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
Eloan Personal Loan Details
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.
- 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
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 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®
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
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.
Student Loan Hero Advertiser Disclosure
|Lender||RATES (APR)||loan amount|
|5.99% – 18.82%1||$5,000 to $100,000|
|6.53% – 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|
NMLS #1136: Terms & Conditions Apply
|1 Includes AutoPay discount. Important Disclosures for SoFi. |
2 Includes AutoPay discount. Important Disclosures for Opploans.
3 Includes AutoPay discount. Important Disclosures for Payoff.
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.
4 Important Disclosures for FreedomPlus.
* 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.