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    Home»Business

    Online Personal Loans launched for Entrepreneurs

    Sushma SinghBy Sushma SinghJune 8, 2023 Business
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    Online Personal Loans launched for Entrepreneurs
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    Kabbage Inc recently announced that it has launched an online personal loan service called Karrot Personal Loans.

    About Kabbage

    Kabbage which was launched in late 2011 has so far extended US$ 400 million in loans to small businesses for their working capital and expansion needs. Businesses can avail credit lines from Kabbage for amounts ranging from US$ 500 to US$ 100,000 through a simple online application.

    The New Lenders

    Unlike traditional lenders who approve loans based on credit scores given by credit rating agencies, Kabbage adopts a unique methodology and analyzes a businesses creditworthiness by looking at the financial data it generates.

    This data could come from an online payment gateway the company uses or an online marketplace where it is listed. For instance, did you know that every time an individual or a business transacts on eBay, more 300 Data points are generated which can be evaluated to assess a prospective client?

    It is this data, that Kabbage evaluates from more than a dozen services given below before it extends a credit line.

    Online Personal Loans launched for Entrepreneurs

    Online Consumer Loans

    Karrot is the latest offering of Kabbage Inc. The personal loan portal approves loans within a few minutes and assures online transfer of the loan amount to the client’s bank account within 24 hours. The entire loan approval process is automated with no human intervention and the creditworthiness of the individual is assessed based on the credit history of the individual’s Savings Bank Account.

    Karrot offers more than a dozen different types of loan products, some of these are:

    • Loan for Debt Consolidation – To reduce high-cost debt.
    • Loan for Home Improvement – To renovate your home.
    • Short-Term Loans – Personal loans with repayment duration of 3-5 years.
    • Wedding Loans – For the dream wedding.
    • Start-Up Funding – Loan For Entrepreneurs.

    The online Peer to Peer Lending market has seen more than US$ 6 billion in personal loans to date. With the launch of Karrot Personal Loans, existing p2p lending websites like Prosper and Lending Club are bound to face the heat in the coming days.

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    sushma
    Sushma Singh

      Sushma is a seasoned business writer and content creator with over 7 years of experience in the field. She has a talent for taking complex topics and breaking them down into easily understandable language that engages and educates her readers. Her expertise allows her to cover a wide range of topics relevant to the B2B industry, providing business owners with the knowledge they need to make informed decisions and drive growth.

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      The information provided on this page is for informational purposes only. We encourage you to conduct your own research and due diligence on any entities named in this article. We are not affiliated with, endorsed by, or sponsored by any products, corporations, or their affiliates or subsidiaries. References to the mentioned apps/websites are dynamic in nature, and we shall strive to keep these updated. The numbers stated may differ from the actual numbers.

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