KabbageReviews 307

If you own a seasonal business and you go through the application process, their qualification process leaves much to be desired. They look at the last 3 months of deposits. You can produce millions in deposits the other 9 months, but if your season is starting and you need a small injection of cash, do not apply as you will not qualify. I after reading the reviews, gives me the feeling that Kabbage is ran by Tony Soprano, hence you are dealing with predatory subprime lenders. I guess it was divine intervention that we did not qualify.

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!

Kabbage gave me a 6,500 loan to begin with and within a couple months they kept raising it all the way to 21,000 within 8 months. I bring in about 150,000 a year. Well my spending got out of hand and my payments were becomeing more than I could pay when all the sudden my sales dropped dramatically and I wasnt able to make my payments. Didnt know what to do so I didnt make payments for a few months. They called everyday 10 times a day. They started taking different amounts out of my checking account every week causing overdraft fees till I put a stop payment. I had every intention of paying Kabbage back but didnt have enough for the payments. I saw all the reviews about how the people were rude and wouldnt work with you and it scared me. Figured I would have to file bankruptsy but I finally emailed them and told them my issue and got ahold of someone and they worked with me on making smaller payments. I now am making $675 payments every month for 3 years. Although I am not able to spend anymore, they did work with me on making the payments instead of making a judgement and sending me to court and paying alot more in fees. Hope this helps someone that is in the same perdicament.

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!

I joined Kabbage thinking it was just another computer-generated and operated business. I was approved for a loan, but was not gonna rush to accept their loan offer and what I considered to be a too-quick loan repayment scheme. Then I spoke with Greg B., a real-life representive of Kabbage who gave me options and solid advice. It made the difference! Because of my interaction with a real, alive, intelligent, and caring human being, I made a great business decision to utilize this opportunity. Greg, A HUMAN, made the difference!

Long story short, you will never receive a single promotional gift card they promise! I borrowed roughly 22,800 from kabbage with incentivized funds totaling a whopping $350. I have payed back my ENTIRE loan balance in full, and would you believe I have not received a single card? I've complained and spoken to everyone within customer support. The live channel on their website just closes my window whenever speaking to me. Its quite ridiculous and ultimately a scam. Their are laws out there preventing such things, but thats not going to stop KABBAGE from making their money. Please be advised. I am a father who was hoping to buy Christmas Presents for my children. Luckily this was just a means to add to what I was able to provide for them, but this was saddening to me nonetheless. If for no other reason, stay away for ethics

Kabbage makes the process of getting a loan as fast and strait forward as it ought to be. No added, unnecessary red tape. No additional documentation or hoops to jump through requested as you wait for a response from a bank who doesn't keep the same hours as a restaurant. No games. No nonsense. Greg Bianchini was polite, knowledgeable, and understanding. The relatively small loan I've received from Kabbage has allowed me to, finally, breath a little easier and get back on track. Thankful and optimistic is the end result of my experience.

In business one encounters many people who simply "go through the motions." Greg Bianchini is not one of those people. Greg is an invaluable asset to a service many might perceive to be nothing more than an online product. He brings a very personal, hands-on approach. While I am still a bit perplexed and frankly frustrated at my loan not being approved, I'm not leaving upset--due solely to the level of service Greg provided. It must be difficult to provide the extraordinary level of service, such as that which Greg delivers, only to not be supported by the product itself. I believe it's a disservice to the credit consultants of Kabbage as well as the prospective customers, such as myself, to not disclose specific underwriting requirements that were viewed as unsatisfactory.

I can't give Kabbage and my rep, Greg Bianchini, enough credit. Great job! None of this hip hip hooray sales-talk nonsense – Greg is straightforward and intelligent. And I almost threw the mailer away. At first I wrote off Kabbage as another one of those "cash register" loan outfits, but that was absolutely wrong. Kabbage lends based on the strength of your bank account. I was able to get a loan when no one else would lend to me, simply because I have the revenues and they know I can pay it back. I really needed a little boost and Kabbage gave it to me.