Even Staff

2016-04-26

Using a Personal Loan to Consolidate Credit Card Debt

Credit card debt: the great equalizer. Most people who are buried under credit card debt are in the same boat -- stressed, frustrated and looking for a way out. If you can barely make your minimum monthly payments, things may feel hopeless; but don't worry -- there's a solution that might work for you: get a credit card consolidation loan. Credit card consolidation involves getting a new loan -- at a better interest rate -- to pay down multiple credit cards more efficiently. People often consolidate by applying for a personal loan, but other consolidation strategies, likealternative loans, may better suit your needs.

 

Effective Consolidation Strategies

 

Credit card debt can build up for a lot of reasons. Wedding expenses, unexpected medical bills, or personal emergencies can leave you in a financial lurch -- or maybe you lost track of spending, and things just got out of hand. Bottom line? If you want to kill your credit cards once and for all without bankruptcy, and you can't pay them off on your own, debt consolidation is the way to go.

 

Strategies include:

 

  • Personal Loans: If you go this route, you will need to apply for a loan at a local credit union or bank. Alternatively, you might use an online lender. These are unsecured loans, however, and your credit worthiness will need to be high enough for approval. Not everyone will be able to get approved, and sometimes, the interest rates will be high.
  • Alternative Lending: Alternative loans, also called peer-to-peer loans, may be available if you're unable to secure a personal loan at good interest rate -- which is usually the case if you're overloaded with debt. Different internet-based services, for example, connect borrowers with individual investors interested in lending them money. Some say it's the solution of the future for people who are stuck in debt.
  • Balance Transfers: This involves opening an account with a new credit card that offers a balance transfer deal, which might be a 0% interest rate for a year on any transferred balances. This is a great way of getting your existing credit card debt under control so you can get a break from high interest rates. However, make sure you can pay off the debt before your 0% rate expires.
  • Home Equity Loans: If you own your home, you might be able to take out a line of credit against the equity. With a secured loan like this, the interest rates will probably be lower; however, if you fail to make your payments on this loan, your home could be taken away from you. This is very risky, so only choose this strategy if you are financially secure.

 

 

The best thing about these credit card debt consolidation strategies is that they can potentially help your credit rating, as you will be paying down your debt more efficiently, and you won't have all those maxed out credit cards anymore.

 

What to Consider When Choosing a Strategy

 

Ultimately, you should choose the most efficient strategy for which you qualify. When looking at your options, keep the following considerations in mind:

 

  • Keep It Simple: It is far easier to manage one debt payment each month rather than seven. If you're juggling a lot of cards, it's easy to misplace or forget a bill. Missed payments can rack up fees and more interest. The simpler your repayment strategy, the better your chances of following it through to completion.
  • Find the Lowest Interest Rates: You want a loan with a lower interest rate than your credit cards. This allows you to pay off your debt faster.
  • Make Sure It Works: It's tempting to jump into more debt before fully analyzing a strategy. Prior to taking out a loan, make sure you can meet the monthly payment obligations, and make sure you know the exact payoff date.

 

Before You Choose a Consolidation Loan

 

Before engaging on your consolidation loan strategy, these steps will help you decide if getting the loan is a better deal for you than keeping your cards:

  • Negotiate With Your Credit Card Company: Call your credit cards and ask for lower interest rates. If you've been a customer for a long time and you consistently pay your bills, there's a good chance they'll lower your rate. Don't give up with just one call! Try three or four times to see if you'll have better luck with a different representative.
  • How Long Would It Take Just to Pay Them Off? You need to know how long it would take to pay off your cards normally, if you consistently worked to make the highest payments you can reasonably afford. If you can reasonably pay them off within a six months to a year, it might be easier and less complicated simply to do so.

 

Consider Alternative Lending

 

If you're finding it difficult to secure a personal loan from a local bank or online lender at a fair interest rate, don't forget about alternative lending options. At Even Financial, we match people looking for alternative loans with lenders offering the best interest rates available. All it takes is a couple of clicks to see if you qualify.

