KabbageReviews 307

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.

I would not recommend Kabbage. You will be paying A LOT of money in interest and will have to pay it back extremely fast. You will have to pay it back over 6 months, but not evenly. For example, if you borrow about $10k, be prepared to pay around $3k of it back the following month.

If you need an extension, sometimes it will be granted and sometimes it will not. When you are denied an extension, Kabbage will continuously take every penny from your Paypal account multiple times per day. Within 5-10 minutes of every deposit into your Paypal account, Kabbage will take all of your funds out.

I called for an extension because I had to attend a funeral and got behind, and was denied the extension. Then the woman on the phone was rude to me and told me that "If I was not willing to pay..." and then explained the methods that would be used to get the money from me. I was willing to pay, just not capable at that moment. I was trying to work something out and she was very cold with me and told me to do what I could to find the funds. If she had given me a week or two I could have come up with the money.

This company preys on the weak. They will give you thousands of dollars within minutes, but in my opinion it is too good to be true and I would avoid this at all costs.

Kabbage is great if you have a business that is stable. I use kabbage at the end of the year when our sales slow down, in order to buy products to get ready for the new year, when sales always peak, and it has helped me be more prepared for our peak months. I have been in business 6 years and know my market so it was not so much of a risk because I know I can pay it back.
But I would not advise it for anyone who is just starting out and doesn't know whether they will get the sales because Kabbage starts taking the money back pretty quickly and you need to make sure you have the money in your account!

I have been a Kabbage user for over 2 years. Kabbage has helped grow my business by providing me with up to 40k to purchase inventory. Everything has been fine for the last couple of years up until 2 months ago. Recently I have been having problems with some kind of glitch in their autopay system. The autopay feature, (which is no choice of my own) has been pulling more than it is supposed to for my monthly payment. Kabbage is cleaning out my paypal account as soon as I make an online sale. It will continue to withdraw funds until there is nothing left. I had contacted them and they did fix the problem after 3 days (which I don't have the time for) with no explanation of why. So now the next month goes by and it happens again. Long story short, if you're an entrepreneur or other type of small business owner, stay away from this. There are better service providers out there and Paypal now offers a similar type of program with lower interest rates. Kabbage for the last couple of months has caused me nothing but unnecessary stress. Please keep in mind that I was not late on payments and I did have the funds available. Thier computer system or somone behind it is malfunctioning.

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!

Kabbage Sucks! Do not take a loan. My $700.00 loan (they call it an advance to avoid being Illegal) had a I1month payment of $266.00. I asked and they agreed to hold up my payment for 10 days all the while draining my PayPal account every time a dollar went into it and the next day they pulled an echeck on me for the now $222.00 balance against my checking account that was empty. I asked if they could do what they promised a day before but they said it was a misunderstanding on my part. Total Bull$#*!! My name is Edd Jelinek and google it to see my profile. $#*! Kabbage and the horse they rode on. Death to the thieves! Oh, and $#*! them one more time!

Even if you explain to them that you had a bad sales month and don't have enough money in your Paypal/bank account, they will write themselves an e-check and keep trying to put it through multiple times until you owe your bank a ton of overdraft fees.
In my case, the overdraft fees could have been avoided if they had given me a one week extension to raise the money by selling or pawning some stuff.
But they blindly and stubbornly refused to turn automatic payments off for a week, even though I warned them that the money wasn't there.
I don't know if they thought I was lying, or thought the bank would pay an overdraft of $400. Talking to them is like talking to robots. They have no empathy for sellers who have had a bad sales month and they don't do payment plants, delays or extensions.

2-10% is a monstrous range and I think the 2 percent they advertise on their website is just to tempt you to fill out your information and for them to attempt get your loan. I did not get nearly close enough to their advertised 2% rate. An SBA loan right now will come in around 3.5-5% and that is a far better deal, though it takes longer for you to get an SBA loan. Kabbage does seem like a very fast way to get a small business loan so I do think it has its place. I would also check out the lending club and compare rates.