Traditional small business loans can translate into a long, drawn out, often cumbersome process. Small businesses may be required to provide business plans, financial statements in addition to collateral to secure a business loan.
When you need money for your small business quickly, a no collateral loan is a good option that can fulfill immediate business needs fast.
Kabbage is one option that provides small business owners no collateral business loans fast. Kabbage is also an alternative lender for business owners in need of a bad credit business loan.
The reason Kabbage makes sense for a no collateral business loan and for entrepreneurs that need a bad credit business loan is that Kabbage focuses on less traditional information to approve loans.
Kabbage is a good option for borrowers who:
- Need cash fast with loans funded within a few days
- Have less than perfect personal credit
- Want a line of credit that can be drawn on when needed
- Want to provide as little documentation as possible
- Need up to $250,000
Kabbage can approve a fast online business loan with no collateral
Borrowers who don’t mind paying higher rates for immediate access to cash are a good fit for Kabbage business loans. Business documents are not required because applicants simply connect a business checking account, bookkeeping software or payment platform such as PayPal for immediate review. To ensure better approval odds you can also give the company access to your other accounts, such as QuickBooks, Xero, Stripe, Etsy, Amazon, eBay or Sage.
Business owners with bad credit can qualify for a Kabbage loan.
According to Kabbage the vast majority of borrowers have a credit score of at least 500. This makes Kabbage a good alternative for someone looking for a bad credit business loan that can be funded fast. Kabbage considers all data from the accounts you link along with your average monthly revenue and years in business (minimum one year required) to determine your credit limit, rates and fees.
Kabbage rates are high but they are willing to approve you.
Annual percentage rates at Kabbage are high, ranging from 24% to 99%. Each month you pay back a percentage of the amount borrowed — the principal — plus a fee. Kabbage offers loans of up to $250,000 with repayment terms of 6 or 12 months. Kabbage doesn’t charge a prepayment penalty fee. Complete the online application in minutes for a bad credit business loan and get approved for a line of credit — funded within a few days.
Business Line of Credit.
Small business owners can benefit from a business line of credit because it can be drawn upon at any time. Borrowers don’t have to take what they don’t need. New small business owners as well as established business owners can benefit from an online no collateral business loan because you don’t have to provide the type of documentation banks require.
A new business can especially benefit from a no collateral business loan if they lack a solid history of business and personal credit.
Kabbage business loans offer fast funding.
Kabbage offers working capital for businesses as fast as possible. The typical transaction takes 3 business days or less. Kabbage is NOT a bank. Funding is based on the cash flow of your business which means personal guarantees are not required. A Kabbage line of credit is a no collateral business loan.
How Kabbage Works.
Kabbage provides you with ongoing access to funds. Draw against your line as often as once a day and pay only for what you take. Cash advances can range from $500 to $250,000, depending on your credit line. Kabbage will advance you an amount upfront and in exchange you’ll pay off every month, for six months, you pay back 1/6th of the total loan amount plus the monthly fee. Each draw is treated as an agreement between you and Kabbage. Draw against your line as often as once a day. Pay only for what you take.
How to Get Funding from Kabbage.
Create an account in as few as 7 minutes. Link any of your business’s online services to qualify on the spot. Kabbage approves businesses by looking at real life data, not just a credit score. No paperwork, faxing, or waiting in line. After that, access your business line of credit so you can start growing your business immediately. There are no fees until you draw against your line. Apply online today.
What Happens if you can’t pay your Kabbage business loan?
As a business owner, you are responsible for making payments until the loan is paid in full. However, in the event you experience financial difficulty, Kabbage will assist you in finding solutions to provide financial relief. Defaulting on a loan can cause serious issues with your credit score and your ability to secure financing in the future.Borrowers need to communicate with Kabbage as soon as they experience financial difficult to avoid escalated collections activity.