What is a personal loan and what does it have to do with my credit cards?
A personal loan is an unsecured loan that you can just for any purpose: consolidating your debt, refinancing your credit card debt to a lower rate, or financing a life event. There is no collateral required to get a personal loan, and you pay back your loan in fixed monthly payments, with no penalty for paying the loan off early.
Credit Card companies, on the other hand, are primarily used to make purchases for goods, but can also be used to borrow money you don’t have. There is no “end date” on the debt you accumulate on these cards, but there is a standard APR that causes interest to accumulate on your account over time and much higher Penalty APR rates can be applied if you are late on or miss a payment. It is also rare for someone to get their Credit Card APR reduced, which is why refinancing can be a powerful way to save you thousands on your outstanding debt.
Why should I get a personal loan if I already still haven’t reached the limit on my Credit Card?
Personal loans generally have lower interest rates than credit cards since the rates are personalized to the borrower and you are committing to paying back the loan within a fixed time period. If you have a very high APR on your Credit Card debt, EVEN may be able to find you a loan that will save you thousands.
When EVEN Financial finds you a personal loan to refinance your credit card debt, you can repay those high-interest balances all at once – and get a single monthly payment that often has better rates and better terms.
What is an APR?
APR is the “annual percentage rate” and is the annual cost of your loan, as a percentage of the loan amount. The cost includes your interest rate and any fees or charges associated with your loan, including the origination fee.
What are the minimum credit requirements to receive a loan?
The requirements vary by lender, but we have options for virtually any credit score across all of the lenders on our platform.
Do I have to use my loan proceeds to refinance my credit card debt, or can I use it for a different purpose?
No. You can use your loan proceeds for almost anything, including paying for medical bills, a large purchase, or travel and relocation.
How is this different than getting a loan from my local retail bank?
Our process and the process used by our lending partners is almost entirely digital. You never have to leave the comfort of your home or desk when getting a loan through EVEN (except for some loan providers who require a branch visit). Many retail banks require you to physically go to a branch, fill out paperwork to apply in front of a loan officer, and sometimes wait weeks to see if you are approved.
Additionally, alternative lenders can take into account many more factors to approve your loan that retail banks may not, such as loan purpose and payment history on utility and cable bills.
Does it cost me anything to use EVEN’s proprietary matching service?
No, our service is 100% FREE for consumers.
How does the EVEN’s short-form application help me finance?
EVEN’s short-form loan application that collects the information necessary to help us determine which lenders are right for you. In some cases, we can instantly provide specific loan offers in real-time from our loan providers. The offers you see are based on the information that you provide in our application forms and tools.
What makes EVEN’s short-form loan application different from applying to a lending platform directly?
EVEN’s short-form loan application is technically integrated into multiple lending platforms, each of which has its own loan products and idea of a “good” borrower. Instead of getting a result from one lender, EVEN’s short-form loan application can display results from multiple loan providers and a specific rate from that loan provider if they pre-approve you. Since most loan providers actually reject most borrowers, this saves you time and energy by trusting us to do what would be hours or days of research for you.
How do you determine which loan product is best for me?
We look at a number of factors such as APR, terms, speed of approval, and speed of funding to display the best loan product for you. If you are not satisfied with the loan offer we display to you, you can always see all of your results to find a more suitable option for your needs.
Will using EVEN’s short-form loan application impact my credit score?
No. EVEN’s short form loan application will not impact your credit score. Upon completion of the short-form loan application, lending platforms may run what is called a “soft check” which has no impact on a consumer’s credit score. The “soft check” is used to help loan providers get you real-time personalized pre-qualifying offers. See more discussion on this in our “How it works” section.
What does it mean to be pre-approved?
EVEN’s short-form loan application will present you with pre-approved and static offers. Pre-approved offers are conditional commitments for an exact rate from a lender. Static offers are a range of rates that you could see from that particular loan provider. The rates are subject to change, but are very rarely different than the rate you see on EVEN. This will not affect your credit score.
What is the difference between a soft pull and hard pull?
A soft pull (or inquiry) typically occurs when a person or company checks your credit report as part of a background check. A soft pull may be recorded in your credit report, depending on the credit bureau, but does not affect your credit score. Our loan providers complete a soft credit pull when you complete EVEN’s short-form loan application based on your name, address, and date of birth.
Hard inquiries generally occur when making a lending decision. Hard inquiries appear on your credit report and can negatively affect your credit score. Our loan providers complete a hard pull at the very end of the process once you click to accept the loan terms and complete your application.
I submitted EVEN’s short-form loan application and I decided to proceed with a loan offer. Why am I being taken to another site and being asked to fill out more information?
When a consumer proceeds with a loan offer, they are taken to the lending platform that EVEN partners with. Consumers must complete the loan application workflow directly with the lending platform in order to obtain the loan. In some cases, data entered in the short-form loan application will be automatically pre-populated in the lending platform’s loan application workflow.
Will I be charged any fees by the loan providers?
There are no application fees for any of the lenders on our platform. Some lenders may charge an origination fee of 1-6% of the loan that will be deducted from the loan proceeds before they are delivered to you. This fee is factored into the APR you see. There may also be late payment fees or ACH return / check refund fees.
Please check with the loan provider if you have any specific questions regarding their fees.
What happens if I have questions about my loan after EVEN helps me?
Your loan will ultimately be provided by and serviced by the lender, and they will have their own customer service teams to answer any of your questions. We only work with top lenders so we are confident they meet the highest standards of quality service. That said, we always welcome feedback and comments on your experience, so feel free to reach out to us using our “Contact us” page.