in consumer applications for financial services
People change cities, plans, jobs, cars, friends; life is ever-changing. In my case, almost all of those things changed in 2014. But let’s flashback to 2013, for a moment, when a significantly less mature version of myself thought it would be an acceptable idea to have the rims and side mirrors on my car painted pink. And don’t think I stopped there; I also considered it crucial to re-fabric the interior roof with a black and white print. Needless to say I looked a bit ridiculous. At that time, I was living on Long Island where a car is a necessity and others will define you in part by the car you drive. Not long thereafter I realized that I needed to upgrade from the “pink mutant” to something more socially acceptable. So I bought a brand new car.
I continued working and driving on Long Island for about a year and a half until my plans and life changed…. Shortly after pursuing a career in line with my college degree (geology), I realized it wasn’t for me. So I started a new job search, and finally landed an amazing opportunity in Manhattan. No longer did I need my car, but I still owed around $4,000 on the loan. After a few failed attempts of trying to sell it, still with the lien, I realized I needed to pay off the remainder of the loan in full. Of course I could have dipped into my bank account, but selling the car came at a time when I was just moving into my new apartment without any furniture or kitchenware - not even a single fork or plate to eat take out chinese food on. So what (little) money I did have, had to go towards funding my day to day life. I had no idea what to do, so for two months I kept making payments on a car that was just collecting pollen in my parents driveway. Then I started thinking about ways to get $4,000 and here’s what I came up with:
I chose the last option and Googled “Marketplace Lending,” sought advice from a few trusted sources, and came to the conclusion that I should give it a shot. It’s laughably simple to use, and if you aren’t familiar with the topic I suggest reading up on it. Basically, you apply for a loan online from lenders that want to give you money at interest rates starting at around 5.99%. The interest rate you get depends on a host of variables, credit score being one of them. Using EVEN Financial’s software, I found the best personalized option, offered to me through their relationships with many different loan providers which each have their own rates and specialties. Once you choose an offer, the instructions on the website are clear and easy to follow. Name, address, social security number, etc. Did I mention this entire process is only completed digitally? The online form (singular) took me all of 5 minutes to complete. Over the following two days the lender asked me to submit two forms of proof - my utility bill and bank statement. Done and done. And then I waited for the money to be deposited into my account, which occurred several days later. Overall the experience was extremely positive.I did have some feedback about the specific company I used for the loan, for example I didn’t feel like they communicated enough with me about the status of my loan through the process, and I actually thought based on what I’d read that I would have the money even faster than I did. That said, I much preferred doing everything online and still would not have gone to a physical bank or haggled with my dad for the cash. So even with the few areas that could have been improved, I would definitely still use this process again in the event I needed cash in the future. The biggest take away is that I would likely still be paying a $400/month car payment (+ insurance) for a car that I don’t drive if marketplace lending didn’t exist. My loan was a $5,000 loan at a 7.36% interest rate. That is considerably higher than my current car loan (0.9%), but a great feature of Marketplace Lending loans - there is no prepayment penalty. When I sell my car, I pay off my loan (in full) and I can prepare for the next big change in my life, whatever that might be. Plus, I also have furniture in my apartment. And one last piece of advice - don’t ever do this to your car.
Disclaimer: 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. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content
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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!