Karrot has grown (sorry) out of what CEO and co-founder Rob Frohwein describes as something of a natural opportunity. “When we started targeting small businesses seven years ago, we end up attracting consumers, too. What we realised was that we were turning away one-third of the folks coming to us,” he says. He describes this as “a perfect segment” for Kabbage to tackle. Karrot Personal Loans will be going head to head with a number of other players like Lending Club and Prosper in the online loans space that have up to now only been competitors in name, if not in fact. Karrot will lend consumers up to $35,000 with repayment terms of either 36 or 60 months, at rates starting at 6.44% (as a point of comparison credit card companies’ rates are around 21%). Karrot says that it will turn loan applications into approvals “in minutes,” with payments coming as soon as the next day.

http://techcrunch.com/2014/09/24/with-karrot-kabbage-digs-into-lending-clubs-and-prospers-consumer-loans-business/