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 5.49%
- Internet applications only: Eloan only accepts online applications, but it does offer assistance to those who want it
- Minimum credit requirement: Not specified
- Terms: Not specified
- Fees: None
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
- APR: 3.99% to 16.99%
- Credit requirements: 660
- Terms: 24 to 144 months
- Origination fee: No origination fee
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®
- APR: 5.99% – 28.99%*
- Credit requirements: Varies
- Terms: 36 to 72 months
- Origination fee: No origination fee
Offering loans up to $40,000 at a starting APR of 5.99%, 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.
*For New York residents, rates range from 5.99% to 24.99% APR as of Feb. 27, 2019.
PenFed Credit Union
- APR: Starting at 6.49%
- Credit requirements: 700
- Terms: 36 to 60 months
- Origination fee: No origination fee
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?Here are the top personal loan lenders of 2019!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** 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.
|5.74% – 16.99%1||$5,000 - $100,000|
|7.54% – 35.99%||$1,000 - $50,000|
|7.99% – 35.89%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|5.99% – 29.99%3||$7,500 - $40,000|
|6.79% – 20.89%4||$5,000 - $50,000|
|9.99% – 35.99%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|