By Sarah Pritzker
|Loan types||Personal Loans,debt consolidation|
|Loan amount||$1,000 - $35,000|
|Repayment terms||18-60 months|
|APR||7.59% - 35.99%|
|Best for||Young innovators who need funding to get started|
Eloan presents itself as an up-and-coming, fresh, and forward-thinking startup that has the ideals and objectives perfect for helping young and enthusiastic individuals make their dreams come true. In reality, though, Eloan has been around for more than 20 years, doing exactly what its mission statement claims. Backed by the Banco Popular de Puerto Rico, Eloan provides small to medium-sized personal loans for those people who need a little extra help getting things up and running. Whether you are looking to make a private purchase, cover some unexpected expenses, or fund a great new idea, Eloan has some interesting terms to offer and certainly lives up to its claims of being Radically Simple.
Eloan offers one loan type that caters to the varying needs of the public. A personal loan can be used for many different purposes including business funding, private purchases such as a new boat or a flat-screen TV, auto purchases, medical bills, credit card debt consolidation, event planning such as a wedding or fair, and more. You can choose to pay your loan back in as little as 18 months or you also have the option of spreading it out up to over 60 months (5 years). The amount of time you spread your loan out over will determine how much you pay each month, as well as how much you'll be paying in interest, overall.
Eloan’s application is super smooth and simple. As the byline says, Radically Simple, and Eloan makes its whole process take only a matter of minutes. Here’s how it works:
Once you’ve gotten a few offers, you can decide if you want to proceed with one of them. If so, you’ll connect directly with the lender, fill out a little more information, and, once you’ve agreed to the loan terms, finalize the loan. Eloan says it will have your money within your account by the next business day if everything clears before 3:30pm the previous business day (Monday through Friday).
When applying for a loan with Eloan, bear in mind that there are a few basic requirements including:
Additionally, while Eloan will works with a wide range of borrowers, the typical credit score that will be approved by this company is 680 or higher.
Eloan has a really wide range of loan amounts you can borrow which makes it the ideal choice for a broad audience of borrowers. Loans start at $1,000, so people who just need a little extra money to get through the month, cover an unexpected expense, or purchase something above their usual monthly finances will be able to secure a loan for this small amount without having to worry about hefty interest payments that come with larger loans weighing them down.
The upper cap for loan amounts from Eloan is $35,000, which may not be as much as bigger players in the lending industry like SoFi or LendingTree will offer, but is still a solid offer.
Eloan offers a wide berth of repayment options. You can decide to pay your loan back over the course of as little as 1.5 years or as much as 5 years, depending on your loan amount and your current financial situation. Keep in mind that the longer you take to pay off your loan the less you will have to pay out each month, but the more you will end up paying out in interest payments over time. Eloan offers personal loans with APRs starting at 7.49% - 35.99%, which is the industry standard for lenders.
Eloan is backed by a prominent bank, the Banco Popular de Puerto Rico, which has been an irrefutably solid banking institution for the past 124 years. Additionally, it is governed by the same United States federal banking laws, so you are working with terms that are familiar and unwavering. Eloan uses 128-bit encryption on all of its webpages to keep your information secure as well.
Eloan is somewhat limited in its customer support options, something the company would do well to improve upon in the future. There is a small FAQ section, however, in which you can find some of the most commonly asked questions.
What’s even more useful is the Learning Center provided by Eloan. Here you can find any question and answer you might have. Read in-depth articles and get answers to major financing topics including home improvement costs, personal financing troubleshooting, and debt management, along with advice on how to consolidate debt, how to set up an emergency fund with your current finances, and steps to take to help improve your finances overall. There's also a helpful glossary of terms that are organized alphabetically. This comes in very handy if you are new to personal loans and are not familiar with the terms used.
Additionally, you can reach out to a representative via the online contact form or on Facebook, if you have a specific question that you can’t find in the FAQ section.
Eloan is an easy online lender to like. It has a fresh approach to finances, but brings decades of experience in the banking world to the table as well. New borrowers will appreciate the wealth of financial education and lending tools like the personal loan calculator and debt consolidation calculator, and anyone with a less than perfect credit score will enjoy the fact that approval is forthcoming with this service. Eloan could use a few more customer service options, but otherwise, this is a good place to look for a personal loan with competitive rates and terms.
85 Broad St.
New York, New York