Even Staff

2016-01-15

So You're Getting Married! Do You Need a Loan?

Congratulations! Your boyfriend is now your finance, you've set a date and now the world has taken on a romantic new glow. Time to plan one of the most exciting -- and expensive -- days of your life. As the two of you begin to talk about your dream ceremony, it's difficult to balance perfect fantasies and real expectations. A survey of 16,000 brides and grooms from The Knot found that in 2014, the average wedding in the United States cost $31,213. If you happen to live in an expensive urban neighborhood like Manhattan, that average figure is over $76,000.

 

If You Need Financial Help, You're Not Alone

 

Most young couples haven't accumulated enough resources to pull off the picture-perfect wedding, and in most cases family members will step in to help. The Knot's survey notes that the average couple end up footing the bill for 43 percent of wedding costs themselves, with parents and family members paying the rest. However, not all couples have the same luxury of their families footing all or some of the bill. Furthermore, despite the best planning, weddings are complex and minute details add up. Nearly half the surveyed couples spent more than they had planned on, while 23 percent didn't even try to create a budget!

 

Wedding Loan Options

 

If you've drawn up your wedding plans and compared the bottom line with what you've stashed away in savings, you may decide that you'd like to finance your ideal ceremony with a loan. If you're at the beginning of your career, your biggest earning years are ahead, and making loan payments will get easier with every promotion. So, what are your options?

 

Check With Family First

 

Members of your family are the obvious first stop when you're looking for a loan. A wedding is an event that involves the identity and future of two families, and it's a longstanding tradition in most cultures for parents or grandparents to help young couples start their lives together. The economy has not been easy in recent years, however, and many older family members can only offer their blessings and perhaps help with flower arranging or table decorating. Fortunately, the options for taking out a personal loan are better now than they have ever been.

 

 

Shop Carefully for Loans

 

There's no shortage of predatory lenders advertising on wedding sites and promising you the moon as long as you don't read the fine print too closely. "Wedding loans" are simply unsecured personal loans, and they're available from a variety of sources. Credit cards are not a good substitute for a loan, because their interest rates range between 12 and 23 percent. Traditional banks are sometimes willing to make personal loans, but you'll find those interest rates far higher than for loans with collateral like a car or mortgage. For example, a bank that might offer auto loans for an interest range between 2.5 and 10 percent may offer personal loans at 10 to 20 percent.

 

Alternative Loans

 

Instead of going to a bank, consider the affordable and efficient option of taking out an alternative loan. This new option is disrupting the world of consumer lending, because it bypasses banks entirely and creates safe exchanges through which individuals can lend directly to one another. Some of the most well-known of the alternative lending platforms are Prosper, Upstart and Lending Club, but the field is exploding in popularity and new platforms are continually opening.

 

How Alternative Lending Works

 

As the borrower, you don't directly interact with any of the lenders; the platform seeks investors who want to fund your loan and handles all the interactions. For borrowers, the online application process is relatively streamlined. A soft credit check is done by the lending platform, which may also have its own criteria for deciding if you're credit-worthy. You provide information about your bank account and income, and agree to pay a fee of between 1 and 5 percent of the loan amount. Alternative personal loans have fixed interest rates that are lower than you'll find at a bank: typically between 8 and 12 percent.

 

Advantages of Alternative Personal Loans

 

In addition to offering lower interest rates, alternative lenders are more open to borrowers with less-than-stellar credit scores. Furthermore, since there is no brick-and-mortar institution to maintain, and since the money comes from outside investors instead of an institution's own funds, the entire operation is simply less expensive for the borrower. Alternative lending platforms make good financial sense, and they also offer the uplifting experience of being part of a win-win situation: You receive an affordable loan to create the wedding you've always dreamed of, while other regular people just like you receive a good return on their investment. If your most practical way of funding your wedding includes a loan, alternative lending is your very best bet.

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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"... 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."

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"... 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. "

"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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PYMNTS
PYMNTS: Even Launches Embedded Finance App on Salesforce
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.
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