How to apply
The loan application procedure is fully online and takes no more than 10 minutes to complete. You'll need to provide some personal information as well as basic business information, such as the legal name and address of your company, its industry type, and your federal tax ID or employee identification number. A hard draw on both your personal and corporate credit records will also be required.
Types of loans
Unsecured small business loans.
Borrowers do not have to put up any personal assets as security for these loans. Small company loans that are not secured include the following:
Business line of credit
Working capital loan
Online loans
Professional loan
Commercial loans
Short-term business loan
Inventory loan
Secured small business loans. Borrowers are not required to put up personal collateral for these loans. Small company loans with no collateral include:
Equipment loan
Merchant cash
Factoring
Sba loan
Industry-specific loans. Obtaining an industry-specific small business loan might be the best approach to ensure that you have the small company finance you need to grow within your sector if you have industry-specific demands like large orders of food or current medical equipment.
Retail loans
Restaurant loan
Construction loan
Medical dental loan
Wholesale loan
Auto repair loan
Trucking loan
Beauty salon loan
Pawn shop loan
Minority loans. All entrepreneurs and small company owners are supported by Kabbage Funding, which provides small company loans to all sorts of business owners:
Loans for women
Loans for veterans
Requirements
Businesses should be operational for more than a year. Besides, they must have the following documents ready:
Individual and corporate income tax returns
Personal and commercial bank statements or financial statements
A photocopy or scan of your driver's license
Business licenses/commercial leases
Incorporation articles
A resume demonstrating relevant managerial or business experience
Financial estimates if you just have a few years of experience
A decent credit score.
A bank statement indicating the yearly revenue is more than $50,000.
Application details
Kabbage's application procedure is fully online and takes no more than 10 minutes to complete However, depending on your bank, processing and posting of loan cash might take one to three business days. The loan application is processed as soon as it is submitted online. One must ensure that all essential areas on their loan application form have been filled out and that all relevant documents have been uploaded. The money is put in the customer's bank account one day after the loan contract is signed.
Reasons for rejection
Your loan application may be rejected if you have an outstanding balance or more than one loan, your associated reserve does not meet the required amount recognized for applicants to pay their amortizations, or you have a bad credit score. For whatever reason, Kabbage reserves the right to reject your application.
How to apply for a loan
Kabbage's website allows you to apply for a loan without any physical interference. To apply for financing with Kabbage, follow these steps:
Visit the official website and click on Get started.
Current American Express customers can use their existing Amex login credentials to apply for funding through Kabbage. New users, please, enter your email and password to create a new account.
Agree to the terms of use and click Create account.
Enter your full legal name and click on Continue.
Enter your phone number, and click on Send code. A six digit code will be sent to your number, enter it and click on Continue.
Enter your business name, industry, home, and business addresses, business tax ID, and Social Security number (SSN).
You must also consent to hard credit inquiries into your personal and business credit and then click on Submit to send your application for approval.
Based on the information provided, Kabbage reviews your financial health (and that of your business), and then approves or denies the application.
Once approved for a credit limit, determine how much to borrow initially and select from the available repayment terms.
