in consumer applications for financial services
You’ve probably been hearing since you were a kid that your wedding day is the biggest, most important day of your life. And while it will probably rank pretty high on your list of momentous occasions, “biggest, most important” really packs on the pressure, both to your psyche and your wallet. What is supposed to be a celebration of your relationship can turn into a financial nightmare if you haven’t been saving since adolescence or don’t have rich parents bankrolling the affair. Aside from the obvious costs, like booking a venue, finding a good caterer, and hiring a photographer, wedding expenses can quickly spiral out of control. And if you’re trying to keep up with the Joneses on Pinterest? Forget it. All of those wedding craft and gift ideas will have you up to your sweetheart neckline - or well-fitted cummerbund - in debt before you know it. The Knot reported that weddings in the U.S. average roughly $30,000. Even when you take the budget or DIY route to avoid dropping the equivalent of a year’s tuition at a private university on a single-day’s party, unexpected costs crop up. Michelle Barrow at The Financial Diet wrote recently that despite her determination to get married for under $5,000, she ended up deciding to splurge on a hairdresser, more flowers, and a photographer at the last minute. Because she and her partner had kept a lid on spending in so many other areas, they were able to make the numbers work, but the lesson remains. Wedding costs can easily get away from you, regardless of how frugal you are. Some newly weds go the route of putting part of their wedding day costs on their credit card, however this often leaves them paying hundreds of extra dollars due to interest. An alternative to that is to take out a low interest personal loan to help with wedding day costs - as opposed to a credit card. Here’s a look at three of the areas most likely to derail your big-day budget, and what you can do to avoid starting married life in a state of financial ruin.
1. Dress and tuxedo: Many brides see their weddings as their opportunities to spoil themselves, which often means spending exorbitantly on their gowns. Splashing out for a great dress is one thing, but it’s easy to get carried away when you see yourself in a $5,000 designer piece for the first time. And that doesn’t even include the cost of a full tuxedo, which can also escalate quickly if you’re going the designer or custom-made routes.
When you’re budgeting for your wedding-wear, don’t forget to account for accessories such as shoes, wraps, jewelry, and other touches. One bride featured on A Practical Wedding shared that she and her fiancé were surprised at how much they spent on clothes even though she went for a lower-priced non-traditional dress and he wore a vintage suit. Alterations, dry cleaning, and footwear can drive up the total bill faster than you’d think. Consider looking at consignment bridal shops or vintage boutiques for less costly but still elegant items.
2. Bridal party proposals: You can thank our social media-driven culture for the pressure to make sure every step between engagement and vows is Instagram-worthy. This includes an elaborate bridal party proposal, whether that’s with personalized cupcake jars, mini champagne bottles, coffee mugs, or scratch-off cards. These gifts and cards are sweet ways to rally your bridal party, but like the site Bridal Guide notes, when you’re trying not to blow your savings before you’ve walked down the aisle, every little expense counts. And don’t think this one’s just a concern for the ladies - apparently groomsmen proposals are a thing too, only they might involve bowties, shaving kits, and bottles of liquor.
3. Stationery: Bridal Guide warns against going all-out on save-the-dates and invitations, only to find yourself over budget when it comes time for menu cards, seating chart cards, programs, thank you notes, and other stationary needs. They recommend building those costs into your initial spending plan, although some couples opt to skip them altogether. While you can eliminate unnecessary expenses - trust us, your girlfriends will be just as excited to be your bridesmaids whether you give them presents or not - weddings are costly events. If you’ve budgeted down to the last entrée and are still sweating about the numbers, consider taking an alternative finance loan to cover the venue or a couple of the vendors. Companies such as LightStream, which is part of SunTrust Bank, OneMain Financial, and SoFi offer good rates on personal loans that can be used toward wedding expenses. A wide range of alternative borrowers offer personal loan products, which are often a better bet than racking up credit card debt to pay for your flowers and catering. Combined with smart budgeting, alternative loans help create some financial breathing room for you and your soon-to-be spouse as you start your married life. But planning for your wedding should begin with a realistic assessment of what you can afford, which elements you want to prioritize, and which traditions you’re willing to abandon. Just because it’s an important day in your life doesn’t mean it has to be the most expensive.
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: email@example.com
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!