to fill out all the proper paper work and enrolling my friend (email and all necessary information) so that we would both get a $200 visa gift card and a $50 visa gift card respectively. After making my first few payments, it came to my attention that my friend still had not received their gift card. I contacted kabbage and their management team via email and phone. My contact person, Mark Jones, seemed to do what he could but after going through the waiting game, they manifested an excuse "that it will be put through on the next payment batch. Sometimes it happens until your first payment has been processed." We waited for another 2-3 months before I contacted Kabbage again about the gift card situation, and again they manifested a lackluster reply, not ever apologizing for such - just pushing it off on another departments fault. My account manager Mark, supposedly push it through to his supervisors and sent a couple other $50 Visa Cards for my troubles and another for a separate Loan I pulled. To this day I've been a member of Kabbage for 9 months, borrowing close to $30,000 and have not received a SINGLE dollar of incentived money. This being the holiday season, now would have been the perfect time to pull out my gift cards and give my kids a slightly better Christmas, than they would have otherwise. Take this review for what it is, I'm an honest hard working DAD who demands more out of these Corporations that suck the bloodlife out of its own customers. Disgusting

What a nightmare Kabbage was! We planned to use them for a loan to purchase material on Alibaba using a Kabbage offering called Pay Late. We buy tens of thousands of products from overseas for our business. We asked Kabbage if we could pay off the loan using an American Express Corporate card from our business. We were told by several people this was 100% okay, there are no transaction fees or other fees. Only that we'd have to pay the 1st month interest. Sure, no problem. We verified this 3 times,... twice with Detric and once with Matthew. It was a nightmare to attach bank accounts, didn't work well, had to be sent to tech support. YES, shockingly, they want you to directly link your corporate bank accounts to their system so they can access your banking information. SCARY! We were very hesitant, but decided to give them a try. Their system didn't work because it didn't like that our checking account was a money market checking, they wanted a regular business checking account. Really? It's simply a checking account that pays interest. So we had to transfer money around to appease them. It was a mess! We got all setup 2-3 days later, literally took that long for them to get it together. Then we started to make our purchase and decided it would be smart to give them one last call to be sure everything was correct, since it had been a nightmare to that point. And we were told, no way, we absolutely won't accept an AmEx or any credit card to payoff the loan! Ugh, what a HUGE WASTE OF TIME AND MAJOR FRUSTRATION! This was the whole point and we had been totally honest and up front about our intentions. We closed the account, unlinked our bank accounts and changed all our passwords.

NIGHTMARE - BEWARE!

Be very careful with Kabbage, not only do they charge a extremely high fees on your loans they have Stolen/Misplaced over four thousand dollars from my small business.

Let me start by saying as a small business we were new to Kabbage and believed that they would be a good fit since we paid each loan back either before the initial charge date or on the auto payment date, as to not incur anymore charges. Well this was going well until my most recent payment which was via PayPal payment(which most if not all my payments were made through PayPal). The payment went through as successful and was taken out of my PayPal account, about two weeks later I went to check my company's Kabbage account to find Kabbage stating that I still owe the same payment that I made two weeks earlier $4031 I stopped and immediately called them in disbelief. To my surprise they stated the payment was reversed back to PayPal (with no notification to me not even an email). Immediately I checked PayPal no refund there. I asked Kabbage once more where's my 4 thousand dollars I get the run around, first it's let me ask a supervisor, then it's let me ask the accounting team, then it's call PayPal and ask them. Ok I call PayPal, PayPal confirms my suspicions no refund was given,( Kabbage didn't even reverse the payment with the same transaction code). I call Kabbage back to let them know of the issue, once again the run around, supervisor to Accounting team which points the finger back to PayPal. Then the final straw was when I spoke to this last representative J****{he will remain nameless, not trying to fire him} and his supervisor who tried to tell me that Kabbage doesn't accept PayPal payments well how do you explain my 5 payments just in that month alone that were accepted( I even emailed him proof), his response "Oh those 5 separate PayPal payments were just glitches. This is very scary I feel as though Kabbage is trying to force a small business to do something not even banks do. Never again will I trust Kabbage.

Beware of Kabbage.
PS I'm still waiting on you all to find my 4 thousand dollars, until then I'm not paying you thieves a single dollar more

I signed up for kabbage in spring of 2013 and had used it by taking a small loan once or twice. Everything went fine and so when I was presented with a few oppritunities to buy a lot of excellent inventory in November and December of 2013 I turned to kabbage to make it happen. I was approved for up to $8500. I was not sure how much I would need to purchase inventory, so I took a small loan under $1000. Then the oppritunities expanded several times and I ended up taking multiple loans out, totaling $4500. Prior to doing so, I had checked how much the minimum monthly payment would be for a $4500 loan, and it was just over $1000. I figured I could swing this if I was careful the next few months with spending. Well, much to my surprise and horror, when my Janurary statement was updated, my minimum monthly payment was almost $1600! Apparently, if you take multiple loans totaling $4500 the minimum payment is much higher than if you just take one $4500 loan. Does that make any sense to anyone?

One huge issue with kabbage is LACK of info. You get a statement with your minimum monthly payment around the 5th-7th of the month and then have less than 3 weeks to pay it. You can't see which loans are paid off, which fees are for which loans, how much your minimum payment will be next month, etc! Who ever heard of such a thing?

THEN I found paypal working capital. Now I feel like a moron for using kabbage at all. My fees for taking a $1000 loan from kabbage are a little over $180. I can take a $1000 from paypal working capital for $31. Yes, I am serious.

As soona s my kabbage loans are paid off will no longer be using kabbage. The fees are too high, they don't give you any detailed information at all about anything on your account, and the minimum monthly payments make little sense... And since there is no breakdown of the minimum payment, you can't even see why it is what it is. They just give you a number and you have to pay it.

So, kabbage can be helpful if you take one loan and repay it before taking another. If you need $4500, take it all at once and not in 5 or 6 smaller loans... Or you will be in for a major shock!

Ok, I posted a couple days ago about Kabbage refusing to work with me when I did not have the funds to make the current payment. I don't know if they didn't believe me or what, but they basically totally stonewalled me. I quickly disconnected all of the things I could as far a paypal and bank info but lo and behold, an ACH appears in my Kabbage account (not in my bank account) as a payment, then the next day, another one. Total amount $681 - and there is nothing in my bank account, like I tried to tell them. I called my bank and there was nothing in pending, but I was told that it can take up to 72 business hours for an ACH to appear. OK, so what are my options? Here is what I did - I put a stop payment on ANYTHING that gets presented to my account from Kabbage and I also removed my overdraft protection, just in case they try to present under a different name.

What the HELL? Why in the world would I have to go through this? I almost feel like at any moment Bubba and his Thugs are going to come marching down my driveway and threaten to break my legs if I don't make the payment. If you loan money to a small business that is dependent upon daily sales, and then the sales don't happen, YOU just made a bad investment. This does not give you the right to just come and take whatever you think you can. You can't get blood from a stone, but you certainly can create a negative balance nightmare in a business's bank account that will then incur fees upon fees. But you AINT doing that to me m***fkers.

I only asked for a few more days to cover the 'good faith' payment and you just couldn't do it, so I have blocked you and disconnected you and it will be a cold day in hell before you ever get a single dime from me. Thanks for the donation to my business.