On the day they took a $6600 payment from me, the reduced my available cash to less then the remaining loan. They claimed that I was over obligated and that my FICO score was low (664?). It put me in a horrible position with regard to my rent and property taxes. I had never missed a payment either.
They are tantamount to a revolving charge account that you use when your new business has caused you to max out your cards. No more than that. And a high expense one to boot!
From reading their policies -- this is no more than a loan shark. From their own example you borrow $10,000 and pay $1200 in fees or 12% in 6 months. That is a 24% loan. If you are desperate for a 24% loan go for it. This may work for people with short term cash flow issues between contract payment and bills due. But there are many other services for that which should be less than 1% per month.
Horrible customer service. Need to sign loan documents and can't get it taken care off. I have called and emailed for days and no word back. On top of the fact that it took me 3 times to get them everything they needed, even though I was told each time I had submitted everything. In a time where the funds are needed, regarding the PPP loan and can't even get an answer back from them is ridiculous.
I have NEVER dealt with worse customer service in my life. Completely unacceptable!
Kabbage is a bait and switch company. They lead into of lot of loans and very high origination fees. When you have most of the debt paid off and get behind in payments they don't tell you but they sell it to a financial company that sues you for the money. Thats right they sue you. I've lived for 60 years and not once have been sued. Stay away from these sleazy lenders.
After 2 weeks of virtual response, we received an email saying we were declined because we are not eligible? So we have moved our business to a real institution which processed our information in 48 hours
Extremely high interest rate and will go after any sort of funding options you give them, paypal, bank accounts etc. They say the more funding options you provide, the higher you can qualify for NOT, they just want more options to get their money back ASAP. On 5000. 00 I was charged 1250. 00. Outrageous! If you want an easy funding source and have paypal, try Paypal Working Capital. Love it! Get funding up to 11,000 each time and even though I end up paying back over 2,000 a month, it comes out of each transaction that is processed so I do not have to worry about making a payment. If I have a bad month, it is ok, it can go out numerous months. On 11,000 loan, my interest or loan fee was 1200. 00. Kabbage actually put me in a bad spot and I was grateful when it was finally paid off. Do Not Do It!
Hi Jen,
Thank you for your review. We completely understand your frustration. We are here to work for you, not against you. This is why we show you a breakdown of your total cost and payment schedule before you ever agree to utilize your Kabbage funds. If the Kabbage product is not for you, then we completely respect that! We wish you all the best.
- The Kabbage team
I took out a 10,000 loan from Kabbage for my business. Each month I paid on time and in 4 cases I paid it back before the due date. At the end of the program it said I was not eligible for a new loan because and I quote, I did not link to enough of there other program accounts? Really? I am a good customer and pay without missing a payment and that's what matters... linking to your other stuff? Bad Program!
Hi Robert,
Thank you for your review and we completely understand your frustration. We are always open to discussing your situation further. Please give us a call at 888-986-8263 if that is something you are interested in.
Regards,
Annie York
Customer Experience and Success
Thomas Lynch has been nothing but helpful and courteous in dealing with a situation with a client who is refusing to pay us for two very expensive projects. While we work on a resolution, we have used Kabbage to fill the void left by this customer. And while I appreciate Thomas' high degree of professionalism, the Kabbage loan terms are themselves extremely steep. I recommend them as a stopgap for situations like ours where you can pass along the expense, but they are a costly choice to fund business growth. I am giving them four stars for Thomas Lynch, and knocking off one star because they position themselves as a company that helps small businesses grow, and objectively their terms do not support that.
I signed up for a Kabbage account about 2 years ago, and have used it sparingly for inventory purchases on average of $4,500 per advance. I know very well exactly what the fees are, and the repayment schedule. I read through these reviews and see many unhappy folks, however the common problem is people that could not make the 6 monthly payments on time. Folks, if your business model is so lean, that one payment sends your checking account into overdraft, then you do not need credit... you need a job. The money is fairly expensive from Kabbage, but we can all read the agreement terms. If you cannot pay on time without question, then don't take the advance.
Due to emergency/ unforeseen circumstances, my biz had to close for 6 weeks right after we secured our loan. We're back open and paying the loan back, just a bit slower than anticipated because of the close. I asked for small extension/ higher pay back rate based on circumstances (which I proved to be true), but I'm told it cannot be changed at all, and that its all automatic. Trying to work out a reasonable solution to make payments asap, but getting no help from CS. When I ask to speak with a Sup I am told "they are in a meeting"- 4 times now.
Hi Janice,
Thank you so much for your comments. We sincerely apologize for your experience. I see that since posting this review, you've spoken with someone and have agreed to a solution moving forward. We appreciate you bringing this to our attention, as you help make our company and service better.
