personal loans review

iLoan personal loans review

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Interested in iLoan? Visit OneMain Financial to get similar terms.

iLoan is no longer accepting applications

As of September 2018, iLoan has stopped servicing its loans. Things have moved over to its sister company, OneMain Financial. If you previously had an account with iLoan, your information will be transferred over and you should continue to make regular payments toward your loan. If you were looking to borrow from iLoan, consider your options through OneMain Financial instead.

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Updated November 15th, 2019
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What is iLoan?

iLoan is a lender that offers unsecured loans with a personalized customer experience. With a personal loan from iLoan, you can apply for $2,500 to $25,000 in funding without putting up collateral. Loan terms are determined by your credit history and other factors, including the purpose of your loan.

If approved, iLoan generates a loan offer based on your financial situation. The lender looks at personal details that include your monthly earnings after taxes and deductions to determine your offer. That offer will include the loan amount for which you’re approved, the interest rate you’ve qualified for and your repayment amount.

The interest rate on your loan will vary based on your credit score, existing loans and income. You can make as many repayments as you like over the life of your loan — between two to five years with iLoan — without risking a penalty fee.

What makes iLoan personal loans unique?

iLoan demonstrates what it strives for into its tagline: “Borrowing made simple.” It claims to customize your loan offer based on your unique history that goes beyond your credit score. Though you’ll need to indicate to iLoan how you plan to use your loan, the purposes are generally unrestricted — use your funds for debt consolidation, auto repairs, medical bills, relocation costs, special events, vacations and more.

What are the benefits of an iLoan personal loan?

  • Tailored terms. Your maximum loan, payment terms and repayment period are determined by your personal financial situation, including factors like your credit score and existing debt.
  • Fixed rates. Your interest rate is fixed for the life of the loan, making payments regular and predictable.
  • No prepayment penalty. You won’t pay a fee for making early repayments.
  • Online security. iLoan takes measures to keep your personal information safe through 128-bit SSL encryption and other digital safeguards.

What to watch out for

Because personal loans are considered riskier than loans secured with property, lender tend to charge higher interest rates — though how much higher depends on your credit and income.

  • Potentially high fees. iLoan personal loans can come with origination fees and stiff late repayment fees.
  • Default comes with severe penalties. As with most personal loans, if you’re not able to pay back the amount you’ve borrowed, default can negatively impact your credit and iLoan can come after your property.
  • Limited customer service. If you have questions, you’re limited to calling iLoan during business hours or mailing a letter. Email is not available on its website.

Am I eligible for an iLoan personal loan?

To apply for an iLoan personal loan, you must be at least 18 years old and a citizen of the US. To determine your approval, iLoan will consider your credit score, income, outstanding debts, loan amount requested and how you intend to use your loan funds.

What do I need to apply?

Applying for an iLoan personal loan can be done in three easy steps:

  1. Go to iLoan’s website and click Apply Now.
  2. Complete the application with your personal and financial details as well as the purpose of your loan.
  3. Upload the required documents through the Documents tab on the account page.

As you complete your application, you will need to submit personal and financial information that includes:

  • Valid government-issued ID.
  • Your checking account details.
  • Proof of your income.
  • Proof of your residence.

If approved, iLoan will send you a loan proposal with terms and repayment options suited to your budget.

I got the iLoan personal loan. Now what?

  • Making your payments. Set up your payments through iLoan’s Account Home to pay online. You can also mail or call in your payments.
  • Paying off your loan early. If you’re interested in paying off your loan in full before its due date, simply call iLoan to learn the final amount you’re due.
  • Customer service. If you have questions about your loan, you’ll need to call iLoan customer service during business hours.

Bottom line

An unsecured personal loan through iLoan comes with the advantages of an easy online application process and the convenience of not providing collateral. However, you’ll want to be aware of potentially high APRs and fees, including an origination fee to get the loan started.

To find the best rates and terms for your situation, consider comparing the personal loan options available to you.

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