Kabbage is a financial institution that was established in 2008 and has their headquarters in Atlanta, Georgia. They offer lines of credit for a short term with values of up to $100,000. The line of credit is only valid for up to 12 months. The entire Kabbage Business Loan system is online and the final decision on the loan is delivered to the borrower within a few minutes. Because banks have long processing times and lower approval rates, this makes the Kabbage Business Loan attractive for borrowers.
The Kabbage Business Loan offers quick access to financial capital and it evaluates all the applicants based on the following criteria:
- Business stability
- Ability to repay
Who Benefits from the Kabbage Business Loan?
The Kabbage business loan is best for the businesses that have a poor credit score. Kabbage only focuses on the company accounts, banking and e-commerce data. This makes the loan accessible to those with an unstable credit history. Although, on average most of the borrowers have a credit score of 500.
\Those who urgently require cash can also benefit from the Kabbage business loan since the entire application can be completed instantly and the funds are transferred in a matter of days.
Those who want to repay the loan over a short period of time will also find the Kabbage business loan appealing since they can offer a loan for $250,000 with a repayment period of six to 12 months.
Kabbage business loan is for the business owners who immediately require money and are able to pay back the amount in the short-term. The process is completely paper-less and the amount can be deposited into a bank account or even a wireless payment platform such as PayPal. The system can also be integrated with other accounts such as Etsy, eBay, Amazon, QuickBooks and Square.
To determine whether or not you should apply for a Kabbage business loan it is recommended that you calculate the credit limit and set a fees. Kabbage uses the data they acquire from the accounts you have linked to the system including monthly revenue and number of years in business.