Real life always seems to happen at the worst possible times. You just spent your savings on a fancy new computer, but then your car broke down; your job just decided to make cutbacks the day before you crashed your bike and broke an arm; you drop your phone in a puddle months before you’re due for an upgrade. Whatever reason may be, your wallet is empty and you don’t have the funds to take care of these fixable problems. Unfortunately, life is only predictable in its unpredictability and there’s no way for you to plan for life when it gets real. So what are your options when life happens to hand you lemons?
Friends and Family
One old-fashioned method of getting cash quickly is by borrowing cash from friends and family. They know you’re good for it, after all. But it’s a tough conversation to have with people, especially for individuals who are out there making it on their own. But not everybody has the same support systems and it’s asking their folks or well-off friends just isn’t an option. But the biggest drawback of borrowing from friends and family isn’t the awkwardness—repayment doesn’t do anything to build on your credit. Sure, it can earn you good favor among the better endowed in your social circles, but not much else.
Another way to cover costs when the cupboards are bare is turning to credit cards, but those have issues of their own. With high interest rates and steep annual fees, maxing out credit cards isn’t the most ideal way of getting fast money when you’re in a pinch. You will end up paying hundreds on top of your principal balance because of interest rates and credit card debt is a slippery slope.
Personal loans are certainly a viable option, but many of the major financial institutions, such as Bank of America only offer home mortgage loans to their customers. Credit unions do offer small personal loans; although, the experience is lengthy, confusing, and there is a high rejection rate for consumers. After going to the bank, filling out lengthy applications, and speaking with a banker personally, you will still walking out of the building with empty pockets (and a broken arm). There is, however, another option to get a personal loan. Alternative lending is a budding industry that offers immediate cash, low rates, and a minimal application process.
So what is alternative lending? In a nutshell, it connects borrowers to lenders without a bank working as the intermediary, or “middleman.” What are the benefits of alternative lending?
The Internet is fast, and given the fact that alternative lending is done through online platforms. Filing online applications is simple, and eligibility is often determined in minutes using algorithms on the web-based platforms.
Get Money Fast
One incredible aspect of alternative lending is that borrowers can see the money in their bank accounts in just a few days.
Lower Interest Rates
What’s more, with alternative lending, borrowers will often encounter lower interest rates, around 5-10%. Most lenders finance over periods of 1 to 3 years, depending on the amount of the loan.
Where can you go?
Alternative lending is on the rise and there are numerous companies to choose from, including Pave, Avant, LendUp, and Vouch. Each offers similar low-interest loans through their online software that can approve applicants instantaneously. So when life inevitably hands you lemons—and it will— you have options to help you make lemonade. Most certainly though alternative loans are the fastest way to get get money in your pocket to cover emergencies like a broken arm, lost phone, or car troubles. And let’s be honest, it’s also the least awkward option.
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MoneyLion’s consumer and enterprise businesses were recognized as winners of Benzinga’s 2022 Global Fintech Awards at this year’s Fintech Deal Day
New York, December 14, 2022-- MoneyLion Inc. (“MoneyLion”) (NYSE: ML), the go-to destination for personalized financial content, products and advice, is proud to announce that it has been named “Best Financial Literacy Tool” at Benzinga’s 2022 Global Fintech Awards. MoneyLion’s enterprise business, Even Financial, was also named as the winner for “Best API.”
MoneyLion and Even Financial were honored alongside other top Fintechs, banks, research companies and more. MoneyLion’s consumer business continues to push financial literacy through innovative and personalized content. With the MoneyLion app, users can view personalized financial content in short-form video format and receive personalized financial product recommendations such as loans, insurance and investing. As MoneyLion’s enterprise offering, Even Financial digitally connects and matches consumers with real-time personalized product recommendations from banks, insurance carriers, and Fintech companies on mobile apps, websites and other digital touchpoints through its financial product search engine and Embedded Finance Marketplace technology. This technology powers both the MoneyLion Marketplace, in the MoneyLion app, as well as more than 1,000 enterprise partners.
“We’re thrilled MoneyLion’s consumer and enterprise businesses were recognized by Benzinga,” said Dee Choubey, Co-Founder and CEO of MoneyLion. “Both awards showcase MoneyLion’s every time you money approach to helping our customers. The financial literacy gap is a huge problem for millions of Americans and we remain committed to reducing its effects through engaging, informative content and key partnerships designed to bring an elevated educational experience to all.”
