Even Staff

2015-08-17

One Millennial’s Experience Getting a Marketplace Loan

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:

  • Borrow it from my dad. An obvious choice and he would gladly help me out, but come on we young adults are supposed to be independent (or at least pretend to be).
  • Take out a loan from a bank. I don’t even like using an ATM, let alone walking through the second set of doors into what I imagined as a screaming room full of children, high on sugar and wielding uncapped markers.
  • Google “Marketplace Lending”. I was hearing and learning about marketplace lending, so…

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 useand 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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"Even enabled MoneyLion to... streamline our user experience, serve a broader set of our customers, and improve key monetization metrics... driving 4x+ growth since launch."

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"Even enabled MoneyLion to... streamline our user experience, serve a broader set of our customers, and improve key monetization metrics... driving 4x+ growth since launch."

"... 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."

"... 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."

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Even Financial Partners with Figure to Add Blockchain-Enabled Personal Loan Products to its Financial Services Marketplace
EVEN
Even Financial Partners with Figure to Add Blockchain-Enabled Personal Loan Products to its Financial Services Marketplace
New York, New York – June 2, 2021 – Even Financial (“Even”), the leading search, comparison, and recommendation engine for financial services, has announced a new partnership with Figure to launch the company’s personal loan products on the Even platform. Leveraging machine learning and advanced data science, Even solves a significant pain point in financial services acquisition by seamlessly bridging financial institutions and channel partners via its industry-leading API and embeddable solutions.   Figure is a fintech company that leverages AI, blockchain, and analytics to deliver innovative consumer financial products with speed and ease. Figure has dramatically decreased the time it takes for consumers to secure loans and has significantly reduced the costs associated with loan origination, servicing, financing, and capital markets execution. The company was founded in 2018 to unlock new access points for consumer credit products that can transform the financial lives of its customers. In addition to personal loans, it provides mortgage refinancing and home equity release solutions, including home equity lines of credit, home improvement loans, and home buy-lease back offerings for retirement.   Figure is an exciting, advanced provider that is driving transformational change in consumer credit,” said Phill Rosen, Founder and CEO of Even Financial. “We’re thrilled to welcome them to Even’s unparalleled network of loan products.”   Shwetabh Gautam, Director of Financial Institution Partnerships at Even added: “We continue to see a strong resurgence in the demand for lending products across the millions of consumers Even surfaces offers for each month. The addition of cutting-edge partners like Figure strengthens our ability to connect consumers with the loans best suited for their unique needs.”   Even offers the largest network of premium, API-connected loan providers. Enterprises and established publishers such as MoneyLion and TransUnion partner with Even to power financial product offers for loans and other financial services including insurance, credit cards, and savings. Within loans, Even continues to expand its vast offering, recently launching products for secured lending, line of credit, and auto refinancing.   The launch of Figure on the Even platform enables consumers to get matched with personal loans of up to $50,000. Figure offers a 100% online application that allows applicants to apply and see their rate in minutes and access funding in as few as two days.   “Phill and the team at Even share our vision of leveraging blockchain technology to make financial services simpler, faster, and personalized. Through the Even platform, we will be able to reach a broader and more diverse set of consumers seeking our innovative credit products,” said Brad Simmons, CMO of Figure.   Even has continued its rapid growth trajectory in 2021, facilitating over $3 billion in consumer credit issued through its API and expanding its platform to over 400 partners. Earlier this year, Even was named one of “America’s Best Startup Employers'' by Forbes for 2021 and placed in the Top 50 of the 2020 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world.    About Even Financial Founded in 2014, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. As the leading search, comparison, and recommendation engine for financial services, Even seamlessly bridges financial institutions (including American Express, Goldman Sachs, and SoFi) and channel partners (such as MoneyLion and TransUnion) via its simple yet robust API and embeddable solutions. Even turns any consumer touchpoint into a comprehensive financial services marketplace with full compliance and security at scale. The company is backed by leading financial services firms and VCs, including American Express Ventures, Canaan Partners, Citi Ventures, Fidelity’s F-Prime Capital, Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Learn more at www.evenfinancial.com.  About Figure Figure is transforming the trillion dollar financial services industry using blockchain technology. In three short years, Figure has unveiled a series of fintech firsts using blockchain for loan origination, equity management, private fund services, banking, and payments sectors – bringing speed, efficiency, and savings to both consumers and institutions. The company was founded in 2018 by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion dollar business under his leadership as CEO. Learn more at www.figure.com.   Media Contact media@evenfinancial.com
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Now, financial advisors and other businesses will have a way to leverage Even’s platform for their clients. ‘Financial Products for Salesforce’ - Powered by Even, a plug-and-play app available on the Salesforce AppExchange, matches consumers with real-time, personalized financial product offers.   Click below to read more at PYMNTS.com.
Even Named to Forbes’ List of “America’s Best Startup Employers” for 2021
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After evaluating 2,500 American startups with at least 50 employees, Even has been named in the Top 500 of Forbes’ second annual list, which recognizes companies that stand out in: employer reputation, employee satisfaction, and growth.   Click below to see full listing.