Apply for a Working Capital Loan with Kabbage

03/03/2017 | by Mark Vega
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  • Businesses need a little extra working capital from time to time to keep the business running smoothly
  • Kabbage offers lines of credit of up to $100,000 for business that qualify
  • Applying for a Kabbage loan is easy, with a decision delivered in minutes

Every business could use help from time to time, especially when it comes to making sure you have enough working capital to do the important stuff, like paying employees or buying additional inventory. Finding that money is easier and more convenient than ever, thanks to online lenders such as Kabbage.

Kabbage offers lines of credit of up to $100,000 to small businesses. Here’s where they differ from other lenders, that rely on metrics such as credit card scores to determine creditworthiness. Kabbage asks you to provide alternate sources of data to determine whether you qualify, such as:

  • A bank account
  • A connection to your business’s bookkeeping software
  • A link to an online payment platform

According to Kabbage, this streamlines the decision making process so that applicants can find out if they qualify for a loan within 10 minutes. For customers who do quality, loan terms vary between 6 and 12 months.

How to Apply

Let’s take a deeper dive into the application process. It may take only 10 minutes but it’s still important to dot all your “i’s” and cross all your “t’s.”

Create an account

To apply, you’ll first need to create an account with Kabbage. You’ll do this by entering a little information about your business, like your business name, contact information, company structure, industry, and the date you established your business.

Link your account to a financial data source

In order for Kabbage to determine whether you qualify for a loan, you must link your account to a data source that will help them assess the financial health of your business. As we said earlier, a source could be a business bank account, an online payment platform, or bookkeeping software—anything that will help Kabbage get a sense of your revenue transactions. The more information you provide about your business to Kabbage, the higher the line of credit you might qualify for.

Entering account information

After you’ve linked a financial data source, Kabbage requires applicants to enter personal information and agree to a credit check. Although Kabbage doesn’t rely solely on a FICO score as many other lenders do, it still takes this information into account when making its decision.

Decision Time

Kabbage generally lets applicants know quickly whether they qualify. In most cases, this will only take a few minutes. In some instances, it may reach out to applicants for more information to help them make a decision.

Getting the Cash

Once you’re approved, you can choose how much of the credit line you qualified for to withdraw and how long to pay it back. Kabbage offers 6 or 12 months, although the 12-month option is only available if you qualify for $5,000 or more. Your money will generally arrive in your chosen account within 1 to 3 days.

Hide Summary
Show Summary
  • Businesses need a little extra working capital from time to time to keep the business running smoothly
  • Kabbage offers lines of credit of up to $100,000 for business that qualify
  • Applying for a Kabbage loan is easy, with a decision delivered in minutes