We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias.
But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.
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.
Expert Review
Review by
Karen Castellanos
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.
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.
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. However, its poor BBB rating is due to three complaints filed against it and the fact that it didn’t respond to two of those.
Scam alert: Watch out for phone scammers posing as Eloan
While its Trustpilot score is high, two of the complaints filed with the Better Business Bureau (BBB) state that they feel scammed by the company.
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.
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
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.
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.
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.
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?
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.
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?
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.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
