Embedded Finance Marketplaces

Real life always seems to happen at the worst possible times. You just spent your savings on a fancy new computer, but then your car broke down; your job just decided to make cutbacks the day before you crashed your bike and broke an arm; you drop your phone in a puddle months before you’re due for an upgrade. Whatever reason may be, your wallet is empty and you don’t have the funds to take care of these fixable problems. Unfortunately, life is only predictable in its unpredictability and there’s no way for you to plan for life when it gets real. So what are your options when life happens to hand you lemons?

Friends and Family

One old-fashioned method of getting cash quickly is by borrowing cash from friends and family. They know you’re good for it, after all. But it’s a tough conversation to have with people, especially for individuals who are out there making it on their own. But not everybody has the same support systems and it’s asking their folks or well-off friends just isn’t an option. But the biggest drawback of borrowing from friends and family isn’t the awkwardness—repayment doesn’t do anything to build on your credit. Sure, it can earn you good favor among the better endowed in your social circles, but not much else.

Credit Cards

Another way to cover costs when the cupboards are bare is turning to credit cards, but those have issues of their own. With high interest rates and steep annual fees, maxing out credit cards isn’t the most ideal way of getting fast money when you’re in a pinch. You will end up paying hundreds on top of your principal balance because of interest rates and credit card debt is a slippery slope.

Bank Loans

Personal loans are certainly a viable option, but many of the major financial institutions, such as Bank of America only offer home mortgage loans to their customers. Credit unions do offer small personal loans; although, the experience is lengthy, confusing, and there is a high rejection rate for consumers. After going to the bank, filling out lengthy applications, and speaking with a banker personally, you will still walking out of the building with empty pockets (and a broken arm). There is, however, another option to get a personal loan. Alternative lending is a budding industry that offers immediate cash, low rates, and a minimal application process.

Alternative Lending

So what is alternative lending? In a nutshell, it connects borrowers to lenders without a bank working as the intermediary, or “middleman.” What are the benefits of alternative lending?

Online Application

The Internet is fast, and given the fact that alternative lending is done through online platforms. Filing online applications is simple, and eligibility is often determined in minutes using algorithms on the web-based platforms.

Get Money Fast

One incredible aspect of alternative lending is that borrowers can see the money in their bank accounts in just a few days.

Lower Interest Rates

What’s more, with alternative lending, borrowers will often encounter lower interest rates, around 5-10%. Most lenders finance over periods of 1 to 3 years, depending on the amount of the loan.

Where can you go?

Alternative lending is on the rise and there are numerous companies to choose from, including Pave, Avant, LendUp, and Vouch. Each offers similar low-interest loans through their online software that can approve applicants instantaneously. So when life inevitably hands you lemons—and it will— you have options to help you make lemonade. Most certainly though alternative loans are the fastest way to get get money in your pocket to cover emergencies like a broken arm, lost phone, or car troubles. And let’s be honest, it’s also the least awkward option.

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

Proven Scale & Trust

$525B+

in consumer applications for financial services

100M+

consumer profiles generated

6.5 Million+

applicants routed monthly

What our partners are saying

"By implementing Even’s technology, we have been able to build a multi-vertical financial marketplace and more than double revenue and engagement."

Michael Bourgeois

Business Lead

AWARDS

PRESS

Read all about it!

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, 2021 – Even 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 industry’s 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 Life’s 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    

HAVEN LIFE

Haven Life’s All-Digital Life Insurance Application Experience Launches on Even Financial’s Leading Life Insurance Search Engine

YAHOO! FINANCE

Yahoo! Finance: Even Financial Reaches $3 Billion In Credit Issued Milestone

Even has surpassed a significant threshold in credit issued, having now facilitated over $3 billion in consumer credit as of July 2021. The milestone is significant in the financial services industry, as Even has also expanded its platform to over 800 partners.    Click below to read more at Yahoo! Finance.

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.