These awards follow the October announcement of MoneyLion University, where MoneyLion launched its latest initiative aimed at closing the gap in money and financial education across the United States.
“We could not be more pleased with Benzinga’s recognition of our company’s API technology,” stated Phill Rosen, CEO and Founder of Even Financial. “Our technology natively integrates real-time credit decisions and product recommendations from the industry’s largest network of connected financial services providers, offering access and choice to consumers searching for financial products. Our elegant Embedded Finance Marketplace, API and search engine enable any company to add trusted, personalized financial products and services to their business, reaching people when and where they need it.”
Even Financial has been named a listmaker for the Benzinga Global Fintech Awards for the last two years and was a previous award winner. In 2021, Even was selected as a listmaker for Best API and, in 2020, selected as a listmaker for both Best API and Best API Platform. In 2019, Even was awarded the Benzinga Rocky Award.
The annual Benzinga Global Fintech Awards take pride in recognizing and honoring the companies and individuals who are propelling the Fintech and financial services industry forward with the most impressive technology advancements and innovations. A panel of industry experts from a wide range of companies reviewed and judged the nominations. Winners were announced at Benzinga’s Fintech Deal Day on December 8, 2022, where MoneyLion’s Chief Customer Officer Cynthia Kleinbaum spoke on the panel, Expert Growth Hacks For Reaching Underserved Markets.
About MoneyLion MoneyLion is the go-to destination for personalized financial content, products and advice. MoneyLion’s mission is to rewire the financial system to positively change the path of every hard-working American. MoneyLion uses its proprietary data advantage and technology to empower its customers. MoneyLion engages and educates its customers with daily, hyper-personalized money-related and money-adjacent content that is delivered through each customer’s own content feed. MoneyLion provides its customers a full suite of financial and non-financial solutions, bundling its proprietary, low-cost financial products with products that are offered through its marketplace technology and network affiliate partners. MoneyLion also leverages its distinct data, technology, and network advantages to deliver leading embedded finance and marketplace solutions for enterprise customers. Since its founding in 2013, MoneyLion has empowered millions of Americans to take control of their finances and live their best financial life, every day.
For more information about the company, visit https://www.moneylion.com/ and https://www.evenfinancial.com. For investor information and updates, visit investors.moneylion.com and follow @MoneyLionIR on Twitter.
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Even Financial [email protected]
New York, Jan. 11, 2023 -- Even Financial ("Even"), an independent subsidiary of MoneyLion Inc. (NYSE: ML), and a leading embedded finance marketplace platform, is proud to announce that it was honored in Built In’s “2023 Best Places To Work” Awards. Specifically, Even earned a place on the Hybrid Best Places to Work in New York.
The Best Places to Work Awards, now in its fifth year, honors companies across numerous categories, sizes, remote-first employers as well as in person and hybrid working companies across the U.S.
Built In determines the winners of Best Places to Work based on an algorithm, using company data about compensation and benefits, and also weighs criteria like remote and flexible work opportunities, as well as other people-first cultural offerings.
This announcement follows Even’s recent win at the Benzinga Global Fintech Awards for “Best API.”
About Even Financial
Even is the industry-leading embedded financial marketplace and independent subsidiary of MoneyLion Inc. (“MoneyLion”) (NYSE: ML). MoneyLion is a leading digital financial services and lifestyle content platform serving both consumer and enterprise customers. As part of MoneyLion’s enterprise offering, Even digitally connects and matches consumers with real-time, personalized financial product recommendations from banks, insurance carriers, and fintech companies on mobile apps, websites, and other digital touchpoints through its marketplace technology. Even's infrastructure leverages machine learning and advanced data science to solve a significant pain point in financial services customer acquisition, seamlessly bridging financial services providers (such as SoFi) and channel partners (such as TransUnion) via its industry-leading API and embedded finance marketplaces. Even enables any company to add financial products to its business, with full compliance and security at scale. Even was named one of "America's Best Startup Employers'' by Forbes for 2022 and was named to the 2021 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world. Learn more at www.evenfinancial.com and investors.moneylion.com.