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

iLoan personal loans review

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

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.

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

What is iLoan?

iLoan is a lender that offers unsecured loans of up to $25,000 through a personalized customer experience.

When you apply for a personal loan through iLoan, you can provide all of the necessary information online without the need to call or visit an office. 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.

Product details

Product nameiLoan
Interest rate17.60%–35.99%
Loan securityUnsecured
Maximum loan$25,000
Minimum loan$2,550
Maximum terms60 months
Origination feeTypically 5% of the total loan amount, depending on your state
Late fee or penaltyVaries by state
Restricted usesNone, but you must specify use
Available statesAlabama, California, Delaware, Idaho, Illinois, Missouri, Nevada, New Mexico, Oregon, South Carolina, Utah and Wisconsin

Compare iLoan to other personal loan lenders

Rates last updated February 23rd, 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
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
From 4.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
From 5.99% (fixed)
CompareFirst Personal Loans
An easy-to-use loan connection service geared toward introducing first-time borrowers to affordable personal loans.
580
$100,000
From 2.99% (fixed)
Upgrade Personal Loans*
620
$50,000
From 5.96% (fixed)
Laurel Road Personal Loans
Get a personal loan with no application or origination fees and a rate discount for autopay.
680
$45,000
From 5.5% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
From 4.99% (fixed)
Best Egg Personal Loans
640
$35,000
From 5.99% (fixed)
Prosper
Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
640
$35,000
From 5.99% (fixed)
LendingPoint Personal Loans
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
600
$25,000
From 15.49% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
From 34% (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 seemingly 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?

When you apply for an unsecured personal loan with iLoan, you can do it all online.

  • Fast, easy application. Take about five minutes to apply, uploading any necessary documents to iLoan’s site, and see your money typically within a day of approval.
  • No collateral required. This is an unsecured loan, so you won’t need to put up collateral. Instead, qualification depends on your creditworthiness.
  • Tailored terms. Your maximum loan, repayment terms and repayment period are determined by your personal financial situation, including factors like your credit score and existing debt. Larger amounts are granted to applicants with higher qualifications.
  • Fixed rates. Your interest rate is fixed for the term of the loan, making for predictable payments over the life of your loan.
  • No prepayment penalty. You won’t pay a fee for making early repayments.
  • Unrestricted flexibility. Use this loan for any purpose, including consolidating your existing debt into a single payment.
  • 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 creditworthiness. Keep this and these other factors in mind before applying:

  • Potentially high fees. iLoan personal loans can come with origination fees and stiff late repayment fees. You will not be charged for making additional repayments.
  • Default comes with severe penalties. As with most personal loans, if you’re not able to pay back the amount you’ve borrowed, the lender 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 its stated purpose.

What do I need to apply?

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

  • Go to iLoan’s website and click Apply Now.
  • Complete the application with your personal and financial details, as well as the purpose of your loan.
  • 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 in 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 about iLoan

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US Personal Loans Offers

Important Information*
Even Financial Personal Loans

Get connected to competitive loan offers instantly from top online consumer lenders.

Prosper

Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.

LendingClub Personal Loan

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

SoFi Personal Loan Fixed Rate (with Autopay)

Borrow up to $100,000 with a competitive APR and no fees.

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