Even Staff


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, like alternative 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.

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.

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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: media@evenfinancial.com

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