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Eloan personal loans review

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Borrowers with good to excellent credit can take advantage of this lender's convenient online application.

  • Best for borrowers looking for an online application and potentially fast turnaround.**
  • Pick something else if you need to borrow more than $35,000.

$35,000

Max. Loan Amount

7.99% to 19.49%

APR

660 FICO®

Min. Credit Score

Details

Product NameUpgrade Personal Loans*
Min. Loan Amount$1,000
Max. Loan Amount$50,000
APR6.98% to 35.89%
Interest Rate TypeFixed
Min. Credit Score600
Origination Fee1.5% to 6%
Late Fee$10
Minimum Loan Term3 years
Maximum Loan Term5 years
Turnaround TimeAs few as 1 business day(s)
Go to eloan 's website

Expert review

Karen Castellanos

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.

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.

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

Updated December 8th, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
5.95% to 35.99%
Fair to excellent credit
$100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
3.84% to 35.99%
Good to excellent credit
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
6.98% to 35.89%
600
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
3.84% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
34% to 155% (Varies by state)
No minimum
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
3.99% to 35.99%
450
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
6.49% to 17.99%
650
$25,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
5.99% to 17.88%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

What do customers say about Eloan?

BBB accreditedNo
BBB ratingF
Trustpilot score4.8 out of 5, based on 1,120 customer reviews
Customer reviews verified as of15 November 2019
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.

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:
  1. Go to Eloan’s website.
  2. 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.
  3. Enter your full name, address, date of birth, email address, Social Security number and income information.
  4. 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.

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

Frequently asked questions

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.

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4 Comments

  1. Default Gravatar
    Rosemary
    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
      Jhez
      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.

      Regards,
      Jhezelyn

  2. Default Gravatar
    KATHYRN
    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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