Repayment of loan
Borrowers are given a borrowing limit and then can take out individual installment loans up to that amount. Depending on the available options, alternative loans come with repayment terms of 6, 12, and 18 months. These loans have shorter repayment terms than standard loans, which makes it simpler to fall behind on payments and penalties month to month.
Monthly costs for business loans range from 0.25% to 3.5% of the outstanding debt, depending on the borrower's eligibility. 6-, 12-, and 18-month loans include monthly costs of 3.5%, 2.75%, and 2.5 %, respectively.
Supported types of payments
They accept most major credit and debit cards through Kabbage Payments, including American Express, MasterCard, Visa, Discover, and Diners Club. The account that is debited for auto repayments is your primary repayment account. The same account that you use for your primary repayment account might also be utilized for your primary funding account.
Steps to repay
The method of automatically debiting your payments each month on your due date is known as automatic draught remittance. When you accept your loan agreement, you permit them to deduct your monthly payment automatically.
If your autopay account is insufficient for auto-repayment and you have additional verified business bank accounts on file, the auto-repayment will be deducted from one of those accounts or over the Internet.
To make manual payments follow the steps below:
Log in to your account
Click on Funding, and go to Repayments.
Then select the Repayment account and the amount you want to deposit (it can be the minimum monthly payment, the total amount, or another sum you want to pay).
Click on Pay now and enter your credentials to complete the payment.
Conditions of loan extension
Loan extensions are granted depending on the borrower's payment history. Loan extensions are governed by tight corporate restrictions. It is suggested that you pay according to the conditions of the contract. Also, keep in mind that late payments will result in a penalty.
Early payoff
You have the option of repaying your debt early with no pre-payment penalties.