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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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MoneyLion
MoneyLion Completes Acquisition of Even Financial, the Category Leading Embedded Finance Marketplace
NEW YORK, NY, February 17, 2022--(BUSINESS WIRE)--MoneyLion Inc. (“MoneyLion”) (NYSE: ML), the award-winning digital financial platform, has completed its acquisition of Even Financial Inc. (“Even”), the category-leading embedded finance marketplace. The acquisition strengthens MoneyLion’s platform by improving consumers’ abilities to find and access the right financial products to help them manage their financial lives through Even’s network, spanning over 400 financial institution partners and 500 channel partners and covering a breadth of financial services including loans, credit cards, mortgages, savings and insurance products. The acquisition increases MoneyLion’s distribution capabilities, diversifies its revenue composition and is expected to be accretive to MoneyLion’s earnings, with Even expected to add positive EBITDA in 2022, excluding synergies. “With this transaction, we have combined MoneyLion’s powerful first-party products and open architecture marketplace with Even’s dynamic recommendation engine and expanding partner network to broaden the range of products and services within the MoneyLion platform,” said Dee Choubey, co-founder and CEO of MoneyLion. “In doing so, we have enhanced our product leadership to position MoneyLion as a ‘must have’ consumer finance product for hard-working Americans. Together, MoneyLion and Even will improve existing consumers’ financial lives and expand our aperture to service a new segment of consumers. Together with our current capabilities, we are well positioned to advance our leading position in hyper-personalized lifestyle content and financial recommendations.” Phillip Rosen, founder and CEO of Even commented, “At Even, our vision has always been to revolutionize how consumers receive recommendations for financial services. Through a combination of machine learning expertise and our trusted user experience, Even has helped over 400 financial institution partners find and connect with consumers. Going forward, we are excited to play an integral role in powering MoneyLion’s fast-growing Marketplace and offer MoneyLion’s suite of products to our channel partners.” MoneyLion and Even have completed the first phase of their product integration, with over 60 solutions providers from Even’s network now represented in MoneyLion’s Marketplace across personal loans, life insurance, auto insurance, homeownership and other services. Even will continue to operate as an independent subsidiary of MoneyLion, led by Even’s current management team. Phillip Rosen will continue in his role as CEO of Even and will join MoneyLion’s executive committee. Evercore served as financial advisor and Davis Polk & Wardwell LLP as legal advisor to MoneyLion. Broadhaven served as financial advisor and Goodwin Procter LLP as legal advisor to Even. For additional information about the acquisition, please review the investor presentation. About MoneyLion MoneyLion is a mobile banking and financial membership platform that empowers people to take control of their finances. Since its launch in 2013, MoneyLion has engaged with millions of hard-working Americans and has earned its members’ trust by building a full-service digital platform to deliver mobile banking, lending, and investment solutions. From a single app, members can get a 360-degree snapshot of their finances and have access to personalized tools, content and offers designed to improve their financial lives. MoneyLion is headquartered in New York City, with offices in Sioux Falls and Kuala Lumpur, Malaysia. MoneyLion has achieved various awards of recognition including the 2020 Forbes FinTech 50, Aite Group Best Digital Wealth Management Multiproduct Offering, Finovate Award for Best Digital Bank 2019, Benzinga FinTech Awards winner for Innovation in Personal Finance 2019 and the Webby Awards 2019 People’s Voice Award. For more information about the company, visit www.moneylion.com. For investor information and updates, visit www.moneylion.com/investors and follow @MoneyLionIR on Twitter. About Even Financial Founded in 2014, Even digitally connects and matches consumers with real-time, personalized financial product recommendations from banks, insurance and fintech companies on mobile apps, websites and other consumer touchpoints through its marketplace technology. Even's infrastructure leverages machine learning and advanced data science to solve a significant pain point in financial services customer acquisition, seamlessly bridging financial services providers (such as SoFi) and channel partners (such as TransUnion) via its industry-leading API and embedded finance marketplaces. Even enables any company to add financial products to their business, with full compliance and security at scale. 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. Learn more at www.evenfinancial.com. Forward-Looking Statements The information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics and expectations and timing related to potential benefits, terms and timing of the transaction. