Would you recommend Kabbage to new start-up businesses? Why? Why not?

asked by Roxy C. on 8/23/15

6 Answers
Thumbnail of user sharonr26

I definitely would not recommend Kabbage to anyone, but especially to someone starting a new business. The interest and fees will kill your new business before you've even had a chance to get it started. I own a small business (2 employees, $200K in annual sales) that is over 15 years old, and the Kabbage loan I took out for $25K for an expansion nearly bankrupted my business. There are better ways to find funding for a new business - grants are out there for women who want to start a business, you can try your luck at crowdfunding (look at Kickstarter, Indiegogo, Rocket Hub, Crowdrise, Angellist, Quirky, and others), approach local friends or family members who would like to invest in your business (you can use ZimpleMoney, com to keep track of their loan payments). Kabbage is a stupid and dangerous way to start up a business. Only a complete idiot would do that.

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Thumbnail of user damonc19

I wouldn't. We had a long drawn out process and qualified for funds, and seemed to be easy enough and a good service. We added a bank account we indvertently didn't want to use and they added it without issue. We also had them remove duplicate accounts without issue. But when we asked them to remove the inadvertent one they said we HAD to keep it there and they couldn't remove it, even though they removed others without incident. We explained it was our finances and decisions as to which of our company accounts e wanted to include in transactions. Their responses and actions regarding this were more emotional than professional. When we pushed our account suddenly was assssed at zero. It resulted in months of wasted time for us going back and forth. We would never want to do business with them nor do we recommend it based on the service ot lack thereof we received, and based on our experience. There are other similar services we would try first next time we're in the market for financing. But not we cannot recommend Kabbage in good faith based on a bad experience with them. Even reached out to the Head of the company and the situation not only was not resolved it got worse. Hope our honest and candid answer helps you make a decision.

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Thumbnail of user matth396

No. Completely untrustworthy and they will not report positive payment history to assist you in building credit. There is simply no point in doing business with them considering the 70% apr that will be assessed on the money borrowed

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Thumbnail of user michaels447

: Do not use KABBAGE. You will have a large payment every month. When you pay that, you will probably need to reborrow and they will charge you a fee to reborrow plus a monthly fee for that part of the loan. It is not at all like a line of credit.

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Thumbnail of user cherief1

EP. E. How business now? And have you pay off Kabbage?

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Thumbnail of user belovedb1

I would not recommend, not even in a bind. Absolutely be ready to pay way more than their website says on the pretty little slider. If it were that easy and if they were so helpful, it would be great. But it is too good to be true.

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