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Kabbage loans linking
 

Anyone have any idea if adding multiple accounts to kabbage, would link the accounts?

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What is Kabbage?

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company has been super aggressive with advertising SMB loans. another silicon valley wunderkind. we will see how long they survive.

no experience here yet though. just harassing me like crazy to take their money

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What does this loan company have to do with eBay and linking accounts again?

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No idea but they charge 20%+ APR so no thanks. Just get a credit card.

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Horrible loan rate indeed.

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They have been around for almost a decade. 3% per month was the rate back in 2013. They helped me make a ton of money back then. They were also just three people the. Now they are bank owned and I would not work with them if I had no other option.

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they want proof of your business by linking accounts...

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the space is so overcrowded now. it's annoying. i wouldnt mind testing one of these loaners, but with so many spamming me, i cant tell who is legit. when everyone hops on board the same scheme, that's when it's too late. at least you got to test them early.

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I remember calling them right before Thanksgiving in 2012. My father was in the hospital with internal bleeding and I did not know if he was every leaving. I explained to them I was going to be a couple grand short but would be all set the following week. Josh called me up and asked if an extra 60K would help for the holidays and resume monthly payments after Christmas. I bought out a struggling Brick and Mortar competitor with the kabbage and doubled "my" money during the Christmas season.

That would never happen today. They literally send someone to your door if the bank withdrawal fails. (happened to another inactive member on this site I worked with)

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They send someone to your door to do what exactly? :violin:

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They take pictures of your car, house and ask you to sign a piece of paper. If you are not home they leave a door tag on your door. They hire the same company that initiates house foreclosures.

This was all for a measly $34,000.00 total loan and a $11,000 bounced payment(just bounced back). All they had to do was call the kid. The bank account was a little short at the time of withdrawal. What a ****ty bank.

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Sure sounds like he fed you a tall tale. I've had bounced payments. I've had late payments. NONE of that happened to me. They were very willing to work with me. They refunded the late fee. They gave me an extra week to pay. Then later, they moved my payment date an extra week.

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yeah, that's complete bull. They don't have an APR, so that number is completely made up. They have a fee, based on the amount and how long you take the loan out, and then, it depends on how long you need the loan for.

I hate having to defend them, but at the same time, the ⊗⊗⊗⊗ scare tactics I hear from people about them, does get annoying.

You get a loan, over night. No credit check. No collateral. Doesn't even go on your credit. Just need to prove you actually sell stuff.

The people that complain, are the ones that take out a loan, and blow the money, and then can't afford to pay it back.

The rest, take out a loan, use that money to buy inventory or expand, when they would not have been able to do otherwise, make a ton of money, pay off the loan, and they are done.

If you have the credit score, to get a $10-50k credit card, go for it. How long is it going to take for you to get that money tho?

Good luck tho if you ever miss a payment. Have fun with that 0% intro rate, sky rocketing over night. Have fun with your overall credit getting tarnished.

I could go on, bought I doubt anyone has bothered to read this long.

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No, they wouldn't give you an extra $60k today, because the current amount you have available, is based on your current yearly sales numbers, which is done using a program. So you would already have the max amount your current sales qualify you for. If you call them today and tell them you'll be a couple grand short, but would be all set the following week, they'd give you an extra week to pay.

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Yes and from those details you can work out the APR lol. All these loans (paypal etc) may be good if they're you're only option but not for those of us who've had decent businesses for a few years and have a good credit rating there's much better options available, e.g bank loan or credit card.

My credit card would still have a lower rate than Kabbage even if I missed payments.

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Except no, you can't. Are you going to pay the loan off in a month? 6? 12? APR's mean ANNUAL percentage rates. A typical loan is 6 months on kabbage. Maybe you just need the money for a month or two. How's that play into your made up 20% apr number?

Your credit card, how long do you plan on paying that off? You can not compare those two financial tools, at all. They are two different things for two different purposes. A kabbage loan is also effectively cash. Not everyone takes a credit card, or is willing to do one for such high amounts.

Again, it all depends on your needs and specific circumstances. If you have access to such a high line of credit, then you probably don't need a kabbage loan. But if you just got an amazing deal on someones close out inventory, and need to come up with a large sum within hours or days, then good luck getting that bank loan, and good luck if that person no longer has a merchant account.

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Yes, here's how to do it for you:
https://www.investopedia.com/terms/a/apr.asp

Yeah, might be good if you have a crap credit rating or new business, just said that.

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yeah, and you ignored all the other things I said.

And it's a fee on the total amount, paid monthly. After a few months, that fee goes down, which then would change the "apr".

A business loan is STILL a PITA, and takes time and effort.

You wouldn't be able to use a credit card for every type of purchase you'd need quick large sums of cash for.

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Change the APR but you can still calculate it, I wouldn't even give a second thought to anything over 10% APR.

Not if you've got an even half decent business, I can apply online and have it done quicker than your kabbage loan.

Pretty sure most businesses accept credit card in the developed world these days but if you need quick sums of cash and can't get a decent loan then you go with your kabbage loan.

