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artie-chicago
Community Member
Posts: 952
Registered: ‎04-19-2009

Re: Kabbage "loans"

in reply to suzannesauctions60

I must have been living in a cave to only hear of Kabbage Loans today.

And from what I've read this is  a DO NOT ENTER INTO ANY AGREEMENT WITH KABBAGE LOANS or anyone that resembles

that organization! Definitely BIG trouble ahead for those that do!!!

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bronx-dog
Community Member
Posts: 5,891
Registered: ‎01-20-2011

Re: Kabbage "loans"

in reply to aliensandangels

The 'river', is what many feel compelled

to use, as code for the Amazon website.


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aliensandangels
Community Member
Posts: 34
Registered: ‎09-01-2008

Re: Kabbage "loans"

in reply to eliteautomobile
Wish I knew what river you are referring to!
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aliensandangels
Community Member
Posts: 34
Registered: ‎09-01-2008

Re: Kabbage "loans"

in reply to clearvaluedeals
REALLY!!! And does ordering something from Amazon give them the right to hit my BANK and wipe out everything? NO - I give permission for an EXACT payment and then it is over with. Kabbage apparently gets free run of the PayPal and the Bank and Credit Card for ANY AMOUNT they wish. SO NO COMPARISON THERE!
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aliensandangels
Community Member
Posts: 34
Registered: ‎09-01-2008

Re: Kabbage "loans"

in reply to worldwide.liquidation

I was curious as to if I would get accepted for any kind of a loan from Kabbage and started the process.  I used one of my JUNK email addresses just in case they would start SPAMMING ME!

 

I got to the part where they wanted 3rd party access to my PayPal and Bank info.  I duuno - Bells went off and I ducked out and quickly changed my eBay password.

 

THIRD PARTY? Where the devil did that come from... I was dealing with KABBAGE?

 

I just do not feel right giving a THIRD PARTY  or ANYONE on the INTERNET access to my LIFE.  I mean MY LIFE - how I pay my mortgage for the roof over my head and my bills and living expenses...

 

OH no!  When your GUT tells you something is wrong (to much access to wipe you out)... listen or you could end up homeless and bankrupt!

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040283
Community Member
Posts: 1
Registered: ‎12-04-2013

Re: Kabbage "loans"

in reply to suzannesauctions60

What have you been able to do about your problems with Kabbage? I'm in the same situation

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cufflinkshowcase
Community Member
Posts: 3
Registered: ‎03-24-2013

Re: Kabbage "loans"

in reply to wholesalecoolstuff

How is what you just described predator like practices? There is no penalty for paying your loan off early. If they cut your "line of credit" off , you must have done something wrong, like not pay on time. I have used kabbage and it has helped my sales big time. I received 4500 dollars to buy inventory for my business and it has helped me tremendously. The only time they automatically take money out of your account is when your payment is due. Thats what you agree to. If you have money in your paypal account and you didn't pay your bill on time or you dont have enough money to cover your due payment, they take all of the money in your paypal account / bank account , which is what you authorize them to do. There is an up front 10 percent charge for your advances.....or "line of credit" as you call it. So if I borrow 4500 dollars, I have to pay 450 dollars on top of 4500. That is pretty clear cut to me. If you can't pay your advance, You shouldn't borrow from them. Its a great program and I am not some bogus plant that works for kabbage. I like what kabbage has done for me and they have helped me buy the inventory needed to grow my business. Thanks.

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hondamedic
Community Member
Posts: 7,002
Registered: ‎06-05-2005

Re: Kabbage "loans"

in reply to ltz_vintage

buyingmachine79 wrote:

kabbage is a scam, and people should stay away, from no where in their sign up page does it say they monitor your paypal purchases, and look at every one of your transactions, i have never been late on any payment to this company, and they just asked me for my w2s, why would they need this, IDENTITY THEFT, i just told them to close my account, i refered someone to their company, and a year later they say we are same person, with different names, different addresses and different social security numbers, this company is trying something fishy here not sure what it is but it cant be good


 

and a year later they say we are same person, with different names, different addresses and different social security numbers, this company is trying something fishy phishy


There, all fixed.


