Eloan personal loans review
Borrowers with good to excellent credit can take advantage of this lender's convenient online application.
finder.com’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.
Max. Loan Amount
8.99% to 21.49%
Min. Credit Score
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.
First, am I eligible?
To be eligible for a loan through Eloan, you need to meet the following criteria:
- 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
- Low maximum loan of $35,000
- Relatively high APRs if you have excellent credit
- Issues with scammers posing as the company
Compare other personal loan providers
What do customers say about Eloan?
|BBB rating||Not rated|
|Trustpilot score||4.8 out of 5 stars, based on 1,193 customer reviews|
|Customer reviews verified as of||23 December 2019|
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:
- Go to Eloan’s website.
- 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.
- Enter your full name, address, date of birth, email address, Social Security number and income information.
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
Application process with screenshots
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
Personal loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.