The Offer
- Kabbage Funding From American Express is offering a $150 bonus when you apply and get approved
The Fine Print
- Each draw on the line of credit will result in a separate installment loan. All loans are subject to credit approval and are secured by business assets.
- If eligible, you can be approved in minutes for a line of credit from $1,000 to $150,000 when we are able to automatically obtain your business data and verify your bank account. If a manual review is required, it will take longer to provide you with a decision.
Our Verdict
This is different to the Kabbage checking bonus that was previously offered (still available as American Express Business checking). This is basically a line of credit and each time you draw on the credit this will be treated as a separate installment loan. Monthly fees are as follows:
- 0.25–3.50% for 6-month loans
- 0.25–2.75% for 12-month loans
- 0.25-2.50% for 18-month loans
Fees seem like they could be exceptionally high. If you took out the base loan of $1,000 and get the lowest 0.25% rate you’d only be paying $15 in fees though (if you got the 3.5% rate it would be $210 though). Probably not worth doing just for a $150 bonus, but something to keep an eye on if it increases.
Hat tip to u/churnandburn58
