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Kabbage launches custom loans for small business

Kabbage Inc., a provider of cash-flow solutions to small business, announced the launch of a custom loans program for Kabbage Payments customers.

The program allows small businesses to get anywhere from a three-day to 45-day loan that they may repay in full or allocate up to 100% of Kabbage Pay revenue toward the balance. 

Custom loans have a one-time fee starting at  0.1% and pricing is adjusted dynamically, according to a company release. 

"Any sized small business can now sign up to use Kabbage Payments with industry-low introductory pricing of 2.25% per transaction and start getting paid faster," Abe Williams, head of income products at Kabbage, told Mobile Payments Today via email. "To access a custom loan, Kabbage Payments customers must qualify for a Kabbage Funding line of credit. Once qualified, Kabbage Payments customers can access short-term financing through the new custom loan product from Kabbage."

Kabbage analyzes real-time business data, including bank account information, payment processor data, bookkeeping software, website analytics, shipping data and other factors to qualify businesses for loans up to $250,000. 

Businesses must be up and running for at least one year and make at least $4,200 per month for three consecutive months to qualify. 

Cover image: Kabbage