Check your eligibility for a quick business loan up to $250,000 – no paperwork needed.
Whether you need day-to-day working capital, need to purchase inventory or equipment, marketing or business expansion you can get a quick business loan online up to $250,000 – even with bad credit.
Qualify for a quick business loan with a simple online application. Take charge of your growth when you need a line of credit for your business.
The terms of a quick business loan depend on an array of factors. These loans are available up to $250,000 and repaid from 6 months to 12 months – you choose repayment terms to fit your business and budget.
If you need a quick business loan, don’t leave your home to find one, Kabbage offers online approval and funding in 0-3 days, depending on your bank.
Read our review to learn about the pros and cons of a quick business loan from Kabbage as well as what you need to qualify.
The application process is simple and secure. Since you’ll be borrowing a line of credit, you can choose to borrow as much or as little as you need, up to your approved credit line. Kabbage does not have strict credit requirements, they consider your broader business financial picture — not just your credit score.
How does a Kabbage quick business loan work?
Kabbage helps people who may have been turned down by traditional banks. Business owners with imperfect credit have an opportunity to get approved. Kabbage focuses on less traditional information like banking, accounting and e-commerce data.
An online quick business loan may be able to help right when your business needs it the most. A Kabbage business line of credit can be used for almost any situation – handle cash flow gaps, get more working capital, buy inventory, or address almost any other emergency or opportunity. It is an effortless way to get a quick business loan.
Who is Kabbage?
Kabbage operates in all 50 states. Kabbage is a direct lender based in Atlanta, Georgia and has provided over $5 billion to more than 150,000 businesses since it was launched in 2009. Save time by not having to go into a traditional bank, fill out tons of paperwork and wait weeks for an answer. Get a quick business loan with Kabbage.
How much can you borrow via Kabbage?
Loan amounts start at $500 and go up to $250,000. There’s no obligation to use funds if you’re approved. Your line of credit will be there when you need it, and you won’t pay anything until you actually withdraw funds.
100% online application and funding.
Application, loan documents and funding are completely processed online. As soon as you submit your application, you will receive an instant decision. The application and approval process takes only minutes. Once approved you can manage your line of credit anytime online.
How does Kabbage qualify business owners
It’s easy to qualify for a Kabbage business line of credit because Kabbage primarily considers data from the accounts you link to prove you’re in business. For instance: payment processors, accounting platforms and other online marketplaces. This helps Kabbage determine the financial performance of your business by analyzing your average monthly revenue, seller rating, time in business, transaction volume, among other characteristics.
By reviewing the services you use and the corresponding data Kabbage gets a full picture of your business in real time without requiring you to submit paperwork.
Other qualifications include:
- Must be in business for at least 1 year.
- Revenue of $50,000 annually or $4,200 per month over the last three months.
- Have a business checking account.
- Business tax iD number.
- Social security number.
Kabbage interest rates and repayment terms.
Kabbage loans charge a monthly fee for every month you have a balance. For a 6-month loan, every month you’ll repay 1/6 of the total loan plus a monthly fee. For a 12-month loan, every month you’ll repay 1/12 of the loan amount plus a monthly fee.
Fees range from 1.5% to 10% of the loan amount. That’s the equivalent of 20% to 99% APR. To illustrate, a $10,000 loan with a six-month term would cost the average borrower $1,200 in fees. This is the equivalent of 40 percent APR. A $100k loan with a one-month repayment term could cost $4,000 in fees, the equivalent of a 48% APR. There are no prepayment penalties so you can save money by paying early.
How long does it take to get loan funds?
Once approved borrowers can have funds available in 0 to 3 days.
How are loan funds distributed?
Once the loan agreement is signed, funds can be sent to the account of your choice – Paypal, Business Checking Account or Kabbage Card. Loans deposited into your PayPal account take just a few minutes to process. Loans deposited into your business checking account take 0-3 days to process, depending upon your bank. If you withdraw funds using the Kabbage Card, your loan is issued immediately for the exact amount of the transaction.
What is a Kabbage Card
Choose the Kabbage Card if you want to access your line of credit quickly. The Kabbage Card gives you access to your line of credit to buy inventory, order supplies, jump on timely business opportunities or cover unexpected expenses. Use as much or as little as your line of credit provides.
Does Kabbage charge an origination fee?
No. Kabbage does not charge a loan origination fee.
Does Kabbage charge prepayment fees?
No. Loans can be repaid early without any penalty or prepayment fee.
Will Kabbage pull a personal credit report?
Yes. But Kabbage takes into account more than your credit score. They view a business owner’s ability to repay the loan based on current business circumstances. While past credit history is important, it’s not the only determinant. What’s more important is revenue. The more revenue you can show, the better chances of qualifying.
Summary of Features:
Pros of using Kabbage
- Need cash fast. With an online application that can be completed in minutes, you can be approved for a line of credit and funded within a few days. The process is streamlined and the application takes about 10 minutes to complete.
- Apply with bad credit. The more revenue you’re able to show, the better chance you have of qualifying If your credit score is low, make sure you link the services that contain the majority of your business revenue transactions to improve your likelihood of qualification or access to additional funds.
- No paperwork to submit. The application process doesn’t require paperwork; instead, you simply connect a business checking account, bookkeeping software or payment platform such as PayPal. You also can give the company access to your other accounts, such as QuickBooks, Xero, Etsy, Amazon, eBay or Square.
Cons of using Kabbage
- High costs. Kabbage’s annual percentage rates range from 24% to 99%. You may want to avoid using Kabbage to cover the costs of large equipment purchases or renovations unless you can pay off the loan immediately. There are no prepayment penalties so you can save money by paying early.
What do customers say about Kabbage?
Kabbage received an average score of 10 out of 10 from reviewers on Trustpilot. Many customers cited the easy application and good customer service as reasons to go with the loan.