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finder.com’s rating: 3.9 / 5.0
★★★★★
$35,000
Max. Loan Amount
8.99% to 21.49%
APR
610 FICO®
Min. Credit Score
Product Name | Eloan personal loans |
---|---|
Min. Loan Amount | $2,000 |
Max. Loan Amount | $35,000 |
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 |
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.
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 accredited | No |
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BBB rating | D |
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 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.
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.
Read the full methodology of how we rate personal loan providers.