Kabbage is funny

[mattmyFIC0]

So last year I was browsing around and found Kabbage. I thought it was interesting for short-term cash needs so I went ahead and set up an account. That was in October of last year and still to this day they say that my business is not eligible. I wrote them an email today and they say that the business needs to show at $4200 in revenue a month to be considered. Since my business shows quite a bit more than that every month I didn't understand why I am still not eligible. They responded by saying that they cannot verify that cash deposits on the business account are from business revenue! With about 60% of my revenue being from cash every year I guess I will never qualify with them.....

[peaceonearth]

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@mattmyFIC0 wrote:

So last year I was browsing around and found Kabbage. I thought it was interesting for short-term cash needs so I went ahead and set up an account. That was in October of last year and still to this day they say that my business is not eligible. I wrote them an email today and they say that the business needs to show at $4200 in revenue a month to be considered. Since my business shows quite a bit more than that every month I didn't understand why I am still not eligible. They responded by saying that they cannot verify that cash deposits on the business account are from business revenue! With about 60% of my revenue being from cash every year I guess I will never qualify with them.....

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Once you supply Kabbage with your checking account information, they will verify your business revenue by how much you deposit each Month, average daily balance, any NSFs, etc..

[mattmyFIC0]

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@peaceonearth wrote:

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@mattmyFIC0 wrote:

So last year I was browsing around and found Kabbage. I thought it was interesting for short-term cash needs so I went ahead and set up an account. That was in October of last year and still to this day they say that my business is not eligible. I wrote them an email today and they say that the business needs to show at $4200 in revenue a month to be considered. Since my business shows quite a bit more than that every month I didn't understand why I am still not eligible. They responded by saying that they cannot verify that cash deposits on the business account are from business revenue! With about 60% of my revenue being from cash every year I guess I will never qualify with them.....

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Once you supply Kabbage with your checking account information, they will verify your business revenue by how much you deposit each Month, average daily balance, any NSFs, etc..

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Yes, I have already done that. From their rep: Our annual requirement is $50,000 in non cash deposits. So even though my revenue is quite a bit more they still won't approve it apparently.

[peaceonearth]

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@mattmyFIC0 wrote:

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@peaceonearth wrote:

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@mattmyFIC0 wrote:

So last year I was browsing around and found Kabbage. I thought it was interesting for short-term cash needs so I went ahead and set up an account. That was in October of last year and still to this day they say that my business is not eligible. I wrote them an email today and they say that the business needs to show at $4200 in revenue a month to be considered. Since my business shows quite a bit more than that every month I didn't understand why I am still not eligible. They responded by saying that they cannot verify that cash deposits on the business account are from business revenue! With about 60% of my revenue being from cash every year I guess I will never qualify with them.....

---

Once you supply Kabbage with your checking account information, they will verify your business revenue by how much you deposit each Month, average daily balance, any NSFs, etc..

---

Yes, I have already done that. From their rep: Our annual requirement is $50,000 in non cash deposits. So even though my revenue is quite a bit more they still won't approve it apparently.

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If you don't mind, how much is the loan for?

[mattmyFIC0]

I was under the impression they tell you how much you qualify for. I've never asked a specific amount from them.

[lindsaydruart]

They told me they couldn't approve me because I don't have enough transactions, even though my transactions total about 3 times the monthly minimum. They truly want to see like 20+ smaller transactions a month while I have about 10 large ones.

[mattmyFIC0]

Yes, their system seams a bit ridiculous to me at this point. You show all the revenue you want but if it's not the type of transactions they want they won't approve even though your numbers are good.

[Creditaddict]

do you have a paypal or merchant account you can link also?

[mattmyFIC0]

Yes, I have a PayPal account linked but it doesn't get very many sales. Most of our sales are cash sales and our credit card processor doesn't have any type of account that can link with Kabbage. I guess they don't think my cash sales are revenue

[mattmyFIC0]

UPDATE

Logged in yesterday and noticed that instead of the message about not quaifying there was a message to accept their offer. I went ahead and accepted even though it was low $3,200. Turns out they SP you on EX until you accept an offer and then it's a HP on EX. Really was hoping for no HP