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of MoneyLion’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of MoneyLion. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the proposed transaction, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed transaction; failure to realize the anticipated benefits of the proposed transaction; risks relating to the uncertainty of the projected financial information with respect to MoneyLion; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; MoneyLion’s ability to manage future growth; MoneyLion’s ability to develop new products and solutions, bring them to market in a timely manner, and make enhancements to its platform; the effects of competition on MoneyLion’s future business; or, the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that MoneyLion presently knows or that MoneyLion currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect MoneyLion’s expectations, plans or forecasts of future events and views as of the date of this press release. MoneyLion anticipates that subsequent events and developments will cause its assessments to change. However, while MoneyLion may elect to update these forward-looking statements at some point in the future, MoneyLion specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing MoneyLion’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Even
Even Financial Adds Tally's Low-Interest Line of Credit to its Embedded Finance Marketplace
NEW YORK, NY, March 15, 2022 -- Even Financial ("Even"), the category-leading embedded finance marketplace and independently managed subsidiary of MoneyLion, Inc. (NYSE: ML), has announced a new partnership with Tally, a leading financial automation company, to include the company's low-interest credit offerings on its platform. "Tally has built a powerful tech-enabled system to help people solve one of the biggest financial problems today: paying off credit card debt," said Phill Rosen, Founder and CEO of Even. "We're thrilled to welcome Tally's line of credit offerings to Even's unparalleled network of financial services providers." Tally is designed to help its members pay off their debt faster and save them money on interest and late fees. Members can lower their monthly payment with Tally's lower-interest line of credit, if eligible. Typically, at least a 580 FICO score is needed. Tally's system is customized to save people as much money as possible. "Americans today owe nearly $1 trillion in credit card debt. We know from our research that many want to pay down their debt but struggle to get started. That's where Tally comes in," said Jason Huynh, VP of Credit, Analytics & Operations at Tally. "Our system combines financial automation with a low-interest line of credit to give people the help they need to get on track to pay off their credit card debt for good. We're thrilled that our partnership with Even will allow Tally to help even more people." The launch of Tally on the Even platform enables consumers to get matched with Tally's custom, low-interest line of credit accounts of up to $25,000 in just a few minutes. After getting matched, eligible consumers complete the process through the Tally app. There are no out-of-pocket costs. Tally is the latest partner to join the Even marketplace, a growing network of over 400 financial services partners and 500 channel partners covering a breadth of financial services including loans, credit cards, mortgages, savings, and insurance products. Even's marketplace technology enables any company to add financial products to its business, with full compliance and security, at scale. About Even Financial Even digitally connects and matches consumers with real-time, personalized financial product recommendations from banks, insurance carriers, and fintech companies on mobile apps, websites, and other digital touchpoints through its marketplace technology. Even's infrastructure leverages machine learning and advanced data science to solve a significant pain point in financial services customer acquisition, seamlessly bridging financial services providers (such as SoFi) and channel partners (such as TransUnion) via its industry-leading API and embedded finance marketplaces. Even enables any company to add financial products to its business, with full compliance and security at scale. Even was named one of "America's Best Startup Employers'' by Forbes for 2021 and was named to the 2021 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world. Learn more at www.evenfinancial.com. About Tally Tally is a consumer financial tech company pioneering full-service financial automation to help people save money, pay down their debt and reach their goals sooner. Founded in 2015, the company built the first fully automated debt manager to help put billions of dollars back in people's pockets. In 2021, Tally was named to Fast Company's Most Innovative Companies list and to Quartz's Best Companies for Remote Workers. Previously, Tally made Forbes' Next Billion Dollar Startup list, Forbes' Fintech 50 list, and the app won Real Simple's Smart Money award. Learn more at meettally.com. Media Contacts media@evenfinancial.com press@meettally.com
