We’re thrilled to announce that we launched Karrot this morning at Finovate Fall – a conference to showcase the future of financial and banking technology. Our CEO & Co-Founder, Rob Frohwein, and COO and Co-Founder Kathryn Petralia announced Karrot and live demoed our new online loan product for everyone on stage, and the crowd loved it. Attendees called it ‘slick and easy,’ and ‘really well done,” noting that ‘banks should be worried.’ (Read more quotes on Twitter at end of post). Karrot is now the first and only fully automated way to get a personal loan with an immediate answer to your application.
Share some of our news:
- TechCrunch: With Karrot, Kabbage Digs Into Lending Club’s And Prosper’s Consumer Loans Business
- PRWeb: Kabbage Launches Karrot: Personal Loans Made Simple
- American Banker: Online Business Lender Kabbage to Offer Personal Loans
- Finextra: Kabbage makes play for consumer loans with launch of Karrot
- Small Business Trends: More Than 15 Small Business Funding Resources for You
- San Francisco Business Times: Small business lender Kabbage starts making consumer loans
- Read our official press release
Rob & Kathryn shared with Finovate attendees that we launched Karrot to provide loans to everyone – not just established business owners, but startup business owners who need cash to get going, in addition to families, couples, travelers, and anyone who needs a loan for big dreams or life’s little emergencies.
“When we started targeting small businesses seven years ago, we end up attracting consumers, too,” Rob said. “What we realized was that we were turning away one-third of the folks coming to us.” Rob describes this as “a perfect segment” for Kabbage to tackle, so we went for it!
Now that our new product is live for everyone to ooh and ahh at, we’re excited to share the news with you. Karrot is now available for you to take a loan for anything life might throw your way – take advantage of our great rates to pay down debt and save on average 36%* with our rates vs. the typical rate of 21% charged by most credit card companies. Get an emergency loan for a pet vet bill, take a loan for your dream vacation to Tahiti, or pay off the engagement ring you have on hold to purpose to your honey. We have loans for home-improvement, weddings, medical bills, pets, cars, friends and family, and more. See our full list of personal loan types.
Karrot offers unsecured personal loans up to $35,000 with 36- and 60-month payment terms and rates as low as 6.44%APR. And we’re proud to say that Karrot will provide the same speed that Kabbage does with an immediate decision because we built Karrot with our technology and data underwriting platform (that can be white labeled!), which allows us to approve loans in minutes.
Connect your bank account or debit card to Karrot, and we’ll analyze the data in the background while you finish your application, giving you a quick real-time response without the waiting and paperwork from traditional banks. We’re proud to be the only company who can verify 100% of your income in real-time using our data-driven platform and proprietary algorithm, thanks to our super smart development team.
Like what you hear? Give it a spin at Karrot.com and let us know what you think here in the comments or on Twitter @KabbageInc.
See what everyone had to say about Karrot at Finovate:
*Your Karrot loan rating and APR are determined once you submit your application. We offer 36 and 60 month terms. As an example, a loan of $10,000 with a fixed interest rate of 12.34% and an origination fee of 2.85% would require either 36 monthly payments of $333.77 with an APR of 14.37% for the life of the loan or 60 monthly payments of $224.17 with an APR of 13.62% for the life of the loan