Eloan Personal Loans Review: Fast Loans in As Little As a Day

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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 and will make a positive impact in your life. 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 understand what you are buying, and consult 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. Please do your homework and let us know if you have any questions or concerns.

a person sitting at desk applying for loan online

Gone are the days when you had to go to the bank to take out a personal loan.

According to TransUnion, fintechs, or online lenders that use financial technology to streamline the lending process, originated 32% of personal loans in the first six months of 2017.

Eloan, which started in 1997, is one of the pioneers in the fintech space. Today, you can apply for a personal loan online, and Eloan reviews your information and issues your funds in as little as a day.

Besides a fast application process, read on to learn what else Eloan could offer you.

Eloan personal loan review: Just the essentials

Although Eloan started as a mortgage lender, it now focuses on personal loans. Before delving into this Eloan review, take a look at the rates and terms on an Eloan personal loan.

Note that this information is accurate as of June 4, 2018. Since rates can change, make sure to check with the lender for the latest information.

Loan amount

$1,000 – $35,000, depending on your credit

APRs

5.49% – 35.99%

Repayment terms

1.5 – 5 years

Origination fee

$0

Interest rates and fees

The rates on your loan will depend on your creditworthiness, as well as your loan amount and repayment terms. Here are the ranges you can expect depending on your credit score:

  • Excellent: 5.49% to 10.49%
  • Very good: 10.49% to 13.49%
  • Good: 13.49% to 16.49%
  • Pretty good: 16.49% to 19.49%
  • Fair: 19.49% to 35.99%

Eloan personal loans don’t come with origination or prepayment fees.

Eligibility requirements

Because Eloan’s personal loans are unsecured, you must meet its underwriting requirements for credit and income to qualify.

You also must be at least 18 years old in most states. Alabama and Nebraska residents must be at least 19 to borrow and Colorado or Mississippi residents must be 21.

What we like about Eloan personal loans

Although it started as an independent company, Eloan is now a division of Banco Popular de Puerto Rico. It originates loans to residents across the U.S., except for Massachusetts. Besides lending to most U.S. residents, Eloan offers some major benefits to borrowers.

You’ll get fast funds

Because Eloan offers an entirely digital experience, it’s able to process applications fast. If your application is approved by 4:30 p.m. ET on a weekday, Eloan will deposit your funds the next business day.

Some banks take weeks to process your loan application, so this next-day turnaround is unique and could be a big advantage if you need a loan fast.

You could snag a low interest rate

Eloan personal loans could come with an APR as low as 5.49%. Let’s say you borrowed $10,000 at this rate with a three-year payoff date. You would pay $869 in interest over the life of your loan. If you paid it off in one year, you would pay just $300.

That said, you’ll need strong credit to qualify for the lowest rates.

Eloan looks beyond your credit score

Your credit score isn’t the only factor at play when Eloan reviews your application. The lender also looks at your debt-to-income ratio, length of credit, and debt repayment history before making a final decision.

Instead of being reduced to a number, rest assured that Eloan evaluates other factors when considering you for a loan.

What to keep in mind before applying for an Eloan personal loan

Eloan personal loans could be a good choice, but they’re not without potential drawbacks. Here are three considerations to watch out for if you’re thinking of borrowing with Eloan.

You could get a high interest rate

Although borrowers with excellent credit could get a low rate, those with weaker credit could get saddled with an APR as high as 35.99%. Let’s take another look at that $10,000 loan, but this time with a 35.99% rate.

Over three years, you’d pay $6,487 in interest. Over one year, you would still pay a hefty sum of $2,055.

That rate, by the way, is higher than most credit cards, which have a national average APR of 16.73%, according to CreditCards.com.

If Eloan reviews your information and comes back with a high APR, you might want to shop around for other personal loans to see if you can get a better rate.

Weak credit means lower borrowing limits

Not only could poor credit leave you with a high APR, but it also could mean you have lower borrowing limits. Here are the limits, depending on the quality of your credit score:

  • Good: $30,000
  • Pretty good: $25,000
  • Fair: $20,000

Only those with very good or excellent credit can borrow the full $35,000.

You must watch out for scammers posing as Eloan representatives

Finally, Eloan warns that scammers have posed as Eloan representatives to collect personal information from unsuspecting customers.

It suggests steps for guarding your personal information, as well as encourages you to beware of unsolicited offers.

“Never provide any sensitive personal information (bank account numbers, PINs or passwords, Social Security number, credit card information, etc.) to anyone calling you over the phone purporting to be from Eloan,” warns the company on its website. “Eloan will never call you to solicit or request such information over the phone.”

If you’re looking to borrow a personal loan from Eloan, make sure you do so through the official website and not after receiving a random phone call.

Are Eloan personal loans right for you?

Eloan personal loans are a good option for digitally savvy borrowers who are comfortable applying for a loan online. They’re most useful if you have strong credit and can qualify for the lowest rates.

That said, Eloan isn’t the only online lender these days, even though it was one of the first. There are lots of other online lenders offering personal loans with competitive rates, so compare your options to find the best loan for you.

If you’re interested in borrowing an Eloan personal loan, you can get more information by contacting customer service at 855-854-9395 or emailing support@my.eloan.com. You can also head to its Learning Center for resources on debt repayment and personal finance.

Note: Student Loan Hero has independently collected the above information related to Eloan personal loans. Eloan has neither provided nor reviewed the information shared in this article.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal LoansFixed rates from 6.199% APR to 15.365% APR (with AutoPay). Variable rates from 6.145% APR to 14.685% APR (with AutoPay). SoFi rate ranges are current as of June 15, 2018 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 6.145% APR assumes current 1-month LIBOR rate of 1.97% plus 4.175% 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. 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 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.
7.73% – 29.99%$1,000 - $50,000
Check rate nowon SLH's secure site
6.15% – 15.37%1$5,000 - $100,000
Check rate nowon SLH's secure site
6.87% – 35.97%*$1,000 - $50,000Visit Upgrade
8.00% – 25.00%$5,000 - $35,000
Check rate nowon SLH's secure site
4.99% – 29.99%$10,000 - $35,000Visit FreedomPlus
5.99% – 18.99%2$5,000 - $50,000Visit Citizens
15.49% – 34.49%$2,000 - $25,000Visit LendingPoint
5.99% – 35.89%$1,000 - $40,000Visit LendingClub
5.49% – 18.24%$5,000 - $75,000Visit Earnest
9.95% – 35.99%$2,000 - $35,000Visit Avant
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. 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 understand what you are buying, and consult 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. Please do your homework and let us know if you have any questions or concerns.