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      July 12, 2020

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100 Lenders vs Even

Best Personal Loans

To help you find the Best Personal Loans, TopConsumerReviews.com provides you with an in-depth comparison of 100 Lenders and Even.

To see ALL of our reviews for the Best Personal Loans, please Click Here

Are you in need of some cash? Historically, borrowers have had limited options for a personal loan. You could ask a family member, a friend, or find a personal finance company that offered fixed-rate loans, typically at exobrtantly high interest rates.

Today, however, finding a personal loan brings several more options to the table. While you can still ask a family member, or get a high-rate loan from a finance company, you can also consider using a social lending network. These networks, also called peer-to-peer loans, generally have much lower overhead and as a result can offer much lower interest rates. They're facilitated by professional companies familiar with this type of lending, to simplify things for all parties.

Continue reading below reviews

Best Reviews

2020

Personal Loan Reviews

4 stars
100 Lenders

100 LENDERS

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Loan:

From $100 to $35,000

In the last 10 years, 100 Lenders has helped more than 300,000 people apply for a loan. Although they do not fund personal loans directly, 100 Lenders connects applicants with a network of financial partners who do, in amounts ranging from $100 to $35,000.

Effective lender connections

100 Lenders carries an impressive 4.6/5 average rating across hundreds of customer reviews, and they are part of the Online Lenders Alliance, which requires its members to uphold ethical standards in their lending practices. Despite not having a rating with the Better Business Bureau, 100 Lenders does seem to be helping connect borrowers with personal loans in ways that are reputable and effective.

2 minute application

To apply for a loan using 100 Lenders' network, you will need to enter your basic information, such as your name, address, Social Security number, and how often you are paid by your employer. According to their site and many customer comments, this process can be accomplished in about two minutes, taking you to a list of loans offered by 100 Lenders' partners.

Best Personal Loans

Loan fees and interest rates vary

That is the extent of the detail that 100 Lenders provides with respect to loan fees and interest rates, because those depend entirely on the lenders themselves. We were unable to find even a range of possible APR's or sample processing fees, to determine if their partners' rates are competitive with other lenders in our review.

Credit score determines lending offer

Looking at the fine print, we did find that residents of several states (Arkansas, Georgia, New York, Oregon, Washington, West Virginia, and Vermont) are not eligible to apply for personal loans using 100 Lenders. This information led us to discover that, while 100 Lenders accepts applications from people regardless of their credit score, their lending partners may offer a payday loan rather than a personal loan for those customers whose credit scores fall below a certain threshold. This may not make a difference, however, to some customers looking to meet short term cash needs.

For all these reasons, we give 100 Lenders a good rating, This could improve with a little more transparency on their partner's interest rates and application fees, which would allowing potential customers to get a better idea of their borrowing power without having to enter their personal information first.

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3.5 stars
Even

EVEN

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Loan:

From $1,000 to $100,000

Even is a fintech business that helps connect partner lenders with borrowers to fund their personal loans. Founded in 2015 and based in New York City, this service specializes in prequalified loan offers from multiple sources, helping you shorten the process between your application and receiving your personal loan money.

10 lending partners

At the time of our review, Even was partnered with 10 lenders, many of which you'll find in our in-depth evaluations:

  • Avant
  • Best Egg
  • Freedom Plus
  • Lending Club
  • Lending Point
  • LightStream
  • Payoff
  • Prosper
  • SoFi
  • Upgrade

Wide range of loan amounts

Across their network of lenders, Even can connect you with personal loans ranging from $1,000 to $100,000, with terms from 24-84 months and APRs starting at 4.99%. Of course, your actual loan amount and terms will depend on your credit history, requested loan size, income and more. To get a list of possible offers, enter the loan amount you want, the purpose of your loan (vacation, debt consolidation, large purchase, etc.), your credit score range and your email address, among other details. The service is free and at this stage only a soft pull of your credit is required, so it won't hurt your score.

Too much information?

However, compared with similar services that connect borrowers with personal loans, we felt that Even required too much information from us before providing even basic details about the loans available through their site. Many of their competitors will show you sample terms and rates from specific providers - and some will even give you potential matches without having to enter your Social Security number until after you've selected a loan that sounds like a good fit.

Not much history

Besides that, Even doesn't tell you much about themselves, beyond the lending partners they use for personal loans. Given that they've only been around for 5 years, and that they're not accredited by the Better Business Bureau, the lack of information about them on their main personal loans landing page left us feeling uneasy. We were glad to see their "A" rating from the BBB, but there were no customer reviews made available on the Even site to lend support to that grade.

Middle of the road

All of these factors combine to give Even a middle-of-the-road rating. While we like being able to have one-stop shopping for personal loans, we feel that their competitors do a better job of offering transparency with their lenders and terms while requiring less personal information at the outset. We think you'll probably have a smoother experience when getting a personal loan through one of our higher-ranked services.

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Continued from above

No matter where you borrow money from, before you get your next personal loan you should consider the following:

  • BBB rating. Does the lending company have a solid history of doing good business with its customers?
  • Loan size and rate. How much will the lending company offer? What interest rate do they charge their customers?
  • Loan application process. When applying for your personal loan, can it be completed online? Is the lending process easy and straightforward?

TopConsumerReviews.com has reviewed and ranked the best online personal loan providers available today. We hope this information helps you find the best loan at an affordable rate that meets your needs!

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