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Kabbage vs National Business Capital

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KABBAGE

If you're looking for a modern way to get a business line of credit, Kabbage offers lines from $2,000 to $100,000. An accredited business with the Better Business Bureau since 2014, Kabbage's A+ rating demonstrates that they are a contender in the business loan market.

One unique feature of Kabbage is their use of other online services to verify the creditworthiness of your business: if you sell products on Etsy or receive regular payments from customers via PayPal, for example, you can link to those services to show Kabbage a real-time snapshot of your business data. This is an impressive way to save time often required by other lenders' paperwork processes, such as obtaining and documenting your credit score or sending in bank statements. The signup and application process, including this linked verification, takes only a few minutes; once qualified, you receive instant access to your approved amount.

In order to get a business loan from Kabbage, you will need to meet their minimum requirements:

  • In business for a year or longer
  • More than $50,000/year in revenue

Those requirements do mean that Kabbage would not be suitable for startups or companies within their first year of doing business.

We were impressed by Kabbage's low fees for their business lines of credit: 1.5% to 12%. Loans are paid back either in six months or twelve, and there are no early payment fees. There are no application fees either, making Kabbage one of the most straightforward lending platforms in our review.

We also like Kabbage's dedication to helping small businesses succeed. Their website has a Resources section that includes an up-to-date blog, complimentary Small Business Guides on a variety of topics, and even access to webinars on topics from bookkeeping to hiring.

While Kabbage won't be able to help you if you're looking for funds for your startup, or if you need a loan in excess of $100,000, they are a fantastic, low-fee resource if you have an established business that is doing well overall. Kabbage easily earns a four-star rating.

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NATIONAL BUSINESS CAPITAL

National Business Capital is a well-known source for business financing, both in terms of small business loans and other products, such as equipment financing, business lines of credit, and more. Since their start in 2012, their clients have come from nearly every industry, including Transportation, IT companies, Hospitality Services, and Construction/Contracting, regardless of their credit background. Nearly 70% of their clients were first turned down by traditional banks prior to their approval by National Business Capital, which is evidence of their strong commitment to helping businesses get the financing they need, even during times of economic instability in the nation.

One terrific feature of National Business Capital's process is that approval takes less than 24 hours. After completing a brief application that includes the business' name, approximate monthly sales, and purpose of the loan, applicants can expect contact from one of National Business Capital's Business Consultants within a day.

Unfortunately, this lender does not make it easy to determine more specific information about their lending programs, such as minimum or maximum loan amounts, loan terms, or interest rates. Using their Loan Calculator on the Small Business Loans page, we could assume that loans range from $10,000 to $3,000,000, that business need to have been in operation for at least a year, and monthly gross sales must equal at least $10,000 (because the sliders don't go below those amounts), but it appears that individuals seeking funding will need to speak with a representative to get more detailed information. We had to turn to a newspaper article to determine that interest rates begin around 9%, as reported by president Joseph Camberato. We would have liked to see more transparency with their programs' details, especially for those who may be hoping to create a new business and are often turned down by other lenders.

We do appreciate the fact that National Business Capital is an accredited business with the Better Business Bureau and carried an A+ rating at the time of our review with only two registered customer complaints in the last 12 months. There are also a number of compelling testimonials on the site that show great attention to customer service, success in securing funding even for struggling businesses, and repeat customers who have been thrilled with the process of obtaining funding through this lender.

Ultimately, National Business Capital earns good marks: they appear to be a reputable lender dedicated to helping business owners across the spectrum to get the funding they need, even during times of financial difficulty. We'd gladly improve this rating with more details regarding their loan terms, particularly interest rates and other fees.

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Business Loans

To help you find the Best Business Loans, TopConsumerReviews.com provides you with an in-depth comparison of Kabbage and National Business Capital.

With all the difficulties in today's economy, many people are choosing to open their own business instead of working for a traditional employer. Whether you're just starting your business, expanding your already-established business, or even hanging out a shingle as an online company, it's likely that at some point you'll need a business loan to successfully meet your customer's needs and your business goals.

In the past, small business owners relied heavily on traditional brick-and-mortar banks in order to finance their business loans. Often that meant that borrowers had to rely on their own reputation and relationship with their local bank. Getting the lowest possible interest rate was also more challenging, since there were few lending options from which to choose.

Fortunately, business owners today can choose among many lenders to find the best terms and interest rates available. In addition to the old local options, small business borrowers now have much more and better choices through various lenders on the Internet that specialize in small business loans.

There are many factors that you should consider before selecting a lender for your business loan. Some of these include:

  • Loan size and rate. How much will you be allowed to borrow? What interest rates do they typically offer on loans of that size?
  • Loan application process. When applying for your business loan, can it be completed online? Is the lending process easy and straightforward?
  • Requirements for business history. Can a brand-new business take out a loan, or is there a minimum time that the business must have been in operation in order to qualify? What other verification and/or collateral is required to secure the loan?
  • BBB rating. Does the lender have an established history of good business practices?

TopConsumerReviews.com has reviewed and ranked the best Business Loan programs available today. We hope this information helps you find the best loan for your small business at an affordable rate!



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