Do Not Apply For Kabbage Loans | UNTIL You See This


Hello and thank you for joining me this
is Kristen Nye with CreditLineNow.com In our last video we took a look at
the application process to qualify for a Kabbage line of credit for small
business. So today we’re going to take a look at how to use that Kabbage line of
credit once you’re approved. There are ways to take a loan, once you’re approved
you have the option to draw on the line and have fun sent via an ACH transaction
directly to your bank account which will take one to three business days. The
second option is to use PayPal which will happen almost instantly about one
business day. Another option is a Kabbage credit card, which will access your line
of credit by using it at places that accept Visa. You can instantly cover
transactions by swiping the card this will initiate a six-month loan. You will
have two options for loan terms, the six-month term and the 12-month term. The
case of the six-month term your principal will be split in one-sixth
amounts, plus every month you’ll have a fee of one point five to ten percent for
the first two months and one point two five to one to one point two five
percent for the last four months. Again all Kabbage credit card draws are
on the six month term. In the 12-month term you have 12 monthly installments of
1/12 of the withdrawal amount. The first six months fees range from 1.5 percent
to 10 percent, followed by 1% to one point two five percent for the last six
months. Keep in mind that there are no origination fees and no prepayment
penalties, so this means the only fees that you will pay are the monthly fees
for as long as you keep the out. That means if you only keep a loan for one
month you only pay one month of fees. Here is an example of a ten thousand
dollar loan in a six month term and a 12 month term. In this case the rate is 1.5
percent for the first payments and one percent of the remaining payments. You
can see here how the principal and the fees equate the total due. Once you have
selected your loan amount you will have the schedule to review so you
see exactly what the payment amount will be and when the first payment will be
due. You will also confirm the bank account that the funds are going to and
that the payments will be withdrawn from. You do have flexibility on your payment
date once the loan is in place. And again be reminded there are no origination
fees and no prepayment penalties. Upon deciding your loan terms you’ll have one
more chance to review the loan agreement and confirm all the fees. Again the
Kabbage credit card is another way to access your line of credit and be
advised that this is not a separate product. This access to the same line of
credit that you can transfer into your bank account. This is a great tool to
keep in your wallet if you have emergency situations, last-minute
inventory purchases anything that you purchase in store that you want some
extra time to pay for. I always found this to be a very handy thing for my
business. In this infographic I can see exactly, how you can take exactly what
you need. Your funding will be at your fingertips. You have no additional fees
and cost to open this line of credit and there is no yearly or monthly fee to
keep it available to you. You only pay when you use the balance
and for the time you use it for. Again this is a tool that I used in my
business for years. I found it to be very useful and there’s no risk to apply and
there’s no cost to keep it available. I hope this has helped you understand how
to use the Kabbage line of credit and whether or not it’ll be a good fit for
your business. If you would like to see the terms of your business line please
complete the short application at CreditLineNow.com/secure and you
can be instantly approved. In our next video we will compare several lending
options as well as the various suppliers of those. I hope we can look forward to
seeing you. This is Kristen Nye with CreditLineNow.com. Thank you for
joining me.

3 comments on “Do Not Apply For Kabbage Loans | UNTIL You See This”

  1. Adam Cumbie says:

    Informative Video. Kabbage really does make it easy to get money.

  2. Credit Line Now says:

    Complete your application at https://CreditLineNow.com/Secure and receive a complimentary hotel stay certificate.

  3. Small Business Software says:

    If you need a business line of credit you should definitely check out Kabbage. I'm glad I did.

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