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Eloan Personal Loans Review
Eloan.com was founded in 1997 with the goal of connecting consumers with high-quality personal loans with the help of new technology. However, Eloan became a division of Banco Popular de Puerto Rico in 2016, which brought with it over 124 years of experience in the banking industry.
While many modern banks offer an array of products including checking and savings accounts, home equity loans, and mortgage loans, Eloan still focuses only on the product they do best — unsecured personal loans. This means they’re able to offer some of the lowest cost loans on the market to qualified borrowers, which is a huge plus for consumers.
If you’re in the market for a personal loan and looking for the most affordable online option available, keep reading to learn more.
Eloan Key Takeaways:
- Borrow up to $35,000 with an unsecured personal loan.
- Fixed interest rates start at 8.99% APR for qualified borrowers.
- Eloan personal loans come with no origination fees, no application fees, and no hidden fees.
- Get pre-qualified for a personal loan without a hard inquiry on your credit report.
Eloan Personal Loans Review
Consumers who need access to a personal loan and don’t want to apply in a physical bank branch should absolutely check out Eloan. This company offers one main loan product — an unsecured personal loan — in amounts up to $35,000. You can use this loan to consolidate debt, pay for a home remodeling project, finance a wedding, or for any other reason. The best part is, Eloan offers very competitive interest rates to consumers who qualify, along with no origination fees, no application fees, and no hidden fees.
To get specific, Eloan interest rates start at 8.99% APR. That’s lower than most top lenders we’ve profiled on The Simple Dollar, including Marcus by Goldman Sachs, Earnest, and SoFi. Combine that with the fact that Eloan personal loans don’t charge any fees, and they’re one of the lowest cost loan options available online — at least for those who can qualify for their best available terms.
Another benefit of Eloan is the fact they let you get pre-qualified for a personal loan without a hard inquiry to your credit report. This puts you in the best position to shop around with several lenders without a bunch of inquiries bogging down your credit score. By getting pre-qualified, you can gauge how much you may be able to borrow and the interest rate you’ll end up with.
Where Eloan Comes Up Short
While Eloan offers low-cost personal loans online, they don’t offer much else. That’s fine if you all you really want is a personal loan without any frills. However, consumers who want to build a relationship with a bank may want to look elsewhere. Then again, Eloan’s parent bank, Banco Popular, does offer a wide variety of banking options, so you could always go that route.
Another downside of Eloan is the fact they don’t list many of their loan terms online. They don’t list a minimum credit score requirement, for example, nor do they let consumers know the repayment terms they offer — as in, how long you might have to repay your loan.
They also stop short of mentioning a minimum income to qualify, or a maximum debt-to-income ratio. Fortunately, they do let you get pre-qualified online, so at least you can see where you stand before you fill out a full loan application.
Who Eloan Personal Loans Are Best For:
- Consumers with excellent credit who can qualify for their lowest interest rate.
- Anyone who wants to complete their entire loan process online
- Borrowers who want to see if they can get pre-qualified without a hard inquiry on their credit report.
- Anyone who wants to borrow less than $35,000 for debt consolidation, a large purchase, or any other reason.
How to Apply for a Personal Loan from Eloan
To qualify for a personal loan through Eloan, you’ll need to meet the bare minimum basic requirements:
- You must meet your state residency requirements.
- You are required to be over the age of 18 on most states, but you’ll need to be 19 if you live in Alabama or Nebraska or 21 if you live in Colorado or Mississippi.
The first step required to apply for a personal loan from Eloan is getting prequalified via their simple online interface. To get prequalified, head to the Eloan website and prepare to enter the following information:
- Address of residence
- Housing status
- Housing payment
- Length at residence
- Email address
- Phone number
- Social Security number
Once you enter the required information, you’ll find out right away if you qualify for a personal loan and, if so, with what kind of rate and terms. From there, you can decide to move forward with the loan offered to you — or not. If you do decide to have your loan funded by Eloan, you can get your money deposited in your bank account in as little as two business days.