Hello Dr. !
Boy , you're being nice !
A quote like that shows the poster in unclear on the concept, or has grown up singing.....
" neither a borrower nor a lender be,
stay out of debt,
and you won't fret !! "
@ Honda......I didn't know !!
& as for those commercials......you're right , they suck, & try to suck your money right out of your wallet !!!
I had a friend that used Kabbage and they all most put him out of business. According to Kabbage there was a problem with there automatic system, but they were taking money out of his account on a nightly basis. Say he made $50, the next day $50 was gone! And they never give him the money back or deducted it from his monthly fee. He ended up calling pay pal and they deleted the Kabbage account & he finally paid off Kabbage and said never again... I told him not to do it, but wanted money to expand his business. He couldn't even pay his monthly ebay fees or offer refunds, because there was never any money left in the account- not even a penny was left.
There is an awful lot of misinformation on this post...
First of all, anyone who has started a business without working capital and a line of credit of some source is likely to fail within 18 months according to the SBA studies over many years of small business startups. If you say you have never borrowed money you are likely a liar. Of course there are good and bad sources for funding.
Kabbage.com is one way to get funds to do things like buy an estate lot that is a fantastic deal when your cash flow is not adequate at the moment. If you do your math and find the amount you have to pay back is an acceptable cost to achieve a profit from selling the goods you acquire at the estate sale, then why not? I had an opportunity to win an auction for a lot of items I had buyers for within 2 weeks, so I took out a small Kabbage fund, bought the items and turned them around for a nice quick profit, then paid off my Kabbage account 10 days after I got the funds. It cost me $35 for the service.
BUT there is a problem with PayPal auto-payment plans and Kabbage.com's process for adding more funds to your Kabbage account. I just got off the phone with a manager in the PayPal Fraud department and reported the issue. 2 days ago, 1 day before my scheduled Kabbage account installment I decided to let the automated deduction take place. I usually paid ahead of time manually. Well, I had a few hundred in PayPal and 2 payments were taken 1 day earlier than due -- the first was authorized and the second took the rest of my PayPal balance. I first went to my PayPal account and under Profile I located the auto-payment plan for Kabbage only to discover there were 3 plans! I cancelled all three of them and filed a PayPal transaction complaint for unauthorized deduction. I emailed Kabbage support who replied and admitted the error...but 2 days later I still did not have my money back into PayPal, so I phoned PayPal and they are putting it back. I will not take any more Kabbage funds and will make my remaining payments manually. If Kabbage and PayPal fix this problem so I am aware of such auto-payment plans being created, I may reconsider future dealings with Kabbage.com.
So warning! you might want to look over your auto-payment plans in PayPal to see who has triggers to take your money because that is where the action is. However be warned: if you have agreed to an auto-payment, you will be in violation of your agreement if you cancel that plan. In my case, Kabbage broke our agreement when they took an extra payment and also when they took money earlier than due. So they will have to accept my manual payments from here on.
Just a follow-up for those of you who are also having this problem -- I phoned PayPal last night and this message was received today along with my money back into my PayPal account:
"We've processed your recent claim that someone used your account without your permission for this transaction, and decided the case in your favor."
Also I have gotten another reply from this person at Kabbage (firstname.lastname@example.org):
"We’re working to get everything squared away in our system and your refund will be processed today. We sincerely apologize for the delay. It normally does not take this long."
They likely have to redesign their application for adding funds to your Kabbage account so it does not keep adding more PayPal auto-payment plans.
And I just got this email from another person over at Kabbage.com:
"We are extremely sorry for the extra amount that was deducted from your account in error. Since the amount was disputed in Paypal this held up the refund process, but this has now been resolved. You should now see the $$$ back in your Paypal account. To make up for this, we have posted a credit to your Kabbage account in the amount of $$$, and this reduced the balance on the account to $$$. We hope you can take this as a sign that we value our customers, and that we had no intention of trying to harm your business operations. We are working diligently to solve the problem so this will not happen again."
And so perhaps Kabbage is an honest business with a serious application design flaw hey are trying to resolve.
perhaps pigs will fly out of my butt.......
Or creatures from another world !!!
I'm not sure how an Advance Lending Company would be responsible for putting you out of business....???
But let me try and understand your issue:
Just so I'm crystal clear, your saying that your funds in Pay Pal were just arbitrarily taken out? Doesn't sound right. With multiple advances you really need to do your math and keep up with the billing cycles that is the key to success with Kabbage. Kabbage is best used with razor clean cut buying strategies where margin percentage's are fairly clear ( I know that's tough in 2013) and turn around times can be figured within plus or minus 30 Days. (again a challenge I know) Get this down and you can do really,really well with Kabbage Advances.
I'm just an end user myself, I don't work for the company, but I think I'm up to almost a Million in advances so I'm pretty familiar with the system. I don't mean that in an arrogant kind of way just wanted to let you know I'm speaking from experience.
Sometimes its slow and you don't always clear inventory.....but I've managed to only have maybe four double billing cycles for my entire history. So it can be done!!!!
Hope this sheds some light.....let me know if you have other questions....I love customer service its in my DNA.
The Gear Geeks.
