ELOAN 2019
IN-DEPTH REVIEW

In a nutshell: Whether looking to make some home improvements, pay-off medical bills, or consolidate debt, Eloan provides small to medium-sized personal loans through their fast and simple online application process

7.5

Overview

 

In business for over 20 years, Eloan takes a fresh approach to personal lending. Eloan currently offers a simple online loan application and personal loans up to $35,000. Applicants can submit their applications online quickly and if they qualify, in just a matter of seconds, will be shown their loan offers. After selecting an offer and completing the online verification process, borrowers can expect to receive funds within the next-business day, if the application is approved.

 

Requirements

 

Eloan provides loans to borrowers with good to excellent credit. In addition, all applicants must be over 18 years of age or sometimes 21 years old, depending on the state. Bear in mind that Eloan does not offer loans within the state of Massachusetts.

 

Loan Process

 

Eloan has an extremely straightforward application process, and customers can handle everything online through their website. Start by entering the Eloan website www.eloan.com. Prior to submitting an application, customers can quickly get an idea of their loan options with the adjustable calculator on the Eloan homepage. Here, you can view rates based on how much money you wish to borrow, the repayment period, and approximate credit rating.

Ready to apply? Click on the “Check Your Rates” button. Next, you will need to fill out a form requesting personal information such as your name, address, desired loan amount, credit rating, and income. You will also need to agree to certain terms of use and Eloan’s privacy policy. Altogether, the application only takes a few minutes to complete.

After submitting the online application, Eloan will respond with a list of loan offers. You can then shop around and compare before selecting the most suitable offer for your needs and budget. After selecting a loan offer, you can move forward to the online verification process. The accepted offer will be subject to Eloan’s verification of your income, creditworthiness, bank account and identity. If your application if approved, funds can arrive in your bank account as soon as the next business day.

 

Loan Terms

 

Repayment periods at Eloan range between 24 to 60 months so borrowers can decide on terms that suit their income and budgets. APRs start as low as 7.99% and go up to 19.49%. Note that Eloan comes with no origination fees and no prepayment penalties. 

 

Customer Support

 

Eloan customer support stays open Monday through Sunday from 7:00 am to 8:00 pm CT. Customers can get in touch by phone or by email. In addition, their website has a basic FAQ to help get started and learn more about securing a personal loan through their service.

However, when compared to other personal loan services, Eloan does lack some customer support options. For example, they lack a live chat option or a 24/7 hotline. 

 

* 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. 
 

 

VISIT ELOAN NOW

PROS
  • No origination fees
  • Next-business day funding
CONS
  • Loans up to $35K
  • No live chat
BOTTOM LINE
Eloan provides loans for up to $35K & APR between 7.99% - 19.49% within one business day.
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Joe Schwartz

Personal Loans Editor

Our chief content editor, Joe manages a diverse team of content writers. He holds a degree in online communications and his writing has been featured in a wide range of online publications.