Have you run out of cash? Eloan can help you solve all your financial needs in a click.
E-Loan, Inc. is a financial services company that offers its users access to partners that may be able to assist them in obtaining loans. E-Loan was a pioneer in the online lending industry in the late 1990s and early 2000s. As of 1999, it was the number 1 site for online lending, with Quicken Loan’s later online offering playing catch-up in 2nd after E-Loan declined a buyout offer.
As of 2017, E-Loan is focused on its personal loan referral business, and as of May 15, 2017 all of its deposit customers were transferred to Popular Direct.
Whether you need a personal loan to catch up with unexpected emergency expenses, consolidate your debt or simply get one step closer to your dreams, they thrive on helping enthusiasts like you to take control over their finances.
Eloan is a Division of Banco Popular de Puerto Rico that offers online unsecured personal loans.
For over 20 years, Eloan has empowered enthusiasts with simple and effective financial solutions that make their customers’ lives easier.
BPPR And How It’s Associated With Eloan
Banco Popular de Puerto Rico (also referred to as “Banco Popular” throughout their website) is a depository bank insured by the FDIC and regulated by the CFPB. It is the loan originator for Eloan. Banco Popular is a solid financial institution with over 124 years of experience in the banking industry, governed by U.S. federal banking laws.
Puerto Rico is a commonwealth or territory of the United States governed by the same federal banking laws that apply to other U.S. banks. So, your rights as a consumer are as protected with Banco Popular as they will be with any other depository institution in the U.S.
Banco Popular is the bank that originates the Eloan product. Eloan is the brand name of an online channel that Banco Popular uses to originate loans in the U.S.
How Does Eloan Work?
Once the application is complete, your loan application with Eloan is processed for final review. If anything else is needed during the verification process, they will contact you directly.
How Long Does It Take For Your Loan To Be Approved?
They aim to process and approve applications very quickly. However, the disbursement of the loan will depend on the day of the week and time of day your loan is submitted and approved. If your loan is approved by 3:30 PM CT Monday – Friday, your will be credited the following business day. If the loan is approved after that time or during the weekend or holiday, it may take a few more days to deposit the funds.
Also, keep in mind that your bank’s processing time may delay access to your funds. Some institutions could take from 1-3 business days to process the funds.
What Makes Eloan Different?
Eloan accepts all applications from a variety of credit backgrounds. However those applicants with a high credit score tend to have the highest rate of approval, but they do look into other factors when they make their final decision, such as credit score, relation between income and debt payments, credit experience, and repayment history. You can always apply for a loan. Income is certainly one of the factors Eloan considers when making their loan decision.
Requirements To Apply For A Loan With Eloan
- If you are over the age of 18 (19 if a resident of Alabama or Nebraska, or 21 if you are a resident of Colorado or Mississippi) you are welcome to apply.
- Their loan application is completely online.
Once the application is complete, your application will be processed. If anything else is needed during the verification process, they will contact you directly.
How To Apply For Eloan Loan?
They only accept online loan applications. To get started, go to my.eloan.com/apply. If you would like assistance filling out the application, Eloan will be happy to walk you through the process.
How Eloan Checks Your Credit Score?
All customers who check their rate will receive a soft credit inquiry through Transunion, which is one of the 3 major credit bureaus in the United States.
The soft inquiry will not affect your credit score. If you choose to continue with your application after pre-approval terms are generated, the Eloan team will perform a Hard Inquiry on your credit report prior to the verification step of the application that will impact your credit score. Hard inquiries can affect your credit score and are visible to third parties reviewing your credit report.
What Makes Eloan Better?
There are no hidden fees for completing the loan application or taking the loan. They will never charge you hidden loan fees like application fees, membership fees, or prepayment fees. Any charges related to your loan throughout its term will be detailed in your loan contract/Promissory note.
Eloan Personal Loans
Eloan personal loan is an amount of money borrowed at a fixed rate that needs to be repaid in a specific amount of time.
If you make the right decision, you could get a low rate for a personal loan and use it for debt consolidation or even home improvements.
We share below some of the common uses of Eloan personal loan online.
1. Debt Consolidation Loan
Eloan debt consolidation loan is a personal loan that can provide a simple and more affordable way to combine multiple debts, like credit card balances and medical bills, into one convenient monthly lump sum payment.
This kind of loan typically comes with lower interest rates and lower monthly payments.
So, if you are struggling to pay all your day-to-day expenses as well as what you owe to creditors, a debt consolidation loan can be a great way to free up some extra cash and live a more comfortable, hassle-free life.
As a Pioneer in Online Lending since 1998, Eloan continues to offer one of the best debt consolidation loans in the business thanks to its low-interest rates, next business day funding, and zero origination and annual fee approach.
2. Credit Card Consolidation
A credit card consolidation loan can be a smarter, easier approach to paying off multiple credit card balances and the high-interest rates that come with them.
If you are tired of paying multiple monthly minimums and you need to free up more cash for daily expenses, a credit card consolidation loan can give you the power to manage your credit card debt and then simply make one convenient monthly payment you can afford.
This type of loan typically comes with a lower1, fixed interest rate, which means your monthly payment won’t change.
There are also no annual credit card fees, which may mean lower monthly payments and more cash flow.
Instead of paying different credit card minimums each month to multiple companies, all while watching your debt pile up thanks to high-interest rates and fees, you can settle your outstanding balances with Eloan and then make one easy credit card consolidation loan payment.
3. Small Personal Loan
A small personal loan is typically a loan that ranges from $2,000 to $35,000, no collateral or equity required.
Whether you need quick cash to cover the cost of an unexpected expense such as a medical bill, or to finance an emergency car or home repair, a personal loan from Eloan can deliver the funds to your account as soon as the next business day2.
Compared with payday loans or footing the bill with your credit card, this type of loan tends to come with a lower interest rate that won’t change and no annual fees, which also means lower monthly payments and more cash flow for you.
It can be simple to pre-qualify: just fill out Eloan’s online application with your basic information, check your rates, and choose from the loan options available to you.
4. House Financing
An Eloan personal loan can be used for a tiny house and can be the fastest, easiest way to secure the money you need to get the (micro) home you want.
Whether you’re looking to buy a tiny house starter kit, construct a mini cabin for mountain adventures, or make your own mobile dream bungalow, you can use an Eloan personal loan to pay for the necessary resources and construction materials.
No down payment, appraisal, or RVIA certification required.
5. Medical Bills
When it comes to your health, you shouldn’t have to compromise on the care you deserve.
A medical loan is an unsecured personal loan that can be a quick and simple way to get the money you need to pay down past or future bills from the hospitals and doctors you prefer.
Whether you’re facing a mountain of medical expenses from a health emergency, financing a surgery that insurance simply won’t cover, or dealing with debt from surprise charges or a high deductible, you can use an Eloan personal loan to finance treatment, prescriptions, procedures, and more.
Wrapping Up On Eloan
Eloan provides fast affordable financing that meets your needs, No hidden fees, No prepayment penalties, No origination fees.
Simply Fill out their easy personal loan application, Select the offer and terms that best fits your needs, If your application is approved, we’ll deposit your money as early as the next business day.