in consumer applications for financial services
Your engagement is a heady time, filled with love, romance – and too often, an overwhelming amount of financial stress. It seems like as soon as the question’s been popped, you’re worrying about trimming the guest list and how you’ll afford all the vendors, food, and venue you want. So what do you do? Wake up the morning after the proposal and decide to start saving now, in the hopes you’ll be able to afford your dream wedding three years down the road? Max out your credit cards for the sake of having a martini bar? Take a loan on your 401k to pay for your wedding dress? These are serious questions for a lot of couples, especially if they’re not particularly well-off. But there are better ways to deal with the financial burdens of what’s supposed to be one of the happiest, not most stressful, days in your life. You can always take the personal loan route, but there are plenty of ways to reduce wedding costs before you reach that point.
1. Get creative and DIY.
Limited funds doesn’t automatically translate to limited wedding options. Pinterest, Etsy, and the countless wedding blogs out there are filled with fun, beautiful ideas that will keep you well within your means. And if hand-crafting your favors or learning calligraphy to write your invitations seems like too much of a time-suck, remember that you’re not in this alone. Most people are eager to be involved in the wedding planning, so take advantage of their talents. Your crafty mom can make centerpieces, your college roommate can apply her accounting skills to tracking the budget, and your sister will be thrilled to show off her culinary prowess by baking you a unique and delicious cake. Let people know that you’re looking for quality wedding deals, as well. You’d be surprised at who in your network is related to a great hairdresser or can hook you up with a solid DJ at a discounted rate.
2. Crowdfund your honeymoon.
With so many people living together before tying the knot, many already have all the appliances, flatware, and bedding they need. But they don’t always have the savings to cover their dream weddings and their dream honeymoons. If you’ve got all the bath towels and wine glasses you can handle, consider asking loved ones to help you pay for that first trip as a married couple. Credit Sesame recommends using a site like OurWishingWell.com to encourage guests to give money instead of household gifts. Honeyfund.com was built specifically for this purpose, and it offers a breakdown of honeymoon packages so people can chip in where they’re able. For instance, the registry for an Italian getaway includes a set of rail passes at $45 a piece, a $90 candlelit dinner, and airline miles. The cost for bigger ticket items, like the flights, is broken down into several smaller gifts of $60 or so each. This allows a group of guests to contribute toward the cost, instead of making the bigger ask of several thousand for the entire plane trip. Marketplace lending is another option.
3. Rent your wedding gown.
This can be a tough one to swallow if you grew up envisioning yourself in a custom white dress that you’d pass down through the generations in your family. But wedding gowns are a huge expense, especially for a single day’s use. Brides on a budget often find themselves stuck between spending outside their comfort zones to have their perfect dresses or settling for a less costly (and less exciting) gown. Rental and pre-owned options give brides a much wider range of possibilities that won’t break the bank. Rent the Runway’s bridal collection includes a number of designer pieces for a fraction of the retail cost, and BorrowingMagnolia offers rentals that fit a number of budgets. And when you’re not shopping to own, you can likely afford a nicer dress or a more exclusive designer brand than you would if it was a permanent purchase.
4. Nix the frivolous traditions.
Sit down with your future spouse, decide on your must-haves for the ceremony and reception, and feel free to eliminate anything that doesn’t feel authentic. People often assume they need to include all the traditional elements, such as a religious service, a sit-down dinner, elaborate printed programs, and a multi-tiered cake. But each of those details costs money that you could spend on more important priorities, such as the band, or the cocktail hour, or a swanky suite for your wedding night. If you’re going by the Facebook albums your old high school classmates are posting, it’s easy to assume your wedding has to be an over-the-top affair that puts you tens of thousands of dollars in debt. But if you’re willing to do a little leg-work and let your loved ones lend a hand, you can have your perfect day and keep your savings in tact, too.
Disclamer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. Although we promote products and services form our partners, our opinions are our own.
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Goldman Sachs-backed Even Financial, a digital matchmaker between banks and customers, just bought an insurance startup as life insurers are seeing policy applications boom
Even Financial has acquired LeapLife, a leading insurtech platform. The addition of LeapLife allows Even to immediately commence its insurance capabilities, aimed at simplifying and enhancing the way consumers search, compare, and get matched with insurance policies (LeapLife’s existing platform will continue to operate from leaplife.com). Business Insider wrote an article about it, interviewing our CEO and Founder Phill Rosen.
