Even Financial has a personal loan finder called Fiona, which makes finding the best personal loan for your situation easy. While we don't recommend most people get a personal loan, they can make sense in certain circumstances and if used correctly.
As such, you want to find the best personal loan for your situation. While you can use tools like our list of the best personal loans - that's just a list.
Fiona, made by Even Financial, takes things a bit further. Check out Fiona here, and read out review below.
What Is Even Financial and Fiona?
Even Financial, Inc. is a fintech company that provides a lending API to partner companies for processing loans. Its CEO and founder is Phillip Rosen. The company was founded in 2015 and is based in New York, NY. Even Financial has received four rounds of funding, totaling $50 million.
Even Financial, Inc. created Fiona to make the process of finding the best personal loan easy. Check out Fiona here.
What Do They Offer?
Even Financial does not lend directly to consumers. However, their service Fiona connects consumers with lenders by shopping and comparing offers behind the scenes.
While it doesn't address every personal loan situation, we think it covers about 80-90% of the consumers in the personal loan market.
Loan Terms Offered by Lending Partners
Even Financial partners offer loans ranging from $1,000 to $100,000 with rates starting at 3.84% and 24- to 84-month loan terms. The minimum credit score needed is 550.
Pre-Qualified Loan Search
Searching for the right loan online can be very time-consuming. By filling out an Fiona application, you’ll be able to search multiple lenders that match your qualifications. Search results from your application will show various loans offered by actual lenders. These are only pre-qualifications and not actual loan approvals.
Once you select a lender, you’ll have to go through their loan application process. While Fiona does save you time in finding pre-qualified loans, you still must complete a loan application to find out if you are approved. Even Financial and Fiona doesn’t streamline the entire loan search process, but at least it streamlines a big chunk of it.
Filling Out the Loan Application
Clicking here https://hifiona.com, and get started. While the application doesn’t say Even Financial anywhere except in the fine print, rest assured that it is powered by Even Financial. You can see an example of the application on Even Financial’s website.
Filling out this one-page application will trigger the pre-qualification loan search. From the search results, click a loan you like to begin the loan application process.
Student Loan Refinancing
Fiona also takes this same pre-qualified loan approach to student loan refinancing. Even with their technology, we still recommend getting multiple quotes from lenders.
Check out our list of the best places to refinance student loans here.
Are There Any Fees?
Even Financial does not charge any fees to use its search. The service is free. However, lenders may charge fees. Fees and APRs can vary widely by lender. Not all lenders will charge a fee, such as an origination fee. Check with the lender to confirm.
How Do I Apply for a Loan?
You start the process here on hifiona.com.
Is My Information Safe?
Given how many large, well-known companies are constantly getting hacked, it’s certainly a real concern of what will happen to your data once you are asked to give it up. This concern is amplified when multiple parties are involved. That’s the drawback of using a broker service like Even Financial.
In all, if you follow through with the full loan process using Even Financial’s search, there will be at least three entities that will consume your data — and very likely more through associated business partners.
Is It Worth It?
Reading through various comments about Even Financial, it seems to provide a credible service. People have found out that if they try and look for better rates, they are unlikely to beat the rates displayed through Even Financial’s search.
Even Financial appears to be targeted at those with lower credit scores. The minimum score is 550, and APRs are often fairly high (i.e., starting in the low double digits). While single-digit rates are advertised, most people will not qualify for such low rates.
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here and here.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.