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.
$1,000 – $35,000, depending on your credit
5.49% – 35.99%
1.5 – 5 years
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.
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 firstname.lastname@example.org. 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!
|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 6.16% to 35.89%. 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 time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. 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 or longer.
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.
|7.73% – 29.99%||$1,000 - $50,000||Visit Upstart|
|5.81% – 15.37%1||$5,000 - $100,000||Visit SoFi|
|6.87% – 35.97%*||$1,000 - $50,000||Visit Upgrade|
|8.00% – 25.00%2||$5,000 - $35,000||Visit Payoff|
|4.99% – 29.99%3||$10,000 - $35,000||Visit FreedomPlus|
|5.99% – 18.99%4||$5,000 - $50,000||Visit Citizens|
|15.49% – 34.49%5||$2,000 - $25,000||Visit LendingPoint|
|6.16% – 35.89%6||$1,000 - $40,000||Visit LendingClub|
|6.99% – 18.24%7||$5,000 - $75,000||Visit Earnest|
|9.95% – 35.99%8||$2,000 - $35,000||Visit Avant|