100% accurate but it gets even worse. I used to sell on a couple small family accounts here and used them to expand my business on one. Biggest mistake I ever made. Last year when ebay changed the new listing categories, my listings ended up so far back in the rankings (best match category) that my sales went down 50% within a month. I re-did all of my listings and got things back to where they needed to be but by that time I had fallen behind. I think I was $30-40 behind on my last payment before things got bad with them seizing everything after each sale. Not sure how they did it but I would get 3 emails come in after each sale and within 2-3 seconds of each other. 1)Youve made a sale 2)paypal, youve been paid message 3)Youve paid kabbage, and the total amount was gone. I couldnt ship items anymore because there was no money left. I couldnt pay my ebay fees either. I begged them to work with me to the point where they wouldnt even return my emails and I ended up having to shut down. How could I keep selling when they wouldnt leave me enough to pay ebay and ship what I had sold? Then when I notified them that I was ending my listings and explained why, they followed up with one last 'gotcha.' They sent nearly a dozen drafts through my empty paypal account over approx 24 hours and left me with nearly $1000 in overdraft fees. Remember, if the moneys not there the first time, paypal runs it through a 2nd time 3-5 days after it fails. So, each draft they ran through my empth paypal account and that paypal billed to my checking account got me 2 overdraft charges. There was no money in there by that time but still, $1000 worth or returned check fees after they shut me down and refused to work with me? Leave them alone! Just dont do it. If your sales take a downturn, youre screwed. Makes no sense. Its irrational. 50% of something is always better than 100% of nothing but they dont think that way. They would rather make it impossible for you to operate and end up with nothing instead of offering you a little extra time and letting you keep selling so you can pay them back.
Kabbage is kind of a joke. Exactly 6 months after registering my seller account, the e-mails started showing up. I let them sit for awhile because I was still deciding how I was going to get RK's debt onto RKTOYANDHOBBY's books where it belongs. At the time, I was limited to 20 items or $1000 per month. Guess where Kabbage's minimum is set?
So, Kabbage is offering $500 to $50K in loans to sellers who are likely to be capped at their minimum level of throughput. It's a mystery who their market is. If you're maintaining $1K monthly, why would you jump through these hoops when any credit card on Earth will let you charge $500 just as quickly? If you were maintaining well beyond $1K monthly, why would you seek out alternative lending instead of just going to a bank or credit union for a regular loan?
Hell, I told my stalker at Kabbage as much when they e-mailed asking why I went to the page and didn't sign up. By the time I qualify for a Kabbage loan, I won't need one.
"And so perhaps Kabbage is an honest business with a serious application design flaw hey are trying to resolve."
Back when I was buying IT and negotiating contract terms for a major University, we would encounter similar bumps and hiccups in the processes of our various vendors, and the general consensus was "why should they be in any big hurry to fix problems that are so very beneficial to their bottom line?"
Why indeed? If the thing is broken to their advantage, they simply don't have any motivation to fix it. Continuing to work with them with that understanding in mind, or signing up when others have so plainly demonstrated that so far no fix has been attempted, would just be bad business.
Thank God I found this discussion group before I decided to sign up . Saw their ads on facebook and decided to try, At first they said I didnt qualify cos I was just under their minimum sales of 1k required. In 2 weeks, my sales quadrupled to 4x over as I introduced some interesting products and I called them again so that I could get cash to expand my marketing. They told me that although my sales were more than over, they look at seller popularity etc,.. That's when I realised they were BS. Now I'm averaging 20k month, thank God I didn't make that mistake. And yes there seem to be Kabbage plants here to cheer them,but they seem to give no specifics to their claim.... I even blocked their facebook ads and reported it as misleading..
HI, JUST WONDERING HOW COULD YOU BORROW HAL MILLION FROM KABBAGE ....
THEY ARE NOT MAKING LOANS IN SUCH BIG AMOUNTS
My credit is a disaster, but with all the constant "nag" ads from Kabbage, I thought, what the heck, I'll apply. well every time (3x) I hit the submit button, my computer would just freeze. Now I get flooded with some of the stupidest email spam I have ever encountered: Just yesterday I got several emails from a supposed daughter of mine in jail for writing bad checks and a link to send bail $$, I'm not married, and don't have kids. All this started when I tried to apply.
Frankly, I do make $$ on ebay, I was going to use the money to get more poultry for my farm. I raise free range, organinc ducks that I get as much as $13 a pound for at the farmers market, 24 weeks after hatching. I figured I would get 50 ducks.
I sent an email to Kabbage 4 days ago asking them to be clear as I am interested in trying there service. I just asked what the interest rate was and how they take there money, if they take it early? and amount, also asked them about your situation and if that is a common thing with them?? So far no response from Kabbage??
Just wanted to know if you can update how things are going with your Kabbage complaint? Have they made it right with you?? We are seriously considering Kabbage and would like to know as most things we read about Kabbage are good reviews.... Thanks for your time!!
I have used kabbage for 8 months and my business has grown bigtime. The paypal account linked to kabbage has no funds ever in it. I only transfer from my primary paypal account when its time to pay up. You never know how it is until you try. Dont take more than you need or you will drown.