If you need a small business loan, Kabbage offers business lines of credit of up to $150,000, as well as a business checking account and payment processing solutions like professional invoices and custom pay links for your business.
Founded in 2008, Kabbage wanted to help U.S. small businesses get the funding they need to succeed. Today, with the backing of American Express, they are looking to expand their services to offer more financial assistance to small business owners.
Kabbage Products and Services
Kabbage offers funding for small businesses, a business checking account provided by Green Dot Bank, and payment processing solutions for small businesses.
With Kabbage, you can easily access a business line of credit to use extra funds when you need, and only pay fees for the months you have an outstanding balance. There are no origination fees, annual fees, monthly maintenance fees, or documentation fees; however, some loans may have late or return payment fees, but not pre-payment penalties.
Kabbage can offer lines of credit between $1,000 and $150,000 with 6, 12, or 18 months installments depending on your eligibility. If you meet all the requirements, your business line of credit can be approved only in a few minutes after verifying your bank information and identity.
You can easily submit an application online in a few minutes and connect your bank accounts. Linking your business bank accounts gives Kabbage the information they need to make a quick decision to approve your business line of credit.
Kabbage Business Checking Account
Their partner bank Green Dot Bank provides the Kabbage Business Checking. It allows your business to earn interest on your money (up to a limit) while accessing features like mobile banking, depositing cash at more than 90,000 retail locations, and withdraw cash at more than 19,000 free ATMs in the U.S.
The account does not have any monthly maintenance fees, no in-network ATMs fees, and comes with a debit card that partner bank Green Dot Bank issues.
Another helpful feature is the Reserves, which you can use to create up to five sub-balances in your account to organize your revenue streams or set aside money for specific things.
Since Kabbage is not a bank, its partner bank Green Dot Bank provides all banking services. Your funds will be deposited at Green Dot Bank, Member FDIC, and are insured up to the standard maximum deposit insurance limit.
Business Payment Solutions
If you need to accept payments online, either sending an invoice or through a custom link, Kabbage can offer a streamlined solution for a small percentage of the transaction as a fee. Kabbage offers helpful features versus other payment solutions are automatic email reminders for due or past invoices, so your customers will be reminded to pay on time and next day deposits for eligible transactions.
How to Get Started
Kabbage makes it easy for you to open a business checking account, apply for a business line of credit or use their payment solutions for your business. You can get started on their website by filling out the application and providing all the personal information required for each product or service.
Once you have completed the process, you can download the Kabbage mobile app available for iOS in the Apple Store and Andriod in the Google Play Store to manage all your Kabbage products and services anywhere, anytime.