Even Staff

2016-01-15

When life hands you lemons....get a loan.

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

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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
PYMNTS: Even Launches Embedded Finance App on Salesforce
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.
Even Named to Forbes’ List of “America’s Best Startup Employers” for 2021
FORBES
Even Named to Forbes’ List of “America’s Best Startup Employers” for 2021
After evaluating 2,500 American startups with at least 50 employees, Even has been named in the Top 500 of Forbes’ second annual list, which recognizes companies that stand out in: employer reputation, employee satisfaction, and growth.   Click below to see full listing.