HAVEN LIFE
Haven Life’s All-Digital Life Insurance Application Experience Launches on Even Financial’s Leading Life Insurance Search Engine
Even features the industry's largest multi-carrier, all-digital life insurance marketplace New York, New York August 16, 2021Even Financial (Even), the leading search, comparison, and recommendation engine for financial services, has announced the launch of Haven Term and Haven Simple on its life insurance marketplace platform. Leveraging machine learning and advanced data science, Even solves a significant pain point in financial services customer acquisition by seamlessly bridging financial institutions and channel partners via its industry-leading API and embeddable solutions. With the addition of Haven Term and Haven Simple, Even has further expanded its extensive network of premium life insurance offerings, strengthening its position as the industrys largest multi-carrier, all-digital life insurance marketplace. Haven Life, which offers Haven Term and Haven Simple, and is backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), is known for its customer-centric approach and for its commitment to making life insurance more affordable and accessible. Haven Lifes term life insurance offerings will be available on Even properties and via its wholly owned subsidiary LeapLife. "In these uncertain times, the majority of U.S. adults want the financial security of high-quality life insurance, but are often dissuaded by the complex application process and need to complete an in-person medical exam", said Phill Rosen, Founder and CEO of Even Financial. "Haven Life's groundbreaking, all-digital application experience brings tremendous accessibility and peace-of-mind to consumers. We're thrilled to welcome them to the Even platform." The launch of Haven Term and Haven Simple on the Even platform enables consumers to get matched with medically underwritten term life insurance policies that they can apply for and, if approved, purchase instantly online. While most Haven Term applicants will need to take a medical exam, Haven Simple applicants do not. Haven Life's offerings expand the variety of life insurance options already available to consumers through Even's API. "Haven Life is committed to meeting life insurance customers wherever they are — and often, it's where they are managing the rest of their financial life," said Wade Seward, Head of Distribution Strategy at Haven Life. "On the heels of introducing even more affordable pricing for the Haven Term product, our partnership with Even Financial allows us to marry that affordability with greater accessibility to offer comprehensive financial protection to shared clients with ease and efficiency. Even entered the life insurance industry in 2020 through its acquisition of LeapLife, a leading insurtech and licenced life insurance agency. Since that acquisition, Even has worked with its large network of channel partners to make the process of getting personalized life insurance fast, easy, and accessible for consumers. In addition to Haven Term and Haven Simple, products offered by leading insurance companies including Lincoln Financial Group, Pacific Life, and Mutual of Omaha are available through LeapLife, Even's life insurance platform. Companies such as TransUnion and Lantern by SoFi rely on Even's embedded finance marketplaces to power 100% digital personalized life insurance policy quotes for their customers, with live agent support. Even has continued its rapid growth trajectory in 2021 by reaching over $3 billion in consumer credit issued through its API and expanding its platform to over 800 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 (such as SoFi) and channel partners (such as 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 Haven Life Insurance Agency Haven Life Insurance Agency, LLC (Haven Life) is re-thinking how people financially protect the ones they love. Haven Life is committed to delivering exceptional products, delightful purchasing experiences, and meaningful moments of service to the modern life insurance customer. Haven Term is a Term Life Insurance Policy (ICC21 Haven Term in certain states, including NC) issued by C.M. Life Insurance Company (C.M. Life), Enfield, CT 06082. In New York (DTC-NY), and California (DTC-CA), and other states, it is issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. Policy and rider form numbers and features may vary by state and may not be available in all states. Haven Term is available through Haven Life Insurance Agency, LLC (Haven Life), whose agency license number in California is OK71922 and in Arkansas, 100139527. Both Haven Life and C.M. Life are wholly owned subsidiaries of MassMutual. Please note that issuing the policy or paying its benefits depends on the applicant's insurability, based on their answers to the health questions in the application, and their truthfulness. MassMutual and its subsidiaries C.M. Life Insurance Company and MML Bay State Life Insurance Company are rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of June 1, 2021 and is subject to change. MassMutual has received different ratings from other rating agencies. Media Contact media@evenfinancial.com