Kabbage launched access to custom loans for Kabbage Payments customers. The new lending product gives small businesses more control over short-term funding needs.
Integrating Kabbage Funding with Kabbage Payments marks the first of many new solutions from Kabbage as it expands to help small businesses efficiently analyze and manage their cash flow.
With custom loans, Kabbage Payments customers choose any term between three and 45 days and either repay in full when the loan reaches maturity or allocate up to 100 percent of Kabbage Payments revenue towards the balance over the selected period.
Repayments are only made when a customer processes payments and any remaining balance is due at the end of the term.
Custom loans have a one-time fee starting as low as 0.1%, and pricing adjusts dynamically, depending on the term length and repayment method chosen.
The result is a new cash flow solution that gives small businesses greater flexibility before they make a borrowing decision.
“As a former small business owner, I know managing cash flow is a major headache. We designed our custom loan product to recognize these inherent challenges and provide our customers with even more flexible funding to better manage their businesses.”
Kabbage CEO Rob Frohwein
Kabbage Custom Loans Are Now Available in The U.S.
Now available to U.S. small businesses, Kabbage Payments also offers unlimited online invoicing, next-day deposits, zero monthly fees, and free customer support.
With its unique pay link feature, customers are getting paid via email, texts and the web in less than 24 hours.
New Kabbage Payments customers will save with a competitively low fee of 2.25% per credit-card transaction until June 2020.
Signing up is free, and small businesses can immediately start creating, sending and settling invoices through Kabbage Payments to get paid faster.
Have you used Kabbage to help grow your small business?
Please use the comments section below or head over to our Facebook Group for Small Business Sellers and interact with other small business owners.