Credit Score Required for Kabbage after AMEX’s Acquisition

What credit score do you need for Kabbage?

To qualify for a Kabbage loan, now offered under American Express, you typically need a credit score of 660 or higher. This requirement ensures that applicants have a satisfactory credit history, increasing their chances of loan approval. (( Reference: American Express )

How does Kabbage determine the loan amount?

Kabbage, now part of American Express, uses several factors to determine the loan amount for applicants. These factors include:

1. Credit Score and Creditworthiness: The applicant’s credit score and overall creditworthiness play a significant role in determining the loan amount.
2. Business Size and Income: For business loans, Kabbage assesses the size of the business, its income, and how long it has been operational.
3. Repayment History: The loan amount is influenced by the applicant’s past loan repayment records.
4. Financial Needs: The specific financial needs of the business, including how much money is required and for what purpose, are considered.
5. Repayment Terms: The loan amount also depends on the terms of repayment, such as the duration in which the loan will be repaid.

Kabbage evaluates all these aspects to decide the appropriate loan amount for each applicant, ensuring it aligns with their financial profile and business requirements.

Does Kabbage run your credit?

Kabbage, now part of American Express, may review the business’s credit history among other factors. However, Kabbage does not run a personal credit check on the business owner. Instead, the company uses automated decisioning technology to analyze data from various sources, including bank account activity and online business data, to determine the business’s creditworthiness.

What credit bureau does Kabbage use?

Kabbage from American Express uses automated decision-making technology to evaluate a small business’s creditworthiness. This evaluation includes data from a variety of sources, such as bank account activity and online business data.

While Kabbage may use information from one or more credit bureaus to assess a business’s financial health and credit history, it does not publicly disclose which specific credit bureaus are utilized in its underwriting process.

If you are a small business owner interested in obtaining a loan from Kabbage, you can visit the company’s website to apply for a loan. The application process is straightforward, and our article provides additional details to help you understand the steps involved.

Does Kabbage do a hard credit check?

Yes, Kabbage from American Express does a very hard credit check before giving you a loan as it is also part of a loan application and it does this to know whether a person is eligible to take a loan or not and to know his/her honesty.

All this is done by whoever takes the loan, both his credit score and credit report are checked, and only after that, it is decided whether the loan will be given to this person or not.