Kabbage loans linking

james13v · #1 04-12-2019

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

nickopedia · #2 04-12-2019

What is Kabbage?

unkown5454 · #3 04-13-2019

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

nickopedia · #4 04-13-2019

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

dan_ebay · #5 04-13-2019

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

rsot · #6 04-13-2019

Quote:

Originally Posted by dan_ebay

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

Horrible loan rate indeed.

yankee · #7 04-13-2019

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.

unkown5454 · #8 04-13-2019

Quote:

Originally Posted by nickopedia

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

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

unkown5454 · #9 04-13-2019

Quote:

Originally Posted by yankee

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.

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.

yankee · #10 04-13-2019

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)

walkingupwards · #11 04-13-2019

Quote:

Originally Posted by yankee

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)

They send someone to your door to do what exactly?

yankee · #12 04-13-2019

Quote:

Originally Posted by walkingupwards

They send someone to your door to do what exactly?

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.

james13v · #13 04-13-2019

Quote:

Originally Posted by yankee

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.

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.

james13v · #14 04-13-2019

Quote:

Originally Posted by dan_ebay

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

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.

james13v · #15 04-13-2019

Quote:

Originally Posted by yankee

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)

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.

dan_ebay · #16 04-13-2019

Quote:

Originally Posted by james13v

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.

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.

james13v · #17 04-13-2019

Quote:

Originally Posted by dan_ebay

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.

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.

dan_ebay · #18 04-13-2019

Quote:

Originally Posted by james13v

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.

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.

james13v · #19 04-13-2019

Quote:

Originally Posted by dan_ebay

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.

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.

dan_ebay · #20 04-13-2019

Quote:

Originally Posted by james13v

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.

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.

james13v · #21 04-13-2019

Quote:

Originally Posted by dan_ebay

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 then you go with your kabbage loan.

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.

dan_ebay · #22 04-13-2019

Quote:

Originally Posted by james13v

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.

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.