If you have ever applied for a personal loan online, then you know that the process can take a lot of time out of your busy schedule. First, you have to type in all your information, and only after wasting your time filling out all these forms, can you find out what interest rate and loan amount you will receive. The worst part of this entire process process is that you had to repeat this over and over for several different lenders. This is where Even Financial comes in to make all our lives a little easier. Even Financial offers a "personal loan marketplace" that allows you to fill out just one complete application and have your application sent out to multiple, competing lenders ALL at one time. Not only does this really simplify the process of getting a personal loan for the borrower, but it also makes sure that you are getting the best interest rate and borrowing terms on the market.
Why do we partner with and recommend Even Financial?
There are a several reasons that we work with Even Financial, but let's start with a little background first. Even Financial is based out of New York and was started in 2014 by three co-founders with a lot of experience in online start-ups. They discovered a flaw in the personal loan process and started Even Financial to make getting a personal loan via the Internet much easier for the end consumer.
So what's the real deal?
If you have never actually used a personal loan marketplace, you probably do not know how they work and why it might be a good idea to use one. Here is the breakdown of the business model. Even Financial has a personal relationship with all of the different personal loan providers such as Lending Club, Best Egg, Prosper, SoFi, LendingPoint, Freedom Plus, Ascend Consumer Financial, BBVA, Liberty Bank, and Upgrade.
It doesn't cost anything to fill out the application and it only takes a couple of minutes to complete the application for all of the lenders. The application that you fill in is then checked against the lending requirements of all of the different partners. Even Financial will then give you a recommendation for the best loan that you qualify for. You will be able to see all of the loan offers just in case, so that you can choose the one that's right for your specific situation.
Applying for new credit using this new loan marketplace doesn’t appear on your credit report since Even Financial doesn’t perform a hard credit check. Because of this "soft" credit pull, the offers you receive are estimates of what you would get if you went forward with the full application and a specific lender. For that reason, the amount of money and rate terms you receive could change when they perform a "hard" credit check later in the process.
The lenders that Even Financial works with offer loans up to $100,000 and you can use these loans for anything from consolidating debt to renovating your house. Even Financial caters to borrowers who have a credit score between 580 and 800, but sometimes there are options for those with a credit score below 580. Try it out! It doesn’t hurt to fill out the application if your credit score is lower than normal.
How does this benefit me?
There are several benefits to using a personal loan marketplace like Even Financial to compare loan offers and apply for personal loans. The biggest benefit is that you save time, A LOT OF TIME! It can take hours to find and research all the different loan lenders that offer personal loans, and then you have to fill out and submit applications for each one separately. Then you'll have to compare each of the loan offers (one by one as they come in to you) and figure out which is best for you. Even Financial makes all of this incredibly simple by giving you one application and allowing you to easily compare all your offers in one place.
Another benefit is saving money on your loan. Because Even Financial works with so many different lenders, you will most likely save on the interest paid back to the lender over time. You can also choose the amount of money you want to borrow, figure out your term length, and decide between lenders.
Here's the bottom line.
Even Financial is an awesome tool to use when searching for your next loan online. It allows you to really simplify the process and still have access to the leading online lenders. Having just one application really simplifies the process and saves you a lot of time overall.
However, there are a few drawbacks to using their service. If you have poor credit for example, Even Financial might not be the best place for you to find loan options since they focus on borrowers who have credit scores above 580.
Another downside of using their service is that there are other lenders that they are not affiliated with, and as such those specific lenders might be able to offer you a better deal on your loan. That means that you may still spend some time researching your loan options even after submitting your Even Financial application.
Would YOU do it?
One more thing to remember is that we teach financial literacy here at DonnieMasters.com. I believe in Even Financial because their process will allow you to consolidate your bad debts into a lower cost loan and pay them off much faster with less interest. While it is hard for me to recommend that people take out more loans to better their financial situation, paying higher interest rates on credit cards is just plain stupid. For a lot of people in America, Even Financial is clearly better than defaulting on credit card payments and taking out payday loans to get by. So yes, if I was in a financial situation that required paying lenders higher interest rates and higher payments, I would try to consolidate my loans into a lower interest rate and faster payoff.
*For full disclosure, we are affiliated with and do receive compensation should you choose to use Even Financial through our links within this article. This compensation keeps us writing articles and sharing important financial information.