Eloan Personal Loan Review

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

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What is Eloan?

Eloan launched in 1997 during the dot-com boom. An online lender, the company promised to make lending “radically simple.” By 2005 Eloan had been purchased by Popular, Inc. and in 2016, Eloan became a division of the 124-year old Banco Popular de Puerto Rico. As a division of Banco Popular, Eloan is an online channel used for consumers. Loans are originated by Banco Popular.

Banco Popular’s mission is to redefine banking, making consumers more connected than they were in the past. This is accomplished by integrating innovative technology with superior customer service.

Eloan personal loan highlights

  • No fees: Eloan has no origination fee and doesn’t charge a prepayment fee to those who want to pay off their loan early
  • Low starting APR: APR starts at 7.99%
  • Internet applications only: Eloan only accepts online applications, but it does offer assistance to those who want it
LENDER
APR
Credit Req.
Terms
Origination Fee
APR 7.99%
To
35.99%
Credit Req.Not Specified
Terms1 to 5Years
Origination FeeNone

Visit Eloan Secureon Eloan's secure website

Eloan Personal Loan Details
Terms
Fees and Penalties
  • Term lengths: 12 to 60 months
  • APR: Starting at 7.99%
  • Loan amounts: Up to $35,000
  • Time to funding: As little as one business day
  • Credit check: Soft Pull
  • Origination fee: None
  • Prepayment fee: None
  • Late payment fee: Not specified
  • Other fees: None

Eloan product details

Rather than being a lender itself, Eloan is an online channel for loan referrals to the underwriting bank, Banco Popular. The Eloan website lists several other loan plans, including some for debt consolidation, home improvement and debt repayment, but, again, the underlying bank funding these plans would be Banco Popular.

Banco Popular offers a range of banking and financial products for consumers, including student checking accounts, CDs and money markets, and mortgage loans.

Eligibility requirements

  • Minimum credit score: Not specified
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

Eloan’s website is light on details when it comes to eligibility requirements for its personal loan product. But it does offer these details:

  • Residency requirements: Based on state of permanent residence
  • Age requirements: Over 18 in most states; 19 if living in Alabama or Nebraska, and 21 for residents of Colorado and Mississippi
  • Location requirements: All states, except Massachusetts
  • Employment requirements: Income is considered during the loan approval process, but having no income is not a barrier to applying

Applying for a personal loan from Eloan

To start the application process, borrowers should click “Check Your Rates” on the Eloan website. During the preapproval, a soft credit inquiry is made. If the borrower accepts the preapproval terms, a hard inquiry will be completed.

Eloan tries to make decisions on applications the same day they are submitted. If the company needs more information before it can do so, borrowers will be emailed. Once all verification is submitted, the company will email the decision.

In many cases, the funds are received the following business day after the application is submitted, but if the application is submitted on a Friday afternoon, there can be a delay.

Pros and Cons of an Eloan Personal Loan
Pros
Cons
  • Low starting APR: Starting at 7.99%
  • Online loan process: For those who want an online-only experience and approval, Eloan’s process fits the bill
  • No fees: Eloan doesn’t charge any hidden fees, application fees, origination fees or prepayment penalties
  • Only online applications: For those who want to apply with a person on the phone or face-to-face, Eloan may not be a good fit
  • No phone contact: There is no published phone number on the site to contact the company before starting the application process
  • Can’t issue loans in all states: Eloan cannot issue loans to residents of Massachusetts

Who’s the best fit for an Eloan personal loan?

Eloan’s personal loan can be a good choice for any U.S. resident outside the state of Massachusetts who wants fast approval, fast funding and no fees. For those who think they may be able to pay off a loan early, Eloan can be a good fit since there are no prepayment penalties. The low interest rate for borrowers with qualifying credit is also a draw for those who need a longer term to pay off their loan.

Alternative personal loan options

LightStream

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 4.99%
To
16.79%
*
Credit Req.Not specified
Terms24 to 144 *Months
Origination FeeNo origination fee

See Offers Secureon Lendingtree's secure websiteAdvertiser Disclosure

LightStream Disclosures

Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.

LightStream offers personal loans in amounts up to $100,000. The flexible payment terms offered by the company allow borrowers to stretch out their loan payment 24 to 144 months and there is no prepayment penalty should a borrower decide to pay early.

Marcus by Goldman Sachs®

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 6.99%
To
28.99%
Credit Req.Not specified
Terms3 to 6Years
Origination FeeNo origination fee

See Offers Secureon Lendingtree's secure websiteAdvertiser Disclosure

Marcus by Goldman Sachs Disclosures

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. For New York residents, rates range from 6.99% to 24.99% APR.

Offering loans up to $40,000 at a starting APR of 6.99%, Marcus is a good choice for those good to excellent credit. With a repayment terms from 36 to 72 months, however, it’s important to balance the affordability of the payment with the loan amount.

PenFed Credit Union

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 6.49%
Credit Req.700Minimum Credit Score
Terms3 to 5Years
Origination FeeNo origination fee

Visit PenFed Credit Union Secureon PenFed Credit Union's secure website

Those who qualify for membership through their employment, volunteer efforts or military service can look to PenFed Credit Union for a personal loan starting at just 6.49% APR. The company allows borrowers 36 to 60 months to pay off a loan.

Interested in a personal loan?

LendingTree allows you to compare rates from multiple lenders by filling out one easy form. Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

RATES (APR)loan amount
5.99% – 17.88%1 $5,000 to $100,000
5.69% – 35.99% $1,000 to $50,000
6.98% – 35.89%* $1,000 to $50,000
99.00% – 199.00%2 $500 to $4,000
5.99% – 24.99%3 $5,000 to $35,000
5.99% – 29.99%4 $7,500 to $40,000
compare rates on Lendingtree now
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.99% APR to 17.88% APR (with AutoPay). Variable rates from 6.49% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of November 4, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.49% APR assumes current 1-month LIBOR rate of 1.81% plus 3.08% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
2 Includes AutoPay discount. Important Disclosures for Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

  3. OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency.

  4. Based on customer service ratings on Google and Facebook. Testimonials reflect the individual’s opinion and may not be illustrative of all individual experiences with OppLoans. Check loan reviews.

  5.  

    Rates and terms vary by state.

3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Personal loans made through Upgrade feature APRs of 6.98%-35.89%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by WebBank, Member FDIC.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

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