Eloan personal loans review August 2018 | finder.com

Eloan personal loans review

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Take advantage of a convenient online application, but be wary of potential scams.

When an unexpected medical bill pops up, you’re looking to simplify your debt or you want to buy that dream car you’ve been pining over, a personal loan can help. And if you’ve got a busy schedule, finding a provider that allows for a fully online process can make getting the money you need that much easier.

Eloan is just one digital personal lender offering up to $35,000 with no hidden fees and quick turnaround.

Product NameEloan Personal Loans
Min Loan Amount$1,000
Max. Loan Amount$35,000
APR7.49% (starting at)
Interest Rate TypeFixed
Maximum Loan Term5 years
RequirementsBe a US citizen or permanent resident, be at least 18 years old or your state’s age of majority, have a valid bank account.
  • Be a US citizen or permanent resident.
  • Be at least 18 years old or your state’s age of majority.
  • Have a valid bank account.

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 with 7.49% (starting at) APR rates. Term lengths range from 1.5 year(s) to 5 year(s), 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 fairly competitive 7.49% 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

    A fully online process is a perk, but look out for a few potential drawbacks, including potential fees you’ll want to ask about before signing a contract.
  • 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.

Compare personal loans from top providers

Rates last updated August 21st, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$50,000
4.99%–36% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.16%–35.89% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
7.075%–15.365% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (Varies by state) (fixed)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640 FICO®
$35,000
5.99%–29.99% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
580
$100,000
3.09%–35.99% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
4.99%–29.99% (fixed)
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
Bad credit accepted
$5,000
99%–199% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)

Compare up to 4 providers

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 be eligible for a loan through Eloan, you must:
  • Be a US citizen or permanent resident.
  • Be at least 18 years old or your state’s age of majority.
  • Have a valid bank account.

How to 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 loan. 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. With a starting APR of 7.49% and loan terms of up to 60 months, this provider offers a competitive and convenient lending solution to those looking for personal capital.

However, Eloan doesn’t explicitly state its eligibility criteria or loan fees, and online reports of fraudulent activity involving this provider could be cause for concern.

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

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