If you’re looking for more info on Kabbage business loans and the best way to apply, then you’ll want to read this before you apply…
So, what’s the big deal with Kabbage business loans?
If you’re not too familiar with this company and what and how they do what they do, you’ll want to watch this short video:
What is Really Kabbage Business Loans
First of all, if you’re looking at Kabbage, then you’re probably a small business and owner and you want more money because you:
- Want to get new equipment
- Want to expand your inventory
- Want to get grow your advertising
- Want to hire staff
- Want to do whatever you need to do to grow your business so it becomes more profitable
So, in a nutshell, you already have an existing business and now you just want to expand it out. In that regard, Kabbage can help you.
At first glace, it looked like Kabbage lending was a peer-to-peer lending program, but it appears to not be the case.
Kabbage lending is an small business online lending institution with a twist. This twist is what can get you a small business loan from $2k to $100k…when other lenders told you “no.”
So, what’s this twist?
Kabbage business loans use different criteria for funding loans than traditional lenders. Whereas other companies look at your credit worthiness, Kabbage approves businesses by looking at other real-time data.
If you’re feeling hopeful that you’re on your way to getting approved for a loan by Kabbage, you definitely want to keep reading…
How Kabbage Business Loans Work
Kabbage boasts that it’s the #1 provider of working capital for small businesses. They also say that they’ve “Advanced over $200,000,000 to help small businesses grow”, according to their website.
That’s awesome news to hear especially if you’ve ever been turn down for a loan, but you’ve really got to know how their loan process works.
You don’t have to worry about faxing over paperwork after paperwork or standing in long lines at a bank just to get seen by a loan officer. This is a plus to using Kabbage lending.
- Safe and secure
- No application fee
- No obligation until you take cash
- Ongoing access to cash anytime, 24/7
So you can pretty much apply, qualify and get cash within minutes.
What you do need to do is link any of your business’s online services to Kabbage to qualify on the spot ( i.e. Paypal, Square, business checking, Xero, Intuit Quickbooks, stripe, authorize.net, etc…).
How to Use and Pay Back Your Kabbage Business Loan
Once you’re approved for a loan, you have ongoing access to your funds. You can withdraw against your line as often as once a day and pay only for what you take. There are no hidden costs or early payment fees.
Kabbage Business Loan Fees
Your Kabbage loan fees are 1% to 13.5% of your selected loan amount the first two months and 1% for each of the remaining four months.
Every month, for six months, you pay back 1/6 of the total loan amount plus the monthly fee. Your Kabbage business Loan is repaid over 6 months.
What You Must Know About Kabbage Business Loans – Important
Think of a Kabbage loan as a cash advance rather than an ordinary loan. What I mean is that you only have six months to payback whatever money you borrow. That’s not a lot of time if your business isn’t producing a lot of revenue or if the revenue goes down or is unpredictable.
The Smartest Way to Apply For a Kabbage Loan
Just to reiterate…
Because you’re going to run into fees using Kabbage lending, the smartest thing to do to help you offset these fees once you’re approved is to start implementing your plan (I suggest before apply, you know exactly how you’re going to get the money to pay off this loan) so that you have enough money coming in to pay your Kabbage loan payments.
The smartest and fastest way to apply for a Kabbage loan is though Kabbage itself.
Don’t join through other sites that makes promises of giving you free gifts just for applying, and other such stuff.
You want go keep your focus on the loan process and not on un-important things. In other words, don’t get sidetracked. There’s a lot small print when it comes to loans, so you want to make sure your mind is your Kabbage loan.
The smartest way to apply is by going directly…