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finder.com’s rating: 3.9 / 5.0
Max. Loan Amount
8.99% to 21.49%
Min. credit score
|Min. Loan Amount||$2,000|
|APR||8.99% to 21.49%|
|Interest Rate Type||Fixed|
|Min. credit score||610 FICO®|
|Loan term||2 to 5 years|
|Turnaround Time||By next business day|
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.
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.
To be eligible for a loan through Eloan, you need to meet the following criteria
|BBB customer complaints||2|
|Trustpilot score||4.8 out of 5 stars, based on 1,593 customer reviews|
|Customer reviews verified as of||19 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.
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.
You can apply online following these simple steps:
To apply for a personal loan, you'll need a few basic pieces of information:
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.
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.
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.
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.
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.
Eloan personal loans is not currently available on Finder
Have you considered Upstart personal loans?
This service looks beyond your credit score to get you a competitive-rate personal loan.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
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?
April 12, 2019
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.
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?
March 9, 2019
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.