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Eloan personal loans review

Borrowers with good to excellent credit can take advantage of this lender's convenient online application.’s rating: 3.9 / 5.0


  • Best for borrowers looking for an online application and potentially fast turnaround.**
  • Pick something else if you need to borrow more than $35,000.
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Max. Loan Amount

8.99% to 21.49%


610 FICO®

Min. credit score


Min. Loan Amount$2,000
Loan Amount$35,000
APR8.99% to 21.49%
Interest Rate TypeFixed
Min. credit score610 FICO®
Loan term2 to 5 years
Turnaround TimeBy next business day

Review by

Karen Castellanos supports Finder's publishing team, specializing in personal loans. She is a financial management student at the Western Institute of Technology and Higher Education. When she's not busy publishing articles, she's playing soccer or watching fashion editorials.

Expert review

Eloan is ideal for borrowers looking for a convenient online application and potentially fast turnaround.** Its personal loans are available in all states but Massachusetts. And there’s no origination fee.

But you can’t borrow more than $35,000. And its rates aren’t as competitive as other lenders out there — especially if you have excellent credit. Plus, it’s had issues with scammers posing as the company in the past.

Not sure Eloan is right for you? Compare your other options below.

First, am I eligible?

To be eligible for a loan through Eloan, you need to meet the following criteria

  • Employed
  • Valid bank account
  • US citizen or permanent resident
  • Age of majority in your state


  • Online application and quick turnaround**
  • No origination fee
  • Available in every state but Massachusetts


Compare other personal loan providers

1 – 6 of 6
Name Product Filter Values APR Min. credit score Loan amount
Upstart personal loans
Finder Rating: 4.15 / 5: ★★★★★
Upstart personal loans
5.40% to 35.99%
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
Best Egg personal loans
Finder Rating: 3.8 / 5: ★★★★★
Best Egg personal loans
8.99% to 35.99%
$2,000 to $50,000
A prime online lending platform with multiple repayment methods.
OneMain Financial personal loans
Finder Rating: 3.4 / 5: ★★★★★
OneMain Financial personal loans
18% to 35.99%
$1,500 to $20,000
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Finder Rating: 4.3 / 5: ★★★★★
4.98% to 35.99%
Poor to excellent credit
$1,500 to $100,000
Get prequalified loan offers in 2 minutes or less. Will not affect your credit score.
Upgrade personal loans
Finder Rating: 4 / 5: ★★★★★
Upgrade personal loans
8.24% to 35.97%
$1,000 to $50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
LightStream personal loans
Finder Rating: 4.83 / 5: ★★★★★
LightStream personal loans
7.99% to 25%
Good to excellent credit
$5,000 to $100,000
Borrow up to $100,000 with low rates and no fees.

Eloan reviews and complaints

BBB accreditedNo
BBB ratingD
BBB customer complaints2
Trustpilot score4.8 out of 5 stars, based on 1,593 customer reviews
Customer reviews verified as of19 October 2020

Trustpilot borrowers have complimented Eloan's quick service and friendly customer service. And to back these claims up, Eloan takes the time to individually reply to each comment. While it has a page on the Better Business Bureau (BBB), it's not accredited or rated — nor does it have any reviews from former customers.

Scam alert: Watch out for phone scammers posing as Eloan

On the Phishing and Scamming page on Eloan's website, it warns borrowers of phone calls, emails and text messages from scammers posing as Eloan employees. It assures borrowers that it never calls applicants to request upfront payment to secure loan funds or otherwise.

If you receive a call from someone claiming to represent Eloan, report the incident to the Federal Trade Commission or the Consumer Financial Protection Bureau.

How do I apply?

You can apply online following these simple steps:

  1. Go to Eloan’s website.
  2. Enter the loan amount you’re interested in, how much time you need to repay the loan and your estimated credit score. Click Check Your Rates.
  3. Enter your full name, address, date of birth, email address, Social Security number and income information.
  4. Review Eloan’s terms of use and privacy policy. Click Agree and Get Your Rates.

