Price of Kabbage Loans - Did you know?
You can read Value Penguin's very tidy breakdown of Kabbage's platform and cost here. If there's one takeaway for business owners, it's to remember that venturing out into the finance world and capturing financing without an advocate to navigate for you can be treacherous.
MGC provides business loans, lines of credit, factoring services and equipment leases but that isn't why we have such high customer retention. MGC provides coaching. Often, you will hear us tell our customers, "Call and ask if you're thinking about taking out financing. At least we can impart what we know so that you can make a more informed decision."
Our customers know we are in it for the long haul.
See Below on what you're paying with Kabbage.
To summarize, that Kabbage loan still requires access to bank statements and will need your personal and business information to make a decision. What sets them apart is the ease of use on their online platform to capture the information - which probably costs a pretty penny. It should after all, since they are charging customers up to 80% APR rates.
Value Penguin provides an easy to read snapshot:
APR Range 20.00% - 80.00%
Fees Monthly fee rate: 1.5-10.0%"
You read that right. Kabbage charges you interest and also charges you an additional percent per month just to be their customer.