There are hundreds of small business financing websites online that are ready to give you a business loan, including Kabbage. However, just because they will give you a loan doesn’t mean you should take one from them. It is important to stick with reputable organizations–and ones that will give you fair terms on your loan.
Among those hundreds of different online financing websites is Kabbage, but with so many different competitors, how do they stack up?
Kabbage has been around for a decent amount of time, allowing several sources to check it out. They are now one of the better-known small business lending sites. Endorsed by big names like MSNBC, Forbes, and Time–and boasting over 100,000 satisfied customers–you can rest assured that they offer aboveboard loans.
Kabbage does things a little differently. Instead of offering traditional loans, they only offer loans as a line of credit. So if you need a long-term loan option, Kabbage is not right for you. However, because they only offer 6-month terms, you can get your fees out of the way quickly and avoid the possibility of digging yourself into a real hole.
To get approved, your business must be at least a year old and have either $50,000 in annual revenue or have made over $4,200 over the last three months. If you meet the criteria, they are quick to approve and often offer the quickest access to funds in the business.
Want to learn more about how to thrive as a small business? One of the real keys is to have an effective bookkeeping system. Contact us today to learn more about how we can help your small business grow and thrive.