If you need quick cash to meet payroll, stock up on inventory, fix broken equipment or cover other short-term expenses, a small-business loan from Kabbage might be a good fit for your business. Kabbage small business loans was founded in 2009, approves lines of credit for small-business owners based more on their accounting, social media, banking and e-commerce data than on their credit scores. Kabbage’s online application takes minutes to complete, and borrowers can be approved and funded just as quickly, or within a few days at most.
Do you qualify?
Kabbage doesn’t require borrowers to back their loans with personal guarantees, and it doesn’t require a minimum credit score. However, they must have: Been in business for at least one year Annual revenue of at least $60,000 A business checking or PayPal account
Reasons to use Kabbage Fast access to cash: Kabbage is a good option for business owners who need cash immediately and don’t mind paying higher rates for the speed. The application doesn’t require any paperwork — you’ll just link Kabbage to your business checking or PayPal account. You can give the company access to additional accounts, such as QuickBooks, Xero, Etsy, Amazon, eBay or Square. The more accounts you link, the more information Kabbage can use to evaluate your application. Available to business owners with bad credit: Kabbage is also a good option for business owners who can’t get approved for a cheaper loan. Although the company does check your credit history, it doesn’t weigh your score as heavily as other factors or have a minimum credit score requirement. Kabbage primarily considers data from the accounts you link, your average monthly revenue and the number of years you’ve been in business to make an initial lending decision, determine your credit limit and set your fees. Innovative underwriting techniques: Kabbage also bases its lending decisions on nontraditional metrics, such as your business’s activity on Facebook and Twitter. After you’re approved for a Kabbage line of credit, you can give the company access to data from your social media accounts. It can use that data when deciding whether to increase your credit limit.