BBL: Blocked Bidder List... BIN: Buy It Now... BO: Best Offer... BR: Bid Retraction... DC: Delivery Confirmation

DSR: Detailed Seller Rating FB: Feedback FRB: Flat Rate Box FVF: Final Value Fee IPR: Immediate Payment Required

NARU: Not A Registered User OP: Original Poster OT: Off Topic PM: Priority Mail.... PS: Power Seller....

SNAD: Significantly Not As Described...... TRS: Top Rated Seller...... UIA: Unpaid Item Assistant..... UID: Unpaid Item Dispute
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Community Member
Posts: 1
Registered: ‎02-27-2012

Re: Kabbage "loans"

in reply to thekatsboutique

kabbage is a scam, and people should stay away, from no where in their sign up page does it say they monitor your paypal purchases, and look at every one of your transactions, i have never been late on any payment to this company, and they just asked me for my w2s, why would they need this, IDENTITY THEFT, i just told them to close my account, i refered someone to their company, and a year later they say we are same person, with different names, different addresses and different social security numbers, this company is trying something fishy here not sure what it is but it cant be good

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Community Member
Posts: 1
Registered: ‎10-27-2013

Re: Kabbage "loans"

in reply to pascals_outlet_us

Wrong answer.  Fast growing businesses generally need more capital than they are able to generate through profits (which if any, are quickly reinvested into the business).  Small and medium businesses use debt as opposed to equity to grow their businesses for obvious reasons.  Until avenues like micro-financing and crowdsourcing (e.g.. Kickstarter) came along, most owners depended on angel investors (usually family and friends) and even credit cards. 

 

Kabbage is one of those new e-funding businesses that are being touted by such entrepreneurial media as Wired and Entrepreneur magazine. They have board members from A-list Silicon Valley investors (https://www.kabbage.com/company/board-members). It seems weird as they have to know these kind of practices would mess up their reputation and dry up their subscriber base which would hurt their own ability to attract venture capital and preclude them from selling their business to an even bigger business (like a eBay/Paypal) and missing out on a very big payout for themselves in the end.

 

Disturbing to say the least.

 

 

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ltz_vintage
Community Member
Posts: 12
Registered: ‎06-14-2011

Re: Kabbage "loans"

in reply to clara221-us
We have used Kabbage for the last 5 or 6 months and havent had any problems. You pay them back once a month and its done automatically. As long as you have money if your paypal to cover the costs each month,you should have no problems.
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Community Member
Posts: 1
Registered: ‎10-02-2013

Re: Kabbage "loans"

in reply to suzannesauctions60

Stay Away from Kabbage.com!  I signed up for Kabbage, wanting to buy more inventory for my business.  The problem came when the next months’ sales were 1/4 of what we normally sell.  I had previously heard of horror stories of Kabbage causing overdrafts to bank accounts, and not wanting my bank account associated with Kabbage overdrawn, I closed the account.  I still left them on the paypal account, and made sure under preferences, Kabbage was to be paid from my paypal balance, and the only authorized backup that I listed in paypal for them was my credit card.  When the payment was due, I was about 50.00 short, and planned to manually make up the payment in 3 days when my credit card receipts came in.  So, Kabbage took what was in my paypal account balance, which was fine.  Then, the next day I receive an email from Paypal saying that I have just sent an echeck payment to Kabbage!  Kabbage never had that bank account information, nor even the account number.  I immediately disputed the charge in paypal, as I did not authorize any echeck transfer, and it would have overdrawn my account.  Within minutes, the echeck was refunded/cancelled, as it had not cleared.  I’m still trying to figure out why paypal let that echeck go through when Kabbage did not even have the account number, and was only authorized for credit card as a backup.  

