Kabbage

I have been using Kabbage since 2012 without a hitch! Smooth sailing and was happy to recommend them to friends and business associates. Until TODAY! As of 10 days ago I had a balance owing of under $200.00. I noticed when I logged into my account that they had raised my "AVAILABLE CASH" amount. However, when I went to retrieve it, I received their "ERROR' message. I sent them an email and waited. 4 days later, still nothing, I called them. They said I would need to pay off my balance in order to receive any cash. I got busy and paid it off. WRONG! When I logged in and went to "GET CASH", I received the same error message. I called them immediately and was told that my account would have to be sent to the review board. I am beyond annoyed that I naively trusted them. My recommendation: STAY AWAY! THEY ARE NO LONGER A TRUSTWORTHY SOURCE FOR FUNDING SMALL BUSINESSES! And WORSE, will lie to their customers deliberately just to get their money back!

This company is disrespectful, dishonest, and unethical. PLEASE, I'M TELLING YOU IF YOU VALUE YOUR BUSINESS, DO NOT USE THEM! They did not honor their agreements. Their loans will send your company into a tailspin instead of helping it. Outrageously high rates with huge payments. After consulting with them, they made an agreement to change my monthly payment, then without contacting me, cancelled it and proceeded to draw random payments from my bank account without informing me. When I contacted them about it, they were unable to give me a straight answer and when I demanded a straightforward explanation, they threatened to turn me over to a lawyer. STAY AWAY AT ALL COSTS!

I am giving one star here only because it is not possible to give negative. I had fraudulent charges against my Kabbage card several months ago. We notified Kabbage and they took care of the charges and sent me a new card. We were pleased with the service at that point. A couple months later and the Kabbage card sits still attached to it's initial activation paperwork and I am notified of additional fraudulent charges. How can this be since the new card had never been used or even left my office. Upon calling Kabbage they told us that they would look into the charge and had refunded the amount to my loan. They also told us that our line of credit had been frozen since they were focusing all their efforts on the PPP program. Since then, they denied our claim for the fraudulent charge with no explanation, allowed an additional 5,000.00 to be charged (even though they stated our credit had been frozen) and will not respond to our concerns by email and you can't get through to them by phone. At this point I have had to place a stop payments with my bank to keep them from draining my business of funds and still have no response from Kabbage.

This is one of the best phone calls that I have ever had the customer representative not only listen to me but she also give me the opportunity to explain why I should qualify for the loan even though I don't have all the requirements I've been turned down many times fortunately this time I feel like I've been turned down but I received great customer service I hope all those people are going to be torn down receive such an excellent customer service so that they can recommend the company to other people

THIS COMPANY IS A JOKE. PAYMENT TERMS AND CONSTANT LOAN FEES WILL KILL YOU. IT MAY SEEM LIKE A QUICK FIX, BUT TRUST ME (I AM STILL STUCK IN THEIR LOAN HELL) THEY WILL SUCK YOU DRY. BORROW ONCE, PAY IT OFF, DON'T BORROW ANY MORE... IT IS A TRAP... YOUR PAYMENTS GROW SO LARGE AND OUT OF CONTROL THAT YOU CANNOT EVER GET OUT. YOU HAVE TO BORROW TO PAY YOUR LOAN! I HAD ONE ISSUE MAKING A PAYMENT ON TIME AND MADE ARRANGEMENTS TO GET IT PAID WITHIN JUST A FEW DAYS AND NOW I AM BEING PUNISHED AND NOT ALLOWED TO BORROW EVEN THOUGH I AM CURRENT AND A SOLID PAYING CLIENT SINCE DECEMBER 2014. IT IS ALL JUST A BUNCH OF BS. STAY AWAY IS ALL I CAN SAY!

If you ready this and still do business with Kabbage, than you deserve to get screwed!

Kabbage.com is nothing more than a bunch of loan sharks who happen to buy air time on major media stations to establish credibility.

Let's begin. Here's their basic process:

1. They quote you a ridiculously high rate. They disclose it as a "monthly" rate, but if you do the amortization, it comes out to about 35%-$44% (because anything above 45% is illegal).
2. When you say "no way", they start the lying! They tell you: "if you take out a loan or two, we can see how well you pay it back and then lower your rate".

I am ashamed to admit I fell for this one. I took out a loan for the sole purpose of "establishing credibility" to get my rate lowered so I could take out a real loan for what I needed. This was EXACTLY what my rep told me to do!

Of course you can guess what happened. I paid it back quickly, they said "thanks sucker" and kept my rate the same.

By then I had committed to the vendor to buy their products so I had to take another loan, at the high amount, to buy inventory. I've since paid that loan off and asked them "it's been 6 month, how about a rate decrease so I can expand?". One guess what they said.

So, if this review (and my report to the BBB) doesn't stop you from using them for financing, than you're as big a fool as I was when I started. I didn't know any better, you do!

Indeed I am another victim of this company, and believe me I have lost plenty of sleep over the nightmare I have gone through with them. When all is well, they are okay and you accept their fees as the cost of growing your business. But heaven forbid sales drop down, you become ill or any other legitimate reason you can't make a full payment. The frustrating part is that if you call them, work with them, make a partial payment and are granted an extension for the balance - they don't live up to their end of the negotiation. Before you know it...

This is what they do to collect the payment. They will submit an eCheck against your bank, pulls funds from your payment provider (such as PayPal) even if doing so pressed your account significantly overdrawn. Then they track your sales and clear your account every hour. Can't pay utilities, mortgage, car payment? Too bad. Had to slow down do to illness? They come before your meds do - and I am serious when I say this.

I was forced to remove them from my PayPal account and change bank accounts. A bank will work with you, extend the loaned money and just add interest, Kabbage won't. They just bleed you dry. Now unlike Kabbage, I am am honest person. I have every intent on paying them back, and honestly my balance isn't extremely high. But sales have to return back and in the mean time I still have to keep a roof over my head... Kabbage doesn't care if you loose everything over a few thousand dollars. You could be forced to live in a van down by the river, and they would do what they could to take the van.

I got an email from Kabbage that they offered business lines of credit. (note: my business is functional, profitable and healthy for 20 years. I just thought maybe a line of credit for unexpected expenses might be good. I've never had or needed one, but you never know, right?) I applied. BEWARE, they approved an amount. The repayment amount for a 6 month use of cash was 18%. I can use credit cards if that is what I needed. When I emailed that I wanted the account closed they INSISTED I needed to call because it was the only secure way to verify my identity. They refused to let me send a written request with the pertinent information to cancel so that I could have a written record. In any case the business practices of this organization suggest a company of the sort that loans to those struggling most who likely will struggle to repay. Stick with reputable banks for your lines of credit. I fell for a phishing email from a shady company. My mistake. Thank GOD I didn't need the money or even try to use it!