Item: Kabbage
Rating: 9.4
Author: Jonathan Kerns

Kabbage Review 2020

Some people dream of starting their own business, but that is easier said than done. There are times when small businesses close because of a lack of funding for supplies, marketing or other needs. That is why lending companies that cater to small businesses are as important as banks and other bigger companies. Small businesses usually have smaller and more immediate needs than large corporations so a loan provider that offers a quick and easy way to get a business loan can be very useful.

Kabbage, a US based lending company is one of those that can provide loans to small businesses. They believe in the power of small businesses and are dedicated to providing the funds they need to grow and expand. Having served hundreds of thousands of businesses over the years makes Kabbage one of the best places to turn to for a loan. Check out this review to get a better idea of what they have to offer.

Loan Amortizations

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.

Customer Support

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.

Kabbage App

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?

Worth It, Some Issues