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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.
Details
| 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 |
First, am I eligible?
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
Pros
- Online application and quick turnaround**
- No origination fee
- Available in every state but Massachusetts
Cons
- 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
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Eloan reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | D |
| 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.
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.
- Review Eloan’s terms of use and privacy policy. Click Agree and Get Your Rates.
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
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
Will applying for a loan through Eloan affect my credit score?
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.
I got a call about preapproval from an Eloan representative. What do I do?
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.
I think I’ve received a fraudulent call. Who do I report it to?
Contact the Federal Trade Commission or the Consumer Financial Protection Bureau immediately to report potential fraud.
Disclaimer
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.
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.
Read the full methodology of how we rate personal loan providers.
Review by
Karen Castellanos
karen.castellanos@findercrew.comKaren 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.
Expert review
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.
