When you’re making a big purchase, you probably don’t choose the first item you see. Instead, you shop around to find the best deal.
This same approach applies to borrowing a personal loan. By comparing your options, you can find a personal loan with the best rates.
Even Financial reviews your information to bring you a variety of offers from leading lenders. If you’re in the market for a personal loan, read on to learn how Even Financial could help you find the right one.
Even Financial brings personal loan offers to you
Since 2014, Even Financial has worked to connect customers with the right financial products for their situation. In 2017, Even Financial was responsible for originating more than $200 million in personal loans.
Personal loans can be used for almost any purpose, including renovating your home or consolidating credit card debt. As a loan marketplace, Even Financial doesn’t originate the loans itself. Instead, it connects you with various loan providers.
The company works with lending partners such as:
Plus, you don’t have to worry about dinging your credit score during the initial application process. Even Financial reviews your credit information with a soft credit inquiry before showing you preliminary offers.
Keep in mind that any offers you see are just that — preliminary. They could change after you submit a full application and the lender runs a hard credit check.
Another potential downside to using Even Financial is that your offers will be limited to its partner companies. These are mainly online providers, so you won’t see many personal loan offers from traditional banks or credit unions.
Using the Even Financial online platform
Even Financial offers a streamlined online application process. Enter a few basic pieces of information to see personal loan offers in less than 60 seconds.
To get started, you’ll enter how much you wish to borrow (up to $100,000), as well as the purpose of the loan.
Even Financial also asks for an estimate of your credit score. If you’re not sure, you might consult a free credit monitoring service such as Credit Karma. Keep in mind, scores lower than 600 are considered poor and might make it difficult to qualify for a personal loan.
Next, you will enter personal details, including your name and email. The application asks whether you rent or own.
Third, you’ll enter contact information, including your address and phone number.
Finally, you’ll state your employment status, income, and pay frequency. Even Financial asks for your Social Security number, but it reminds you that its background check won’t impact your credit score.
After submitting your application, you’ll immediately see if you are preapproved for any personal loan offers. For example, here are some offers from Prosper, LendingClub, and FreedomPlus for a $10,000 personal loan.
As you can see, FreedomPlus offers the lowest APR and cost of borrowing. But it only offers a two-year term and requires high monthly payments of $438.67.
If you could swing those payments, FreedomPlus might be the best choice for your personal loan. But if you want lower monthly payments, Prosper or LendingClub might be the better option.
When comparing your offers, think about how much interest you’ll pay, as well as your monthly payments and repayment terms. You’ll need to find the right balance between saving money on interest and signing up for a monthly bill you can afford.
It also helps to estimate your costs of borrowing with our personal loan calculator. You can enter different rates, terms, and loan amounts to compare your options.
Interest rates and fees vary for lenders listed
As you can tell from the example above, your rates and terms on a personal loan will vary by lender. Typically, customers with a higher income and stronger credit score, or those with qualifying cosigners, will receive the lowest interest rates.
According to Even Financial, APRs on the personal loans in its marketplace range from 4.99% to 35.99%. Repayment terms range from two to seven years.
Some lenders charge an origination fee for the loan. LendingClub, for example, charges an origination fee between 1% and 6%.
Other lenders, such as SoFi, don’t charge origination fees on their personal loans.
If you find an offer you like, make sure to answer any remaining questions you have with the lender itself. It’s important to know exactly what you’re getting into so that you don’t find yourself taking on debt that’s difficult to pay back.
Even Financial has a few eligibility requirements
Anyone can use the Even Financial platform, but you’ll only qualify for loan offers if you meet certain criteria for credit and income.
For instance, those with credit scores lower than 600 might have trouble qualifying for any offers. A low income or lack of employment might also result in no offers.
Besides demonstrating your ability to pay back your loan, you’ll also need to live in the continental United States, Alaska, or Hawaii.
Most states also require that you’re at least 18 years old to borrow a personal loan. Some states have higher age requirements.
Even Financial reviews are mostly positive
As a relatively new company, Even Financial doesn’t have a ton of customer reviews online. On ConsumersAdvocate.org, several Even Financial reviews praise the marketplace for its fast, streamlined application process.
“Easy process and simple to use,” one borrower commented. “Highly recommended for [your] personal loan needs. I was able to find a lender and secure a loan quickly.”
Another said, “Straightforward process, very transparent and easy to understand.”
That said, some negative reviews complain that the preliminary offers they received didn’t match their final offers.
One wrote, “They say they have a loan for you, but when all [is] said and done they don’t.”
Another was disappointed with the high interest rate she was offered. “I applied and our credit is good, with no late payments,” she wrote. “We were offered a loan at 27%! How is that supposed to help?”
Personal loans can be a useful tool if you can qualify for a low rate. But if you can’t qualify for a low-rate loan, you might want to take steps to build your credit and apply again in the future.
Even Financial customer support info
To learn more about personal loans, check out Even Financial’s blog, which contains resources for consumers and businesses alike.
Even Financial provides a useful loan matching service for consumers searching for the best rates. Even Financial reviews offers for you so you can find the right personal loan while saving valuable time and money.
By exploring all your options, from online lenders to banks to credit unions, you can feel confident you’ve found the best personal loan for your situation.
Note: Student Loan Hero has independently collected the above information related to personal loan offers listed by Even Financial. Even Financial has neither provided nor reviewed the information shared in this article.
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.16% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|7.73% – 29.99%||$1,000 - $50,000||Visit Upstart|
|5.81% – 15.37%1||$5,000 - $100,000||Visit SoFi|
|6.87% – 35.97%*||$1,000 - $50,000||Visit Upgrade|
|8.00% – 25.00%2||$5,000 - $35,000||Visit Payoff|
|4.99% – 29.99%3||$10,000 - $35,000||Visit FreedomPlus|
|5.99% – 18.99%4||$5,000 - $50,000||Visit Citizens|
|15.49% – 34.49%5||$2,000 - $25,000||Visit LendingPoint|
|6.16% – 35.89%6||$1,000 - $40,000||Visit LendingClub|
|6.99% – 18.24%7||$5,000 - $75,000||Visit Earnest|
|9.95% – 35.99%8||$2,000 - $35,000||Visit Avant|