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Eagle installment loans review

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While its open to all credit types, it's not transparent about rates and fees.

If you’re looking to borrow money but don’t have the credit score to go through a traditional bank, Eagle might be able to help. However, you won’t know what interest rate or fees you’ll be charged until after you apply. And it’s only open to residents of four states.

$1,000

Min. Amount

$10,000

Max. Amount

1 business day

Turnaround time

Details

Product NameEagle installment loans
Min. Amount$1,000
Max. Amount$10,000
Loan Term8 months to 2 years
Loan SecurityUnsecured
Turnaround Time1 business day
RequirementsProof of income, checking account, debit card, proof of address, government-issued ID, live in eligible state, US citizen or permanent resident, ages 18+

What is an Eagle installment loan?

Eagle installment loans range from $1,000 to $10,000 and are paid back over eight to 24 months. While Eagle refers to itself as an alternative to payday lenders, it’s not transparent about what rates or fees it charges. This means you won’t know how much it costs to borrow until after you apply for a loan.

Though these installment loans are unsecured — meaning they don’t require collateral — you can back your loan with your vehicle to increase your chances of approval. However, you risk losing your car if you’re unable to afford the repayments.

It’s not the fastest lender, either. While you can apply online in just a few minutes, it could take up to a business day to hear back about a decision. And if you’re approved, you’ll then need to visit your local branch to sign your loan documents and receive your funds.

What states are Eagle installment loans available in?

Eagle installment loans are available in four states throughout the Midwest:

  • Kentucky
  • Ohio
  • Indiana
  • Tennessee

What are the benefits of Eagle installment loans?

Here are a few perks of taking out an Eagle installment loan:

  • Open to all credit types. Eagle is willing to work with borrowers with less-than-perfect credit.
  • Collateral accepted. Though not required, you can choose to use your car as collateral to increase your chances of approval.
  • Past bankruptcies OK. You may still qualify for a loan with Eagle even if you’ve gone through a bankruptcy in the past.

What to watch out for

Consider these potential drawbacks before borrowing from Eagle:

  • Not transparent about rates and fees. You won’t know how much it costs to borrow with Eagle until after you apply for a loan.
  • Poor customer reviews. Former borrowers complain about high origination fees and difficulty getting unwanted credit insurance removed from their loan.
  • Slow turnaround. It could take up to a day to hear back about approval — other lenders offer decisions in minutes.
  • Not entirely online. Though you can apply online, you’ll need to visit a branch to sign your loan documents and receive your funds.

Compare to other installment loan providers?

Data indicated here is updated regularly
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
Fast5kLoans Short-term Loans Connection Service
$35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
 Check Into Cash Installment Loans
$3,000
1 to 2 business days
Bank account, email address, phone number, US citizen or permanent resident, ages 21+, $3,500 minimum income in California
Borrow money with lower payments and more time to pay than a traditional payday loan.
OppLoans Installment Loans
$5,000
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
LendYou Short-term Loans
$15,000
Same business day to 1 business days
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Possible Finance Mobile Installment Loans
$500
As fast as 1 business day
Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+
Borrow up to $500 with just a few swipes — but only for residents of 5 states.
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Compare up to 4 providers

Beware of high rates and fees

As Eagle’s own website cautions, banks typically offer better rates than installment or payday loan providers. And the fact that Eagle doesn’t advertise what rates and fees it charges is another red flag. Add to this former borrowers’ complaints about Eagle’s high interest rates and origination fees, and you might want to consider these payday loan alternatives first.

Is it safe to apply for Eagle installment loans?

In general, yes — though no online company can ensure your information stays 100% secure. Eagle does its part by including a disclaimer on its website warning borrowers to beware of scams. It also mentions that it will never ask you to send cash or money orders as a condition of your approval.

What do borrowers say about Eagle installment loans?

It’s a bit of a mixed bag as of July 2019. Eagle earns an A+ rating from the Better Business Bureau (BBB) based on factors like transparency and time in business. And it scores an average 4 out of 5 stars based on 14 customer reviews.

However, 25 customers have filed complaints against the company. Many complained that Eagle’s staff became aggressive with repossession and collection after a few late payments. Another had an issue with their payments going through. And still others complained about high interest rates and fees. One customer was even asked to sign their loan contract before knowing what their interest rate was.

Am I eligible?

To qualify for an Eagle installment loan, you need to meet the following criteria:

  • Proof of income
  • Proof of address
  • Government-issued ID
  • Checking account
  • Debit card
  • Live in Tennessee, Indiana, Kentucky or Ohio
  • At least 18 years old
  • US citizen or permanent resident

How do I apply?

You can apply for an Eagle installment loan online, over the phone or in person at one of its 50 offices across Tennessee, Indiana, Kentucky and Ohio.

Follow these steps to begin the application process online:

    1. Go to Eagle’s website and click Apply Here.
    2. Enter how much you want to borrow, the purpose of the loan and your ZIP code.
    3. Check whether you’re applying individually or with a coapplicant.
    4. Select how you heard about Eagle and click Apply Now.
    5. Fill out the application with your personal and employment details.
    6. Click Submit.

You should hear back about a decision in one business day. If you’re approved, you’ll need to visit your local Eagle storefront to sign your loan documents and receive your funds.

What documents do I need to apply?

When applying for an Eagle installment loan, have the following documents on hand:

      • Proof of income, like a recent pay stub or benefits statement
      • Proof of address, like a utility bill
      • Government-issued ID
      • Debit card
      • Checking account statement

If you’re using your car as collateral for the loan, you’ll also need to provide your lien-free car title.

I got an Eagle installment loan. Now what?

It’s time to start thinking about repayments. You might want to ask if you can sign up for autopay so you don’t have to worry about manually making a payment each month. If you have any questions, reach out to Eagle’s customer service team by calling 800-900-2130 or visiting your local branch.

Bottom line

Eagle installment loans may be open to borrowers of all credit types, but it’s not transparent about what rates and fees it charges. And past customers don’t have many good things to say about the lender.

See how Eagle stacks up to the competition with our guide to short-term loans.

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