One great aspect of Kabbage is that there are no extra or hidden charges with their loans, all you have to pay is the loan amount you took with the respective interest charges. Also, if you do decide to pay in advance of your loan term, there are no additional fees and you would only have to pay the interest for the length of time of the loan, not the initial term you took out.
Loan amortizations are not uniform so it does not follow that you would be paying the 1/6 of the loan amount + interest every month. There is a loan calculator on the Kabbage website to help you see how much each loan would actually cost you as well as a breakdown of the loan amortization payments. Here is a quick example of a $10,000 loan taken out for 6 months at 12% interest.
Loan Cost: $10,000 + 12% interest = $11,200 Total
Month 1: $1,666.67 + $400 interest = $2,066.67
Month 2: $1,666.67 + $400 interest = $2,066.67
Month 3: $1,666.67 + $100 interest = $1,666.67
Month 4: $1,666.67 + $100 interest = $1,666.67
Month 5: $1,666.67 + $100 interest = $1,666.67
Month 6: $1,666.67 + $100 interest = $1,666.67
As you can see, the amount of interest you are paying decreases after the first two months which in turn decreases your total payment. Should you want to pay the full amount of the loan in the second month, all you have to settle is the $10,000 loan amount plus the interest for 2 months for a total of $10,800. It is that simple, you only pay for the amount you take plus the interest, no additional charges.
Kabbage offers great customer support as they offer an FAQ section and tutorial videos for self-help, as well as email and free telephone support to all their customers. Although they do not have live chat support, the other options they offer are very helpful.
Now Kabbage goes wherever you go so you can take out a loan anytime you need it with the mobile app for both Android and iOS devices. The app lets you keep track of how much the balances of your existing loans are as well as show how much of your credit line is left so you know how much money you can take out. You can easily process loan applications and loan payments on-the-go so whether you are on your way home, in a meeting or anywhere at all; as long as you have your mobile phone with you, you can process a loan application with Kabbage.
Don’t let unexpected emergencies and cash needs cripple your business, apply with Kabbage and enjoy fast and easy access to loan funding anytime and anywhere with their mobile app. The app is free to download on both marketplaces and has received high review scores from their respective users.
What's the Verdict on Kabbage?
Kabbage Review 2020 – Conclusion
Small business often times need extra funds but do not have the time to go through the lengthy process that banks or other lending institutions have. Instead of going to loan sharks who charge more than what you borrow from them, check out small business loan providers like Kabbage. Kabbage is a great option for small businesses who have short-term cash needs as you can borrow up to $100,000 for 6 months. Their terms are clear cut and have no additional or hidden charges. So check out the services of Kabbage today! Once you sign up, they even give you $200 for every business that you refer to them.