I've been hearing a lot about Kabbage recently, so I tried them out a few weeks ago. Kabbage provides funding just for online sellers. Borrowing money is not always the wisest choice for personal use but for business – it can help to “get over that hump”.
Here’s how it works:
1) Enter your Amazon ID or eBay ID, so they can check your online selling history. 2) If you have a sufficient activity, complete the application. 3) See how much money you are offered & choose the amount. 4) The funds will be in your PayPal account in less than 5 minutes. 5) You will now have a 6 month payment plan set up on PayPal I believe there are some minimum requirements:
- You need to have a selling history of at least one year
- There is a minimum monthly revenue requirement on Amazon or eBay
About Kabbage
Kabbage provides working capital to online merchants as they list products for sale, leveraging information generally available on online marketplaces to assess risk and help determine advance amounts and related fees and interest. This approach allows Kabbage to understand our customers better and, as a result, provide them with cash as and when they need it. Kabbage embarked on its unique business model in late 2008 and in April 2010 began making its first advances to marketplace sellers. Since then we have expanded to multiple marketplaces to help serve online sellers. For more information, please visit Kabbage.com.
Forget about it if you have bad credit, when I enter my ebay info, Kabbage input a line of credit of $4300, when I try to input my Amazon info, they ask me about my bank login name and password which is a nono. I ask them about this and the answer was to go ahead with only my ebay info. As soon as I input my social security my line of credit when down to $100. So I ask if this was a joke, since I sell 3 times a day that amount. Then I told them that they were misleading with their ad, saying that the loan was by the person sales performance. At the end they are just like any other loan company.
AWESOME! Thank you for posting this. We have an eBay business that could really use a boost for funding to grow.
I’ve already sent this to our partners… 🙂
August,
Yes, they do check your credit score. I’m not exactly sure how much that is weighed in the decision.
If you have a lot of Amazon activity, over the last couple years you may qualify for more. Yes, you do have to put in your bank account.
I did some research on Kabbage, and found only positive news – so I didn’t mind giving them my info.
Nathan