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That brick and mortar he bought, you think they would have taken a credit card?

And no, you can't apply online for a business loan and get your money quicker than kabbage. Once again, you're making things up. You based that off of nothing, as you've already said you have no experience with kabbage.

People that care about APR's, aren't taking out 3-6-12 month loans. What they care about, is how long will it take me to use this money, to make more money.

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I'd of got a bank loan for that personally.

I definitely can, I can apply online and have it done in 5 minutes, maybe you can't.

You literally don't care how much interest you have to pay on a loan? If there were more people as naive as you about I'd start my own loan company.

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Except it's not ****ing interest. Jesus, man. Get that through your head already. And you sure as **** aren't getting a business loan from a bank , from scratch, in 5 minutes.

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It's literally the definition of interest:
2.
money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
"the monthly rate of interest"
synonyms: dividends, profits, returns


Just because they don't publish an APR that doesn't mean you're not being charged interest.
I'm done discussing loans with someone who didn't think it was possible to calculate APR on a loan term less than 1 year anyway.

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Did I say impossible? I said pointless and immaterial to do so. If I need cash, I look at the cost of that cash, and how much profit I can make using that cash, and how much I'd lose out by not having that cash. Simple business skills.

Go tell all the Muslims you know, that they are in fact paying interest on things that they pay fees on. Last time I checked, fees ARE NOT INTEREST. How is this such a hard concept to understand?

You are not being charged interest, no matter how much you scream it from the roof tops. They are finance charges. Do finance charges get included in your little interest calculations? Ever? By anyone?

You pay a set fee for the purchase of money. Just as you'd pay a fee for the rental of a car. You borrow something from someone, and they charge you a set fee for that borrowing. Is THAT interest too?

And again, as I've tried to explain multiple times now, if you pay the loan off in a month, or in two, or in 6, that CHANGES the total fee you pay. Unlike a credit card or a loan, that gives you a set amount of interest on the entire amount you borrow. So again, your 20%+ number is BULL****
Do finance charges get included in your little interest calculations? Ever?

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If you pay it off in a month, you're paying $3 for every $100 you borrow. You might claim they are flowering things up, but you're throwing a whopping pile of cow manure on it instead.

Sorry, if $3 for every $100 borrowed, costs you too much, than whatever you need the money for in the first place, is what is the actual bad deal. Not the loan.

Show me another lender that will let you borrow $10,000, give you the cash in MINUTES, without good credit or collateral, for a couple months, for a measly few $100? You should be able to convert that $10,000 into more than enough money to pay off that fee, with a lot of profit to spare. If not, you have poor business sense.

Borrow that amount of money, for a month, and you pay 5% APR. How's that?? So where exactly did you get your 30-50% from? Like Dan, you pulled it out of thin air.

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Yeah same, then I'd look at the Kabbage rate and compare it to the interest rate my bank is offering me which would be much lower lol.

Yep. If I search 'best mortgage uk' most of the websites will include the initial fee in their calculation for the total APR.

You'll always be paying more than 20% APR on Kabbage no matter how soon you pay it back. Finance charges should always be included in 'little interest calculations', obviously.

few $100 fee on a $10,000 loan for a month is way more than 5% APR lol jesus, learn some maths.
If the only loan you're being offered is 20%+ per year after having an Ebay business for 10 years then I'd say it's probably you who has poor business sense. My bank's have been trying to throw money at me ever since I started selling about 10k per month.

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No Tale.
It was my brother in Georgia and I was there. They left several door tags. Eventually he called the police and had a criminal trespass order issued.

He never did pay them. Not a penny. Nothing came from it.

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It's not so much about the COST of the money, but the convenience and ability to get it in the first place.

For some people, Kabbage makes sense for them. For the others that it doesn't, there are plenty of alternatives.

There are also plenty of people who don't mind paying 2000% effective APR (or more) for a payday loan, too.

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If you look at your ROI and how fast you can turn funds, it absolutely CAN be a great tool especially if you dont want business stuff on your personal credit.

I will gladly borrow $100,000 and pay back $106,000 in a couple months if I made $50,000 in profit.

The dude above complaining about the fees is not looking at it as transnational.

But if I had to choose a transactional lender, it would be Mint Financial or some other private funds, not a bank owned company. I would rather pay some wealthy friends 2-3% than a bank.

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Most Ebay sellers won't have a net profit margin of over 30% like in your example though so the interest rate becomes more of a factor.
I said towards the start of this thread that it can be useful if you're not able to get cash at a lower rate but most people who've had an Ebay business for 10 years (like the OP) should be able to get a better rate.

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Do the ****ing math. $100 fee on $10,000 for a month, is 5% APR. Jesus, LEARN SOME MATH. I'm done with you. You're a troll, nothing more. I came on here asking about linking, not to hear your ****ing opinion on kabbage loans. If you had nothing to say about linking, then why bother to comment in the first place???

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No it isn't, it's about 12% but you said 'a few $100' not one hundred anyway lol. Thanks for your maths lesson.

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Morning chuckle :) thanks

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" as far as I know". Not exactly instilling confidence in your opinion lol.