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.
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.
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.
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?
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.
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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.
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.
NEW YORK, NY, April 19, 2022 -- Even Financial (“Even”), the category-leading embedded finance marketplace and independent subsidiary of MoneyLion, Inc. (NYSE: ML), has announced it has now facilitated over $5 billion in consumer credit, as of March 2022. Leveraging machine learning and advanced data science, Even solves a significant pain point in financial services customer acquisition by seamlessly bridging financial service providers and channel partners via its industry-leading API and embedded finance marketplaces.
“Surpassing $5 billion in consumer credit facilitated through our marketplace is an enormous achievement for Even as we continue to help build the future of finance technology,” said Phill Rosen, Founder and Chief Executive Officer. “Access to credit has long been a challenge for many hard-working Americans, and we are dedicated to alleviating this issue by providing consumers personalized financial services offers that meet their needs, when they need it most. Reaching the $5 billion milestone reaffirms that our mission is driving significant value for both consumers and our partners."
Even has grown its embedded finance marketplace offerings beyond loans to cover a breadth of additional financial services including credit cards, mortgages, savings, and insurance products. Within loans, Even offers the largest network of premium, connected loan providers - across a wide array of products including unsecured personal loans, secured personal loans, line of credit, student loan refinancing, and auto loan refinancing. Leading financial services providers, such as LendingClub and SoFi, partner with Even to reach qualified consumers searching for loans, benefiting from Even’s unparalleled network and native integrations.
The company has continued its rapid growth trajectory in 2022, growing its network to include over 400 financial services partners and 500 channel partners. Even's marketplace technology enables any company to add financial products to its business, with full compliance and security at scale. Earlier this year, Even announced the close of its acquisition by MoneyLion, the award-winning digital financial platform, which will continue to advance their combined efforts of providing financial access and advice to hard working Americans.
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 2022 and was named to the 2021 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world. Learn more at evenfinancial.com.