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      July 12, 2020

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Even vs LifeLoans

Best Personal Loans

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

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

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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2 stars
LifeLoans

LIFELOANS

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Loan:

From $100 to $35,000

Offering personal loans ranging from $100 to $35,000, LifeLoans says they can "get the cash you need fast". To get started, the site asks you to enter your desired loan amount, your monthly income, your credit score, and your zip code. From there, you are taken to a page that asks for much more specific personal information, including your address and zip code.

Up to 6 lenders

At this point Lifeloans will pass along your details to up to 6 lending partners in their network, who will contact you directly. And, if you don't qualify for a traditional personal loan, the disclaimer also explains that you may be referred to lenders offering "payday loans", which typically have much higher interest rates than personal loans.

Of course, in this age of identity theft, it's important to confirm that your information will be safe before entrusting it to a website. Is LifeLoans a trustworthy source of personal loans?

Online lenders alliance

LifeLoans is a member of the Online Lenders Alliance, which expects its members to uphold standards of integrity and honesty in the lending process. But, unlike most of the other personal loan services in our review, LifeLoans maintains no reputation with the Better Business Bureau.

No customer reviews

In fact, we were unable to find a single review from a LifeLoans customer - positive or negative. We also couldn't find a phone number to call with questions, or an email address to contact them with. Residents of Connecticut, New Hampshire, Washington, and Vermont are not eligible to submit a request for a loan through this site.

Overall, we weren't impressed with what LifeLoans offers with respect to personal loans. If you're looking for transparency and an established track record of helping customers get the money they need, we suggest you consider one of the higher-ranked lenders in our review first.

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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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