iLoan personal loans review November 2018 | finder.com
iLoans.com personal loans review

iLoan personal loans review

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Apply for a personal loan of up to $25,000 with fixed rates and tailored terms.

When you need extra funding, it can be a pain to get your documents together and visit the bank only to be rejected. iLoan streamlines the process by allowing you to apply online for mid-sized loans that can help you when you need to tackle life’s next big expense.

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.

Compare iLoan to other personal loan lenders

Rates last updated November 21st, 2018

Reveal your potential loan offers and rates

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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
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
550
$100,000
3.34% to 35.99% (fixed)
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$100,000
4.99% to 36% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.95% to 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
6.99% to 14.87% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34% to 155% (Varies by state) (fixed)
Marcus by Goldman Sachs Personal Loans
Consolidate your debt or pay off large expenses with competitive rates and no fees.
Good to excellent credit
$40,000
6.99% to 24.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99% to 35.99% (fixed)
Avant
Conveniently check your loan options without affecting your credit score.
580
$35,000
9.95% to 35.99% (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 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.

Frequently asked questions

Aliyyah Camp

Aliyyah Camp is a publisher for finder.com helping folks compare personal, student, car and business loans. When she's not helping people with their personal finances, you can find her going for runs outdoors.

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US Personal Loans Offers

Important Information*
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Monevo Personal Loans

Quickly compare multiple online lenders with competitive rates depending on your credit score.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

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US Personal Loans Offers

Important Information*
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Monevo Personal Loans

Quickly compare multiple online lenders with competitive rates depending on your credit score.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

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