Even Financial Launches Insurance Offerings With Strategic Acquisition of LeapLife, a Leading Insurtech Platform
Pioneering B2B Fintech Expands its Industry-Leading Financial Services Monetization Platform to Help Insurance Carriers Find and Connect with Consumers New York, New York – April 22, 2020 – Even Financial (Even), the leading API for financial services search, acquisition, and monetization, announced today that it will be launching services for the insurance industry through the acquisition of LeapLife, an insurtech platform and digital life insurance agency. The addition of LeapLife allows Even to immediately commence its insurance capabilities, aimed at simplifying and enhancing the way consumers search, compare, and get matched with insurance policies (LeapLife’s existing platform will continue to operate from leaplife.com). Even and LeapLife now offer the only full end-to-end, multi-carrier digital life insurance marketplace experience. Over the coming weeks, Even will further integrate LeapLife’s technology and insurance offering into its industry-leading API, making turnkey insurance marketplaces programmatically available to a vast network of channel partners — when and where their consumers are most in need — while also enabling the company to expand to other insurance sectors, including homeowners, renters and auto insurance. This adds to Even’s peerless breadth of real-time, personalized financial product offers — an expansive suite that already includes loans, savings, credit cards, and more. “Even’s goal to evolve how financial institutions find and connect with consumers is not limited to loans or credit cards, but applicable to all financial products and services, including insurance,” said Phill Rosen, Even Founder and CEO. “Despite its importance, purchasing life insurance is often an overwhelming and inconvenient experience. With more than $600 billion in premiums paid each year, and only 6% of policies sold completely online, we see tremendous opportunities to help modernize the life insurance industry and offer solutions that solve challenges for consumers and carriers alike.” LeapLife is an established insurtech platform and digital life insurance agency that utilizes data science, deep underwriting knowledge, and proprietary technology, enabling consumers to apply for instant-decision life insurance policies with real-time quotes. LeapLife works with many best-in-class insurance carriers to offer consumers a seamless experience from beginning to end. This approach made Even and Leaplife a perfect match. As a digital insurance broker, LeapLife offers personalized life insurance recommendations based on a consumer’s unique needs. Paired with the Even API, which enables customer acquisition for insurance to be native and programmatic, consumers benefit from a more streamlined, transparent, and highly personalized experience when shopping for life insurance. Just as Even’s 2018 acquisition of Birch (the award-winning credit card rewards app) allowed the company to accelerate its expansion into credit cards, the addition of LeapLife will similarly put Even at the forefront of consumer insurance offerings. Charles Svirk of MassMutual Ventures, an investor in Even, said “The Even and LeapLife teams share a vision that the future of insurance acquisition will rely on the power of data-driven, programmatic distribution. We are thrilled to support them as their industry experience, impressive technology, and trusted relationships will help scale Even’s insurance offering and build partnerships to provide these critical innovations in insurance acquisition.” The Even API and platform solve significant, long-standing pain points in financial services acquisition by seamlessly connecting supply and demand. Even has continued its rapid growth trajectory in 2020, surpassing over $1.5 billion in credit issued through its API and expanding its platform to over 400 partners. Even has secured over $55 million in funding from major financial institutions, venture capital firms, and fintechs to back its goal to evolve the financial services acquisition ecosystem. About Even Financial Founded in 2015, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. By seamlessly bridging financial institutions (including American Express, Goldman Sachs, and SoFi) and channel partners (such as TransUnion and The Penny Hoarder) via its industry-leading API, Even turns any consumer touchpoint into an ROI-driven, fully customizable, programmatic acquisition source for financial product offers with full compliance, security, and scale across loans, savings, credit cards, insurance, and more. Even is backed by leading financial services firms and VCs including American Express Ventures, Canaan Partners, Citi Ventures, F-Prime Capital (Fidelity), Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Even is the leading search, comparison, and recommendation engine for financial services. Media Contact: firstname.lastname@example.org
Even CEO/Founder Phill Rosen quoted in Protocol Braintrust Newsletter
Our CEO and Founder Phillip Rosen was included in the most recent Protocol Braintrust newsletter along with answers from some thought leaders from Plaid, Slack, and DuckDuckGo!