EVEN Financial Personal Loans Review

Even Financial has rebranded to Engine by MoneyLion. Some of the information below may be outdated.

Thanks to a recent uptick in online lending solutions, consumers looking to secure a personal loan can reap the benefits of a robust marketplace by way of competitive rates, flexible terms, and accommodating credit requirements. Unfortunately, it also can also make finding the best personal loan difficult.

Even Financial, founded in 2015, aims to solve that problem by improving the efficiency of the loan process for borrowers and lenders alike. By using a single application to match borrowers with loan products for which they may qualify, Even Financial can help you find the best loan product without spending hours sifting through lenders and comparing >personal loan rates.

Personal loans obtained through Even Financial can be used for a variety of purposes, including home improvements, vacations, weddings, medical expenses, and debt consolidation. In addition to personal loans, the company also helps consumers find credit cards, mortgages, savings accounts, and other financial products.

In this review:

• How to Get an Even Financial Personal Loan
• Rates, Fees, & Other Basic Info
• The Benefits of Even Loans
• The Downsides of Even Loans

Getting an Even Financial Personal Loan

Even Financial doesn’t originate personal loans; instead, it works to match borrower applications to loan providers such as Best Egg, LendingClub, Prosper, LendingPoint, and SoFi, among others.

Because Even is essentially the “middleman” connecting borrowers and lenders, there are no specific Even Financial credit requirements. Generally speaking, though, Even Financial caters to borrowers who have credit scores between 580 and 800. Sometimes it also has options for those with credit scores below 580, so it doesn’t hurt to fill out an application if your credit score is low. Of course, the higher your credit score, the better rates and terms you are likely to receive.

>> Read More: What Credit Score is Needed for a Personal Loan?

Complete the Loan Application

One of the most attractive features of Even Financial’s lending platform is its short and simple application. The process results in a soft credit pull, which will not impact your credit unless you decide to move forward with a loan offer — you’ll need to consent to a hard credit inquiry in order to get your final loan rates and terms.

The Even Financial consumer loan application is typically completed online; however, you also have the option to contact customer service at 1-800-410-1488 with questions or to complete the application over the phone.

The form asks for basic contact and personal information, like your name, address, and Social Security number. You’ll also need to provide the following:

• Requested loan amount
• Loan purpose (e.g. home improvement, special occasion, medical expenses, etc.)
• Estimated credit score
• Current housing (rent or own)
• Employment status
• Income and pay frequency

Although Even Financial does not require applicants to provide banking information, most online lenders require borrowers to have an active checking account in order to receive loan funds.

Receive Your Loan Offers

After you submit the application, Even Financial will compile a list of potential lenders and you’ll be redirected to the website for the lender with the best rates. In addition, the other lenders with which you may qualify will contact you by phone or email within two days, though it may be much quicker. For example, after completing an application myself, I immediately received an email from Prosper and a call and email from LendingPoint.

Once you receive your offers, your interaction with Even Financial will end, unless you want to submit another application. There is no customer login and your loan offer will not be stored.

Finalize Your Loan

Once you review your offers and determine the best one, additional loan activity will take place directly with the lender of your choice. Although the process with each lender differs, it’s likely you’ll need to provide additional information and consent to a hard credit inquiry, which will be used to finalize your loan offer.

Because Even Financial does not originate the loan, the timing depends on the lender you choose. However, once you sign the loan agreement, many online lenders can provide funds as soon as the next business day.

Basic Information: Rates, Terms, Fees, & Limits

As you may assume, the interest rates, terms, fees, and loan limits vary based on the lenders to which you’re matched. As such, it’s important to note not only the rates and terms, but any personal loan fees that may be included in the total cost of the loan.

However, Even Financial does provide the following information about the loan limits, rates, and terms you can expect from its partner lenders:

• Rates: APRs starting at 3.84%
• Terms: 24 to 84 months
• Limits:Loan amounts from $1,000 to $100,000

The Benefits of Even Loans

Here are a few reasons why you may want to consider Even Financial as you search or your next loan:

• One easy-to-complete online application matches you with several lenders for easy comparison.
• Results are limited to loan products for which you’re pre-qualified.
• The preliminary application results in a soft credit inquiry, so your credit score is unaffected until you decide to move forward with a loan offer.

The Downsides of Even Loans

Despite the simplicity of the process, there are a few downsides you may want to consider when applying for a personal loan through Even Financial:

• You will not receive loan quotes from traditional banks or credit unions and therefore may miss out on better or more competitive rates based on your credit history.
• The application does not allow you to add a cosigner to the loan, so borrowers with poor credit may not qualify for loan products even if they intend to add a cosigner.
• Despite overall good reviews, some consumers have complained about the number of emails, calls, and follow-ups they get from lenders who have received their information from Even Financial.

Bottom Line: Is Even Financial Right for You?

Even Financial offers an easy way to navigate the otherwise overwhelming online loan marketplace. Because it’s free and only results in a soft credit inquiry, there are few direct downsides to completing the Even Financial application.

However, it’s important to keep in mind that Even Financial works primarily with online lenders, so borrowers — particular those with good or excellent credit — may miss out on offers with more traditional financial institutions that may have better rates or more flexible loan terms. Similarly, borrowers with poor credit who intend on getting a personal loan with a cosigner may still need to work directly with lenders to review options.

In the end, filling out an Even Financial application is a good way to start your search, but for some borrowers, it may not be the end of their loan quest.