Review of Even Loan
It’s great to have a platform where you can connect with potential borrowers and lenders and that too with much more ease and free of cost. This is what Even loan is all about. It is a service that connects the borrowers to the lenders through various channels and platforms. One prominent tool used for connection is the financial calculator that helps to compare the rates easily amongst different borrowers and lenders. Thus, Even loan is one to look out for and very well reviewed to understand its potential advantages and disadvantages in the longer run.
Terms and Fees
- APR: 4.99% to 35.99%
- Loan Amount Range: $1,000 – $100,000
- Credit Score Required: None
Eligibility Requirements of Even Loan
The eligibility requirements for receiving a loan via Even Loan platform is not very complicated; rather it is much easier. Firstly there is no minimum credit score requirement and the second is that you should be a legal resident of the United States or a permanent visa holder. Finally, the third eligibility criterion that has to be fulfilled is that you should be 18 years of age minimum.
Even Loan Application Process
The application process of Even personal loan is very straightforward and easy. You will get simple instructions asking you to fill details. You also need to fill the reason why you are trying to get a loan, which you will have an option to pick your credit score and then a series of personal details need to be filled which also includes your entire background from schooling, job salary, and employment security in order to assess your repayment capacity. This should not take very long, maximum 2 or 3 minutes and you are done. Once you have filled the quick less time-consuming form, you would realize that there would be a soft credit check on your information. The best part about a soft credit check is that it verifies all the required information without affecting your credit score whereas a hard credit check done by loan providing companies does make a difference on your credit score.
As soon as you have filled your responses, you will start getting responses from the company.
Very carefully, you should check all the terms in the contract, the interest rates, potential hidden cost, penalty amount and repayment period. If it suits your requirement only then move ahead for the final process.
Once the company approves your documents and the final verification is done, you will be receiving the requested amount very soon in the bank account you have given.
Pros and Cons of the Even Loan
- The advantages of the even loan firstly are that it is not a completely free service and therefore you have the best rates for you and that too without any hidden costs as well as upfront cost.
- The second best thing is that you get the opportunity to compare the details that are given by the different lenders through the online platform provided by Eloan.
- The third problem is that since there is a soft credit check on your credit score, you do not have to worry that any Hard credit check will happen, changing or affecting your credit score.
- You have additional benefits as well when it comes to various tools just as debt refinancing calculator.
- Lastly, there is also a benefit of getting the accreditation, thus increasing trust and credibility.
- The disadvantage firstly is that this is an online marketplace where the Even financial loan is not the direct lending entity and thus the interest rates and the loans are determined by the online marketplace moving lenders.
- The second thing is that since there are a limited number of providers, you may not be able to have more variety irrespective of the fact that the top lenders function on Even loan.
- The pre-approved offers that you have on the loan are not going to be your final offer, and therefore it is very important that you check the entire history of the lender very carefully.