Be aware:  Kabbage’s payment terms are too short to buy inventory and sell it.  Your first payment may be due before you even receive the merchandise ordered.  If you have a problem, unlike any other creditor, they will “take” the money any way they can.  Let's face it, Kabbage is not a priority creditor, even if they should get paid.  Your getting involved with this group could mean that they get paid before your mortgage or rent does.  It could have actually meant our electricity would have been turned off, as we needed what little money available to make the electric payment.  

Kabbage is making you give access to too much private, critical information, i.e., your bank account and paypal passwords, etc.  In this economy, you can never be sure that sales will maintain at any particular level.  Kabbage is risky, and can ruin banking relations (with their ovedrating your account).  The scary thing is that I thought closing the bank account that they knew about would solve the problem.  I had no idea that paypal would let them take money from any bank account listed in paypal (only last 4 number of the account is listed), whether I approve it or not.  I plan on paying them in full at the end of the week to end my association with them.  If there is  a problem with your payments to Kabbage, you will feel violated, when your money is taken, raided out of your bank accounts, and bank fees incurred.  They will leave you nothing to live on, let alone to buy food with. 

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Community Member
Posts: 3
Registered: ‎05-09-2013

Re: Kabbage "loans"

in reply to suzannesauctions60

Kabbage asks you to sign an agreement in thr process that tells you the specific dates that things are due, and requires you to connect your PayPal account in order to move money back and forth. The fees are stated up front, and the due dates are communicated as well. 

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Community Member
Posts: 1
Registered: ‎09-20-2013

Re: Kabbage "loans"

in reply to suzannesauctions60

Thanks for the heads-up.  I so tried of these companies promising one thing but doing something totally different once they have retrieve all your information.  I pray for your success. 

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komokwa
Community Member
Posts: 6,088
Registered: ‎03-26-2003

Re: Kabbage "loans"

in reply to hondamedic

                 ?



Who will save the river valley , that's my drinking water.! "Moxy Fruvous"
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eliteautomobile
Community Member
Posts: 143
Registered: ‎09-12-2008

Re: Kabbage "loans"

in reply to old_man_arthur

you know if you have a seller account on that other place named after a RIVER they give 1000 to 10000 usd loans at 3% to grow your inventory just tossing that out there. take thier money us it to grow your ebay.

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Community Member
Posts: 1
Registered: ‎09-17-2013

Re: Kabbage "loans"

in reply to suzannesauctions60

I was considering it and then I seen this at the bottom of the website:

"Terms, conditions, features, availability, pricing, fees, service and support options subject to change without notice"

So when the person said they took more out of the Paypal account then they said I guess this would be the reason why!

SMDH

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clearvaluedeals
Community Member
Posts: 2
Registered: ‎09-12-2013

Re: Kabbage "loans"

in reply to old_man_arthur

Just so everyone is clear. You have given your information out to countless of people without ordering by ordering things online with your credit card. Any online company has the capability to take money out of your account, its your responsablility to monitor and track your spending so you can take legal actions if there are fradualent charges. Read your terms and aggreements, hidden fees, etc.. Companies are getting trickier by the day! Desperate for money in my opinion!

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hondamedic
Community Member
Posts: 7,002
Registered: ‎06-05-2005

Re: Kabbage "loans"

in reply to bronx-dog

 

 

Didn't like what I posted...   Self edited it....

BBL: Blocked Bidder List... BIN: Buy It Now... BO: Best Offer... BR: Bid Retraction... DC: Delivery Confirmation

DSR: Detailed Seller Rating FB: Feedback FRB: Flat Rate Box FVF: Final Value Fee IPR: Immediate Payment Required

NARU: Not A Registered User OP: Original Poster OT: Off Topic PM: Priority Mail.... PS: Power Seller....

SNAD: Significantly Not As Described...... TRS: Top Rated Seller...... UIA: Unpaid Item Assistant..... UID: Unpaid Item Dispute
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bronx-dog
Community Member
Posts: 5,891
Registered: ‎01-20-2011

Re: Kabbage "loans"

in reply to hondamedic

Uh... honda, it looks like you self-moderated your own post,

there's nothing there.  photo laughingsmiley.gif photo original1.gif photo realy.gif 


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