If you’ve never heard of Kabbage, just know that it has nothing to do with vegetables.
Rather, it provides loans for small businesses, as well as powers business and consumer lending for other organizations.
In 2014, Kabbage introduced Karrot, a program that provided unsecured personal loans up to $35,000.
But Kabbage recently stopped offering Karrot personal loans to grow its other offerings. Customers who already borrowed Karrot personal loans can continue making payments online. But those in need of a personal loan will have to look elsewhere.
Here are nine alternatives to Karrot personal loans that you can borrow instead.
9 alternatives to Karrot personal loans
Check out our top picks below for online lenders, banks, and credit unions with low-rate personal loans and a reputation for great service.
Online lenders with personal loans
If you’re interested in borrowing from an online lender, consider these three leading options.
1.SoFi
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Offers personal loans between $5,000 – $100,000
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Fixed APRs range from 5.99% to 20.01%
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Offers repayment terms 24 to 84 months
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No origination fee
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Accepts joint applications from co-borrowers
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Offers unemployment protection benefit if you lose your job
2. FreedomPlus
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Offers personal loans between $7,500 and $40,000
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APRs range from 5.99% to 29.99%
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Offers repayment terms between 24 to 60 months
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Charges origination fee between 0.00% - 5.00%
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Provides same-day loan application approvals
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Accepts applications from co-borrowers
3. LendingClub
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Offers personal loans between $1,000 and $40,000
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APRs range from 6.95% to 35.89%
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Offers repayment terms of 36 or 60 months
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Charges origination fee between 1.00% - 6.00%
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Provides peer-to-peer lending services
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Accepts applications from co-borrowers
Online lenders typically offer competitive rates, as well as easy and fast application processes. They tend to be best for computer-savvy individuals who are comfortable borrowing money without going into a physical location.
Traditional banks with personal loans
If you don’t want to complete the entire borrowing process online, you might prefer a traditional bank.
Some banks have moved their application processes online, but you’ll likely still be able to visit a brick-and-mortar location if you live nearby. Plus, you might get special rate discounts if you’re a banking customer.
1. Santander
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Offers personal loans between $5,000 and $50,000
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APRs range from 6.99% to 16.99%
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Offers repayment terms between 24 to 60 months
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Provides APR discount for banking customers who set up autopay
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Available only to residents of Massachusetts, Maryland, Rhode Island, Connecticut, New Hampshire, New Jersey, Pennsylvania, New York, Delaware, Maine, Vermont, and Washington, D.C.
2. Wells Fargo
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Offers personal loans between $3,000 and $100,000
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APRs range from 5.49% to 22.99%
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Offers repayment terms up to 12 to 60 months
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No origination fees
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Provides APR discount for qualifying banking customers who set up autopay
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Provides funds in as little as one business day once approved
Credit unions with personal loans
Credit unions are another good option for borrowing a personal loan. As nonprofit, member-owned organizations, credit unions have a reputation for low interest rates and fees. Plus, they tend to offer personalized customer service.
Most have membership requirements to join, but some national credit unions are open to just about anyone. Here are a few personal loan-lending credit unions that almost anybody can join.
1. Alliant Credit Union
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Offers personal loans up to $50,000
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APRs range from 6.49%
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Offers repayment terms up to 12 to 60 months
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Typically provides same-day funding once your application is approved
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Offers a debt protection benefit if you lose your job or experience a disability
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Can join if you’re a member of a qualifying organization, work for an eligible company, are related to a current Alliant member, live or work in a qualifying community, or donate to Foster Care to Success
2. First Tech Federal Credit Union
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Offers personal loans between $500 and $50,000
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APRs start at 10.00%
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Offers secured personal loan options for borrowers with weak credit
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Easiest to join if you live or work in Oregon, but nonresidents can join by first becoming a member of the Computer History Museum or the Financial Fitness Association
Visit First Tech Federal Credit Union
3. PenFed Credit Union
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Offers personal loans between $500 and $25,000
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APRs start at 6.49%
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Offers repayment terms up to 36 to 60 months
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No origination fee
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Must live, work, or otherwise be affiliated with a qualifying organization, or donate to the National Military Family Association or Voices for America’s Troops
Shop around for your lowest interest rates
Karrot personal loans are no longer available, but you have lots of other options when it comes to borrowing a personal loan. Most online lenders, as well as some banks, let you do an instant check to see if you pre-qualify.
This rate quote doesn’t affect your credit, and it lets you compare offers from multiple lenders before choosing one. Shopping around is a savvy move since it allows you to find an offer with your lowest rates.
If a lender you’re interested in doesn’t provide an online rate quote, you might speak with customer service to learn more about its personal loan product.
By doing your homework on personal loans, as well as estimating long-term costs with our personal loan calculator, you can find the best personal loan for your finances.
Note: Student Loan Hero independently collected the above information related to Santander, Wells Fargo, Alliant Credit Union, First Tech Federal Credit Union, and PenFed Credit Union. These institutions neither provided nor reviewed the information shared in this article. Since terms can change, check with the lenders for the most up-to-date information.
Interested in a personal loan?
LendingTree allows you to compare rates from multiple lenders by filling out one easy form. Advertiser DisclosureStudent Loan Hero Advertiser Disclosure
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.
Student Loan Hero Advertiser Disclosure
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.
Lender | RATES (APR) | loan amount | |
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![]() | 5.99% – 20.01%1 | $5,000 to $100,000 | |
![]() | 6.14% – 35.99% | $1,000 to $50,000 | |
![]() | 6.98% – 35.89%* | $1,000 to $50,000 | |
![]() | 99.00% – 199.00%2 | $500 to $4,000 | |
![]() | 5.99% – 24.99%3 | $5,000 to $35,000 | |
![]() | 5.99% – 29.99%4 | $7,500 to $40,000 | |
compare rates on Lendingtree now | |||
1 Includes AutoPay discount. Important Disclosures for SoFi. SoFi Disclosures
Opploans DisclosuresDirect Deposit required for payroll. Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.
Payoff Disclosures
FreedomPlus Disclosures
Upgrade Bank Disclosures* Personal loans made through Upgrade feature APRs of 6.98%-35.89%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by WebBank, Member FDIC. ** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days. |