iLoan is a cutting edge lending platform that began operations in the third quarter of 2015. iLoan is a brand of Springleaf Consumer Loan Inc., doing business as iLoan, Small Company Lender. The company employs more than 25 engineers, product managers, and marketers, located primarily at their Chicago office. The company has a score of 7.5 (out of 10) from Trust Pilot.
Since iLoan only began operations in the third quarter 2015, the company does not have a deep history. However they offer an easy and straightforward online loan experience that connects people with the loans that they need to improve their finances.
Personal loans are available to finance just about any personal expense, and can be used to purchase an auto, for debt consolidation, vacation expenses, medical or dental expenses, adoption, payment of bills, moving or relocation expenses or major purchases.
The company makes loans ranging from $2,550 up to $25,000, for terms running from 12 months to 60 months. Rates are between 11.24% and 35.99%, and the platform features an application process that can be completed in as little as five minutes, with funding available in as little as one day after loan approval.
iLoan's loan application is a three-step process, and it all takes place online. First, you fill out your application, which can be done in as little as five minutes. If you are approved, you then review your loan offer. This gives you an opportunity to compare different loan terms. Finally your loan is funded by directly depositing the proceeds into your checking account.
The loan application requests the following information:
The requested loan amount
The loan purpose
Date of birth
Housing type (rental, owned or other)
Your move-in date
Email address (after which it will request that you create a password)
Your income (source, employer, net monthly income, and start date)
Bank account information
Social Security number
Once you complete the information requested, you will then agree to the terms of the Electronic Consent Agreement, the Terms of using the iLoan website, and consent to receive communications from iLoan via phone calls, text messages and prerecorded messages.
Then you simply have to hit the "APPLY NOW" button, and your loan application will be in process.
iLoan repayment terms generally run from 12 months to 60 months, and include both principal and interest. There are no hidden fees, and no prepayment penalties.
Customer support is available Monday through Friday, from 7:00 AM to 6:00 PM, Pacific Standard Time. It can be reached by calling 1-800-675-0200. However, no email address is provided, there is no online chat feature, nor a FAQ page. As an almost brand-new lending platform, the company still has some bases to cover.
iLoan is a relative newcomer in the online personal loan space, so the reputation will need time to develop. However, the platform is owned by Springleaf, which is one of the better regarded online lending platforms on the web. That should instill confidence in would-be borrowers visiting the site.
They offer loans at competitive interest rates, and for a nearly unlimited number of purposes. The fact that loan terms do not exceed 60 months (5 years) holds real promise for those looking to get out of debt with a debt consolidation loan.
P.O. Box 1090
Evansville, IN 47706-1090