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Eloan personal loans review

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Take advantage of a convenient online application and fast turnaround.

Eloan offers personal loans up to $35,000 with a quick turnaround. But it’s not completely up front about potential fees.


Max. Loan Amount

7.99% to 19.49%


660 FICO®

Min. Credit Score


Product NameEloan Simply Smart Personal Loans
Min. Loan Amount$2,000
Max. Loan Amount$35,000
APR7.99% to 19.49%
Interest Rate TypeFixed
Minimum Loan Term2 years
Maximum Loan Term5 years
Turnaround TimeBy next business day
Go to eloan 's website

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 2 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 loan?

  • 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

  • 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.

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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 apply?

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

How do I 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. And you could get your funds as fast as the next business day.** But you can’t borrow more than $35,000. And it’s had issues with scammers posing as the company in the past.

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

Frequently asked questions.


Rates from 7.99% up to 19.49% 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.

** 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.

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  1. 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?

    • AvatarStaff
      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 specially regarding the fees.

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


  2. 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?

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