What information do I need to apply?

To apply for a personal loan, you'll need a few basic pieces of information:

  • Monthly housing payment
  • Social Security number
  • Monthly income after taxes and other deductions

What happens after I apply?

Eloan will review your application and notify you of an approval decision within a few minutes. If approved, you will be contacted and given the next steps to finalize your information and complete the process. You could receive access to your funds by the next business day.

How do repayments work with Eloan?

Eloan doesn't state its specific repayment options, but you can log in to your Eloan account to manage your loan. It also doesn't specify its late payment policy and the fees it charges, so be sure to read your agreement's fine print and note any important information.

If you have any questions or notice something wrong with your account, reach out to Eloan as soon as possible.

Interested in exploring what else is out there? Compare lenders with our guide to personal loans.

Frequently asked questions

Will applying for a loan through Eloan affect my credit score?

Yes, if you’re approved. After you complete an application, Eloan performs a soft pull of your credit history from Transunion, which doesn’t affect your credit score. If you qualify for a loan, it performs a hard pull of your credit history, which can affect your credit and stay on your record for two years.

I got a call about preapproval from an Eloan representative. What do I do?

Do not give the caller any personal or financial information. Instead, report the incident to Eloan immediately

Eloan doesn’t call potential borrowers for preapproved loan offers, and it never requests upfront payments to release a loan.

I think I’ve received a fraudulent call. Who do I report it to?

Contact the Federal Trade Commission or the Consumer Financial Protection Bureau immediately to report potential fraud.


Rates from 8.99% up to 21.49% APR. Your APR will be determined based or your risk score and credit history. Loans start from $2,000 up to $35,000. The loan amount will be subject to credit approval. Eloan is a Division of Banco Popular de Puerto Rico. Subject to credit approval and meeting the parameters set forth by Banco Popular de Puerto Rico (“Banco Popular”). This offer applies to personal loans without collateral. Offer subject to presenting evidence and verification of acceptable income to Banco Popular. Banco Popular may deny your application if you do not meet the parameters and the established conditions. Other terms and conditions may apply. If the applicant is a covered borrower according to the definitions of Military Lending Act, the availability of this option is subject to the provisions of said law.

Personal loan ratings

★★★★★ Excellent
★★★★★ Good
★★★★★ Average
★★★★★ Subpar
★★★★★ Poor
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    Default Gravatar
    April 11, 2019

    Eloan says it doesn’t charge an application fee? Meaning if I’m looking for an 8,500. Banks charge this fee from the loan, is this the application fee eloan says is free? I don’t need to have a higher loan for the application process fee?

      Avatarfinder Customer Care
      April 12, 2019

      Hello Rosemary,

      Thank you for your comment.

      According to Eloan, there are no hidden fees for completing the loan application or taking the loan. They never charge you hidden loan fees like application fees, membership fees, or prepayment fees. Any charges related to your loan throughout its term will be detailed in your loan contract/Promissory note.

      So it’s best that you pay close attention to the details before signing a contract or submitting an application, especially regarding the fees.

      Alternatively, you may also check other personal loan lenders.


    Default Gravatar
    March 6, 2019

    I received a call from someone saying I was approved with E-loan for 4,000.00 and I needed to call 209-689-0943 all I got was constant busy signal. If this was a legit afore how do I get it?

      Avatarfinder Customer Care
      March 9, 2019

      Hi Kathyrn,

      Thank you for leaving a question.

      Eloan will never contact a person with a pre-approved offer for a loan if that person has not applied for it online via their website.

      If you received a call or text from someone who’s claiming to be from Eloan and asking for any confidential information, money, or gift cards in exchange for a pre-approved offer for a loan, you may be a victim of Phishing. You should report this by:

      – Contacting Eloan
      – Filing a report with the Federal Trade Commission.

      Hope this helps.


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