Even Staff


How to Find a Business or Personal Emergency Loan

We all have to deal with the unexpected, but an unexpected financial event is especially stressful. If you have a financial emergency, you may need to take out a loan. That emergency may be due to a personal issue or a business challenge. If you encounter some difficulty securing a traditional loan from a bank or credit union, you may need to look to other options; consider a firm that offers alternative lending.

Common Financial Problems

Here are some financial emergencies that may require you to borrow money:

1. Car repairs

Nothing is more frustrating than sitting on the side of the road with a car problem. It's a huge interruption of your normal schedule and can prevent you from getting to and from work. Worse, car repairs aren't cheap. In most cases, you don't know the cost of the repair until the car is at the shop. That makes planning to pay for a repair even more difficult.

2. Weddings

A wedding is a big life event and according to Knot's 2014 Real Weddings survey, the average wedding spend is now $31,213. You may start planning your wedding and realize that the cost will be higher than you expected. Planning a wedding is stressful, because your new spouse, friends and family members may all have different expectations. If the date is set and friends and family have made travel arrangements, it's hard to change plans.

3. Refinancing credit card balances

Juggling personal finances can be a tricky game. If you have credit cards, you need to carefully track the payment dates and amounts due. If you're not able to make specific payments on time, you'll incur big penalties and if you can't pay them at all, you'll need to refinance. On top of the financing, making late payments will negatively impact your credit rating.

4. Business costs

If you own a business, you might invest your personal assets, including your savings, in the company. If the company sales don't generate cash quickly enough, you may not be able to take money out of the business to pay yourself. Keep in mind that you need to maintain a good personal credit rating and the credit rating for your business. All of these situations require an emergency loan, but that's not an option for many people. This is where alternative lending comes in.

Alternative Lending: Personal Loans

Personal loans are different from a traditional loan agreement with a bank or credit union. If you're facing a personal financial emergency, consider the following types of alternative loans:

Unsecured loan

An unsecured loan is simply a personal promise that you'll pay the loan back. This loan does not include collateral. When you take out a car loan, the car itself serves as collateral that you'll pay the loan back. The same rule applies with a home loan -- your house is the collateral. Unsecured loans are based on your monthly income. The lender is making a judgment that you have enough money to pay back the loan.

Secured loan

You can also borrow money by pledging an asset to get a loan. Think about any items you own that have value, such as a car, fine jewelry or rare artwork. Stock and bonds can serve as collateral, too.

Alternative Lending: Business Loans

Company finances can also have a big impact on the personal finances of the business owner because many business owners invest their personal cash into their business. If you run into personal finance issues, you might not have your own savings to help you. If you're a business owner, your company profit is likely your primary source of income. If a business challenge prevents you from taking profits out of the business, it can put you in a bind. Look into these alternative loan options:


Businesses often have a cash shortage when customers owe them money but haven't paid their invoices yet. In many cases, these unpaid invoices belong to trusted customers who you know will eventually pay. Factoring means that you borrow money using these receivables (unpaid invoices) as collateral. The company that loans you the money collects the receivables from your clients.

Product presales

If you have an established base of customers, you have some other options. You may be able to presell products to clients before you produce the product or service. The customer pays you for a product that they receive in the future. As with any type of loan, you do have an obligation. In this case, it's to provide the product or service in the future.

Friends and family

While it can be a tricky situation, you certainly have the choice of approaching a friend or family member for an emergency loan. It might be a short-term loan that you can pay back quickly. However, if you have trouble repaying the loan, it can damage a relationship. To make the loan more formal, consider pledging company assets (vehicles, equipment) as collateral for the loan. Finding yourself in need of an emergency loan is stressful, but it's important to think wisely about your best options. If you can't find a loan through a traditional bank or credit union, consider alternative lending options.

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.

Proven Scale & Trust


in consumer applications for financial services


consumer profiles generated

3 Million+

applicants routed monthly


What Our Partners are saying

Building meaningful, long-lasting relationships

"(...) generating some of the highest approval rates and conversion rates among our online acquisition partners. The transparency and focus on data have allowed us to drive consistent growth and success each month. "

Bill Walsh, VP Personal Loans Marketing

partner logo

" (...) a streamlined consumer experience, helping millennials with no collateral, budget, or saved money. Even’s impressive matching algorithms simplify the process of finding the best personal loans to meet your needs."

Kyle Taylor, CEO

partner logo

"(...) a truly modern and easy to use platform for the financial services marketing world. They make it easy to develop consumer friendly, innovative products in a space dominated by legacy platforms."

Sam Yount, Founder (Former CMO, Lending Tree)

partner logo

"(...) Their wide-reaching network and tech integrations bring in qualified, high-converting leads, and their team has been a pleasure to work with."

Andrew Zoeller, Digital Program Director

partner logo


Read all about it

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: media@evenfinancial.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!