Eloan personal loans review April 2019 | finder.com

Eloan personal loans review

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  • Clicking Go to site will take you to your Online Application on the product issuer's website. You do not need to be an existing customer of this provider to apply.
  • Your application will typically take you no more than 10-15 minutes to complete.
  • Conditional approval will typically happen within 1 business day after submitting your application. In many cases, you will have your funds within a week.
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Take advantage of a convenient online application and fast turnaround.

When an unexpected medical bill pops up, you’re looking to simplify your debt or you want to buy that dream car you’ve been pining over, a personal loan can help. And if you’ve got a busy schedule, finding a provider that allows for a fully online process can make getting the money you need that much easier.

Eloan is just one digital personal lender offering up to $35,000 with no hidden fees and quick turnaround.

Product NameEloan Simply Smart Personal Loans
Min. Loan Amount$1,000
Max. Loan Amount$35,000
APRStarting from 7.49%
Interest Rate TypeFixed
Maximum Loan Term5 years
RequirementsMust have a FICO® score of 660+ and be a US citizen or permanent resident. Not available in Massachusetts, US Virgin Islands and Puerto Rico. Ages 18+ (according to state-specific laws).
Go to eloan's website
  • Be a US citizen or permanent resident.
  • Be at least 18 years old or your state’s age of majority.
  • Have a valid bank account.
  • $800+ of monthly income
  • Be employed for 6+ months

What makes Eloan personal loans unique?

A division of Banco Popular de Puerto Rico, Eloan was founded in 1997 as one of the first online lenders. It’s rapidly grown to provide personal loan solutions for borrowers across the United States. In 2018, the bank rebooted Eloan as a standalone brand of digital products.

Eloan’s focuses on providing borrowers with the money they need through a simple online process, fast turnaround and no hidden fees, claiming you can see your approved funds deposited into your account by the next business day.

What are Eloan personal loans?

Eloan offers unsecured personal loans of up to $35,000. Term lengths range from 1.5 years to 5 years, and you’ll pay no origination fee.

You can use your personal loan from Eloan for debt consolidation, to pay for medical or auto bill or for just about any other eligible expense.

Eloan processes your applications through its site and decides on your loan typically within 24 hours.

What are the benefits of an Eloan personal loans?

  • Online application. Eloan’s application process and funding is entirely online, with turnaround within a business day or two.
  • Competitive APR. While not the lowest on the market, Eloan’s personal loan rates start at a competitive APR.
  • No prepayment fees. Eloan advertises no prepayment penalties on its site, which means you can repay your loan early to save on unnecessary interest.
  • Fast turnaround. Eloan works to process your application within 24 hours and deposits your funds by the next business day.

What to watch out for

    A fully online process is a perk, but look out for a few potential drawbacks, including potential fees you’ll want to ask about before signing a contract.
  • Low maximum loan. With Eloan, you can’t borrow more than $35,000 — enough for most, but maybe not adequate for all expenses.
  • Limited support. Customer support is available by phone and email only.
  • Potential fees. Eloan advertises no hidden fees but mentions that your agreement will detail any fees associated with your loan.
  • Scam alert: Watch out for phone scammers posing as Eloan

    Online reviews mention calls from scammers claiming to be Eloan representatives and requesting upfront payments to secure loan funds.

    Eloan acknowledges this fraudulent behavior on its site, assuring borrowers that it never calls applicants to request upfront payment to secure loan funds or otherwise.

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

Compare personal loans from top providers

Updated April 19th, 2019
Name Product Filter Values Minimum Credit Score Max. Loan Amount APR
Good to excellent credit
$100,000
5.34% to 35.99%
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550
$100,000
3.99% to 35.99%
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620
$50,000
7.99% to 35.89%
Affordable loans with two simple repayment terms and no prepayment penalties.
640
$40,000
6.95% to 35.89%
A peer-to-peer lender offering fair rates based on your credit score.
680
$100,000
5.99% to 16.24%
No fees. Multiple member perks such as community events and career coaching.
550
$10,000
34% to 155% (Varies by state)
Check eligibility in minutes and get a personalized quote without affecting your credit score.
640 FICO®
$35,000
5.99% to 29.99%
A prime lender with multiple repayment methods.
550
$100,000
3.84% to 35.99%
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Compare up to 4 providers

What do borrowers say about Eloan?

Eloan is not accredited with the Better Business Bureau, nor does it have a BBB rating. Trustpilot also doesn’t have enough information to provide Eloan with its TrustScore.

In fact, most online reviews of this lender are warnings against scams from fraudulent callers claiming to be Eloan reps. Unfortunately, this means there aren’t many borrower experiences available to draw on, limiting information that can help inform your decision.

Am I eligible?

  • To be eligible for a loan through Eloan, you must:
  • Be a US citizen or permanent resident.
  • Be at least 18 years old or your state’s age of majority.
  • Have a valid bank account.

How to apply?

  1. 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. Then click Check Your Rates.
  2. Enter your full name, address, date of birth, email address, Social Security number and income information. Review Eloan’s Terms of Use and Privacy Policy, and click Agree and Get Your Rates.
  3. Eloan will review your application with typical turnaround of 24 hours. If approved, you could receive access to your funds by the next business day.

Application process with screenshots

I got the Eloan personal loans. Now what?

    • Avoid late fees. Eloan doesn’t specify the fee you face for late payments, so be sure to read your agreement’s fine print. And consider autopay to ensure on-time repayments.
    • Manage your loan online. Log in to your online Eloan account to stay on top of repayments to your overall loan.
    • Get support. If you have any questions or notice something wrong with your account, reach out to Eloan at 1-866-576-7283 or through your online account.

Bottom line

Applying for a personal loan with Eloan is as simple as completing the online application. With a starting APR of 5.49% and loan terms of up to 60 months, this provider offers a competitive and convenient lending solution to those looking for personal capital.

However, Eloan doesn’t explicitly state its eligibility criteria or loan fees, and online reports of fraudulent activity involving this provider could be cause for concern.

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

Frequently asked questions.

Disclaimer

Subject to credit approval and meeting the parameters set forth by Banco Popular de Puerto Rico (“Banco Popular”). Eloan is a Division of Banco Popular de Puerto Rico. Offers apply to personal loans without collateral. Offers are 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. Funds are generally deposited via ACH for delivery next-business day if verification is completed and final approval occurs by 3:00pm CT Monday-Friday. Approval process may take longer if additional documents are requested as part of the verification process. 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.

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4 Responses

  1. Default Gravatar
    RosemaryApril 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?

    • finder Customer Care
      JhezelynApril 12, 2019Staff

      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 specially regarding the fees.

      Alternatively, you may also check other personal loan lenders here.

      Regards,
      Jhezelyn

  2. Default Gravatar
    KATHYRNMarch 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?

    • finder Customer Care
      ValMarch 9, 2019Staff

      Hi Kathyrn,

      Thank you for leaving a question. If you receive such a call from someone claiming to represent Eloan, report the incident to the Federal Trade Commission or the Consumer Financial Protection Bureau.. This is just a precautionary method to make sure that we are dealing with a legitimate lender.

      Hope this helps.

      Regards,
      Val

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