7 ‘Kabbage.com’ Reviews
Find another source, try PayPal working capital far more reasonable.
They are loan sharks for the online seller. I have had a loan with them on and off for the last 2.5 years. I never missed a payment. granted my sales slumped over the winter they always do. But I came across a good deal needed capital said I was approved hit the get cash button and was advised to call. I called and was sent and email wanting my checking statements from Nov, Dec, Jan and Feb.
Needless to say I lost out on the deal. I refused to send them my checking info my payment history with them has been stellar. when they first started their fee schedule was easy to understand but once they were funded by Celtic bank things changed they said they wouldn't but they did.
They have pulled from my PayPal and checking leaving me with 0 dollars. I am going to remove those auto permissions and pay them off and break up with them . I am done
A long-winded word about Kabbage.......
As a small business owner who needed a little capital to get ahead, we decided to partner with Kabbage when they were first coming out into the light as a great loan company. This was a few years ago. Back at that time, Kabbage seemed legit even though we were well aware of their high interest rates and steep guidelines.
Nevertheless, we applied and were approved for a $4000 loan, which was just what we needed for some help. And thinking we embarked on a good thing, we would borrow small amounts from that $4k every now and then which made our life in small business a little more relaxed.
We never missed a payment on our Kabbage loan, not once. And as we paid our monthly debt, our loan amount would grow again. This made it nice because, if we ever needed a little help in the future, it was always there to borrow from. That first year, we were genuinely happy with their services and prided ourselves as being one of their very best and dependable clients.
Then after the first year or so, we received word one day from Kabbage via an email that they were switching from one lending institution to another but that it would have no impact on Kabbage’s clients.
This is when their company took a massive nose dive.
Once they had a new lending bank in place who gave them the funds for us clients to borrow from, they abruptly changed course and blocked many of us small businesses from borrowing even though we were already well established with them and extremely dependable. We ourselves had a perfect payback record yet they permanently cut us from any future borrowing AND without any advance notice of their intention.
The only way we knew we were cut was when we tried to borrow $100 which resulted in their computer bouncing back a notice at our attempt, saying 'we are ineligible for a loan'. And upon a phone call to their company the very next day while in my state of confusion, Kabbage said we were not able to take a loan in the future. Yet, they gave us absolutely NO reason why. We suddenly found ourselves without their services and 1/2 of our original loan amount remaining to pay back.
This discriminatory treatment, my friends, is 110% unacceptable.
Since that time, we have refused to pay Kabbage another dime of what we owed them. As soon as they cut us from their business, we immediately closed our bank account, as well as removed the 'pre-approved payment' link in our PayPal account.
For us, it came down to the principle of the matter in how Kabbage's shady business tactics fell on us. We refuse to tolerate this treatment and did exactly what we had to do. Kabbage deserves everything they dish out. Period.
So folks, for anyone that might be considering a loan from Kabbage, save yourself from the horrific reality of your future and just don't sign your life away to them. You'll be unknowingly setting yourself up for a huge letdown. They will change their rules on you in the blink of an eye, without any notification, and will leave you hanging while indebted to them.
And should you dare falter on even one payment owed to them, they will haunt you in your dreams by their constant moves in cleaning out your bank account, Paypal and the like. Kabbage will stop at nothing to get themselves paid back, no matter what your reality is. They will end up being the worst nightmare you have ever encountered. This, I assure you.
In summing things up here, Kabbage is nothing but a tragically bad loan shark. And I am putting this mildly. They don't give a rip about your business or what state it might be in for the month. All they care about is making huge amounts of money off you, and in a very short period time, and they are especially good at preying on the weak.
They are also experts at changing their rules behind closed doors, and never informing you of those changes until you find out the hard way. By staying clear of this company, you will never be putting yourself at risk in becoming one of their statistics as so many of us have in various other reviews on this scam.
It is because of the unassuming that has Kabbage laughing all the way to their bank each day. Please learn from us who know.
Kabbage will not disclose its APR. There is a reason for that. No one in its right mind would get an advance that is approaching a 50% APR. It is outright criminal and you should avoid it like the plague,
Kabbage is not a scam and can be resourceful if used wisely (High Interest). The problem I have recently started having with them is with their autopay feature. Kabbage has been pulling all my money out of my paypal account even though my monthly payment has been paid. I have had sufficient funds to cover the payment but it keeps pulling more until cleaned out.
I have been a customer with them for 2 years without any problems and this just started happening. It happened last month and it took them 3 days to fix the issue and get my money back. Now it's happening again. Stay away from this and get a real loan elsewhere with lower interest.
I signed up for their "seven-minute" loan. Yeah, right. First they made me grant them permission to my PayPal account. Then they wanted a copy of my driver's license and a utility bill, which they said they'd "process" within three to five days. Then they wanted me to verify two microdeposits to my checking account.
Screw that. I told them to cancel my account and withdraw my application. I also revoked their access to my PayPal account from the PayPal side. It seems to have gone away.
Its not so much that there a terrible company in general, however I did notice that they removed there phone number and now in order to receive any sort of answers you have to send them an email, which is not a good sign to me.
But I digress, I got approved for a decent amount, and I will say the payment structure is almost criminal. It looks decent, but don't be fooled, it is anything but!!
I would not even suggest this Company to my worst enemy!
I tried Kabbage, they do not allow you to remove your pay pal account and that is linked to your bank account.
It is a trap designed to take your money and you have to be careful not to be fooled by words and reviews.
Next time i will be more careful before signing up to service like Kabbage and you should too. Take a look at the policy and at closing accounts, and you will find that once they nabbed you, you are stuck unless you close down your pay pal account.