SuperMoney

Out of Business

Karrot

in Personal Loans

Visit Site Find My Best Rate

Out of Business

Karrot

in Personal Loans

SuperMoney Net Recommendation Score +50% Recommendation score measures the loyalty between a provider and a consumer. It's at +100% if everybody recommends the provider and at -100% when no one recommends.

Strongly recommended

1 user recommends
1 user is unsure
0 users don't recommend
Cast your vote
Cast your vote

Would you recommend Karrot to your friends?

Thanks for your vote!

Thanks for your vote!

You voted: May or may not recommend

Overview

Karrot's personal loan program has been suspended. They are no longer offering loans.

Karrot is the personal loans arm of Kabbage, an online lender based in Atlanta that focuses on small businesses. Karrot provides fast personal loans at competitive rates to borrowers with good to excellent credit who haven't got time to wait for a traditional loan or credit card application but still require competitive rates.

How Does Karrot Work?

While most lenders take days to approve or deny a loan application, Karrot takes only minutes. Yet it still manages to keep interest rates low. This is because Karrot is built on the same underwriting analysis platform as Kabbage, which allows Karrot to confirm whether the income and cash flow reported are accurate.

Karrot's platform assigns applicants a grade based on their credit and income. Each grade comes with a specific interest rate. Although they do have to give Karrot access to their bank accounts and link their social networks to be considered, the trade-off is applicants know their interest rate and how much cash they are eligible to borrow within a few minutes.

What Are Karrot's Interest Rates?

Interest rates range from 6.44% to 27.22% APR depending on credit and income. The actual interest rates are as low as 5.73% APR. This includes a one-time, non-refundable origination fee that ranges from 1.05% to 4.75% depending on creditworthiness and whether it is a 36 or 60-month loan. The 60-month loans have a larger origination fee. Originations fees are deducted from the loan amount. For instance, if you are approved for a $10,000 loan amount and charged a 2% origination fee, you will receive $9,800.

How Much Money Can I Borrow from Karrot?

Loan amounts range from $5,000 to $35,000. A $10,000 with a 6.44% APR will cost you $306.22 a month: a total of $1,023.92 in interest. The same loan with a 27.22% APR will cost you $409.43: a total of 4,739.48 in interest.

Which States Does Karrot Operate In?

Karrot operates in all 50 states.

What Is Karrot's Application Process Like?

The application is short, requires little to no documentation and is performed entirely online. The application just asks how much the borrower wants to borrow, name, address, date of birth, annual income and email address. Identity, income and cash flow is confirmed by linking to applicants' social network and bank accounts.

In order to give a firm interest rate offer, Karrot only takes a soft pull of your credit history, which won't hurt your credit score. A hard pull, which could ding your credit score a little, is only performed if you agree to take the loan offer.

How Is Karrot Better Than Other Lenders?

Karrot provides loans of up to $35,000 with terms of up to 60 months at low interest rates and is able to give a decision within a few minutes. There are no prepayment penalties or other hidden fees to worry about. The application form is short and the entire process, from applying to receiving the cash can take as little as 24 hours.

SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Contact

Availability

Available in 49 States and Washington, DC
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin

Feature Breakdown

Origination Fee
Starting at 1.05%
Joint Loan Applications Accepted
  • Only Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
Loan Amount
$5K - $35K
$100 $100K+
APR
6% - 27%
4% 100%+

Reviews

Would you recommend Karrot to your friends?

Before we publish your vote:

Please explain your vote by sharing your experience.

Writing a review increases the credibility of your vote and helps your fellow users make a better-informed decision.

Please write a review to submit your vote
Cancel my vote
(will require moderator approval)

Other Personal Loans