-The Kabbage Team
Although Kabbage fees are expensive, Anna was very pleasant and able to answer some confusing questions I have today, trying to understand the fee structure of Kabbage. I guess it can be used for short-term projects.
Greg B. Thoroughly explained the process and worked to have my monthly interest rate reduced. I really appreciate his efforts in getting the available funds needed for my business in a timely manner. I am very pleased with how quickly this process was handled.
Applied several places to get the PPP loan and Kabbage came through very quickly. I had all my documentation ready and they made it easier. From application to funding it was less than a few weeks. Thanks Kabbage!
Katie!
Thank you for answering all of my questions! I needed to speak to a confident rep, to know where I stood, and you delivered. Weeks ago, Kabbage helped this client affected by Hurricane Irma, and Katie finished it out. She instantly applied my current payments, brought me up to speed, and I am now back in business making $money$ with Kabbage!
Katie, you are the best,
Tom
Hi Tom,
Thank you so much for sharing your story. We are so thrilled to hear about the upswing your business has taken! Keep up the great work.:)
- The Kabbage Team
We're a medium sized business that needed fast access to working capital for growth. Our representative Greg B. Was super responsive and very professional. He responded quickly to every email and call and walked us carefully and thoughtfully through how Kabbage works. He even went over both pros and cons so we could make a fully informed decision. We felt absolutely no pressure, just the help we needed. We made the decision and Greg walked us through the online process. This could not have been easier and really helped our business. Thank you Greg and Kabbage!
I have never had a bank/loan institution even pretend to care about what my needs are. This company is a complete exception to the rule that lenders have to be non-personal robots. I spoke with a real rep this morning (I could actually understand him, because he spoke perfect english), who listened to my dilemma and fixed the situation in 2 minutes. And THEN I got an email from another real person asking how my experience was, and that I could contact him directly if I needed anything. WHAT? I am seriously impressed by this company.
Kabbage Loans are a great alternative to traditional lending for small business. They've helped our company grow by providing cash for capital expenditures, while offering clear and flexible payment terms.
The secure online account access is intuitive and offers up plenty of information on your loans, payments, and credit amounts available.
Kabbage is peace of mind for small business!
Kabbage allowed me to take my business to the next level with an infusion of cash that was just the boost needed to get on top of things. Running a small business can be tough when accounts payable arrive and are due before accounts receivable are deposited. Thanks Kabbage your payback plan worked perfectly for me
We have been very pleased with Kabbage, at this point we don't even use our credit lines from our bank. Kabbage is much faster and easier. We can't wait until they add a product for business acquisitions.
Thomas provided one of the best customer service experiences I've had in any industry. Pleasure to talk to and found a way to help me with the questions I had. Definitely someone who cares about the work he does each day!
Overview
Kabbage has a rating of 3.2 stars from 307 reviews, indicating that most customers are generally satisfied with their purchases. Reviewers satisfied with Kabbage most frequently mention customer service, small business and great job. Kabbage ranks 3rd among Business Loans sites.
- Visit Website
- Atlanta, GA
- Edit business info
Business History
Before founding Kabbage, Rob established, led and advised a number of successful businesses, including LAVA Group, U.S. Micro Corporation and Surgical Biologics. Additionally, he served in business development and legal capacities for ZapMedia and Security First Network Bank. Rob practiced law with Troutman Sanders LLP, co-authored three books on intellectual property and co-hosted a career-centered radio program sponsored by USA TODAY.
As Kabbage expands its workforce and increases its support of small businesses, Rob helps ensure the company maintains its unique culture and considerable laughter quotient. One of his favorite small businesses is ACME Farms + Kitchen, an online food purveyor Rob admires for their efficiency and ingenuity in creating interesting and delicious meals.
Company Representative
- Sitejabber’s sole mission is to increase online transparency for buyers and businesses
- Sitejabber has helped over 200M buyers make better purchasing decisions online
- Suspicious reviews are flagged by our algorithms, moderators, and community members
- Sitejabber’s sole mission is to increase online transparency for buyers and businesses
- Sitejabber has helped over 200M buyers make better purchasing decisions online
- Suspicious reviews are flagged by our algorithms, moderators, and community members
Hi Charles,
We hold ourselves to an incredibly high standard and are proud of the customer service we provide. We do not have an origination fee, rather a monthly loan fee that you will incur every month you have a balance with us. We do not have a pre-payment penalty and encourage early payback. We are extremely transparent with our cost and show you a breakdown of what the monthly payment is going to look like before you ever take Kabbage funds.
We are always willing to work with the customer, as we understand that business can fluctuate. I looked at your account and see that we made multiple efforts to reach out and work with you. I also see that we were in constant communication with you about your situation.
We wish you the best of luck with all of your future endeavors.
Sincerely,
The Kabbage Team