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WHO IS KABBAGE COMPETITORS?
A financial technology company called Kabbage provides small business loans and credit lines. With more than 200,000 small businesses as clients since its founding in 2009, Kabbage has become one of the top FinTech firms globally. Kabbage is not the only participant in the small company financing market, though. We shall examine Kabbage’s market competitors in this piece.
Established in 2007, OnDeck is a well-known online small business lender. OnDeck offers loans and lines of credit to small businesses, much like Kabbage, although it operates under a somewhat different basis. OnDeck is renowned for its speedy turnaround times; the majority of loans are authorised in within 24 hours. Additionally, OnDeck provides a greater selection of loan products, such as term loans, credit lines, and merchant cash advances.
Another FinTech firm with a focus on small business credit lines and loans is Fundbox. Fundbox, a loan underwriting company founded in 2012, employs artificial intelligence to offer quicker loan approval timeframes and more lenient repayment terms. Additionally, Fundbox provides a selection of credit solutions, such as invoice finance, which enables small firms to borrow money against their unpaid bills.
A FinTech company called BlueVine offers invoice factoring, lines of credit, and loans for small businesses. BlueVine, which was established in 2013, is now a well-liked solution for small companies seeking adaptable financing options. The application and approval processes at BlueVine are renowned for being quick, taking as little as five minutes. Additionally, BlueVine provides a selection of financing options, such as lines of credit and invoice factoring.
An online lending marketplace called Lendio connects small businesses with lenders all around the country. Since its launch in 2011, Lendio has aided more than 100,000 small businesses in obtaining funding. Small businesses can compare loan offers from many lenders using the Lendio platform and select the one that best suits their needs. SBA loans, term loans, and lines of credit are just a few of the many lending products that Lendio provides.
Another online lending marketplace, Fundera, assists small businesses in locating the finest loan products for their need. Since its founding in 2013, Fundera has aided more than 50,000 small enterprises in obtaining funding. Fundera enables small businesses to compare loan offers from many lenders and select the one that best suits their needs, much like Lendio does. SBA loans, term loans, and lines of credit are just a few of the loan products available from Fundera.
6- NATIONAL FUNDING
A direct lender, National Funding offers equipment financing and small company loans. Since its inception in 1999, National Funding has aided more than 50,000 small enterprises in obtaining funding. A variety of loan products are available from National Funding, such as term loans, equipment financing, and merchant cash advances. With the majority of loans getting accepted in less than 24 hours, National Funding is renowned for its quick and simple application process.
Small business loans are made available to businesses in poor nations through the nonprofit Kiva. Since its establishment in 2005, Kiva has aided more than 3 million borrowers in 80 different nations. Individual investors can donate as low as $25 to help fund a loan because Kiva’s loans are crowdfunded. Due to its 96% loan repayment rate, Kiva is a preferred option for investors that value doing good.
Online lender Kabbage provides small businesses with lines of credit and business loans. They advertise a quick and simple application process with quick funding periods and a totally online lending process. This article will discuss Kabbage loans and other lending products that are comparable to Kabbage.
Up to $250,000 in small business loans and credit lines are available through Kabbage. Their loans are made for small firms who require immediate access to money to pay bills now or seize expansion chances.
One of the distinguishing characteristics of Kabbage loans is their automated lending procedure, which evaluates the data from your company to assess your creditworthiness. Because of this strategy, Kabbage can make funding choices rapidly, frequently within minutes of receiving your application.
The period of a Kabbage loan is six, twelve, or eighteen months, with weekly or monthly installments. Depending on the loan amount and period, monthly interest rates might range from 1.5% to 10%. Each drawdown is also subject to a fee from 1.5% to 10% of the amount drawn, according to Kabbage.
You need to have been in business for at least a year and bring in at least $50,000 per year to be eligible for a Kabbage loan. Also required are a business checking account and access to your company’s financial information, such as bank statements or accounting software.
Similar Loan Options
Here are some additional online lenders to take into account if you’re looking for loan choices comparable to Kabbage:
1- OnDeck – OnDeck provides lines of credit and small business loans up to $500,000. They offer to deliver cash as soon as the same day you apply, and their lending process is fully online. The loan terms offered by OnDeck range from 3 to 36 months, and the interest rates are in the 9% to 99% APR range.
2- Fundbox – Fundbox provides loan lines with a maximum of $150,000. They promise to offer financing within 24 hours of approval, and their entire lending procedure is conducted online. The payback terms for Fundbox’s lines of credit are 12 or 24 weeks, and their interest rates per draw range from 4.66% to 8.99%.
3- BlueVine – BlueVine provides lines of credit and business loans up to $250,000. They promise to offer financing within 24 hours of approval, and their entire lending procedure is conducted online. The repayment period for loans from BlueVine is six to twelve months, and its interest rates range from 4.8% to 51% APR.
4- Lendio is an online lending platform that links small businesses with a variety of lenders. They provide a variety of lending products, including as SBA loans, lines of credit, and business term loans. The entire lending process with Lendio takes place online, and they promise to fund your application the very same day.
There are many different online lenders to pick from if you’re seeking for a loan like Kabbage. It’s important to carefully analyse your options because every lender has different loan requirements, interest rates, and repayment durations.
To select the loan that best meets your company’s demands, take into account variables including the loan amount, interest rates, payback terms, and funding periods.