Eloan Review

BySarah BadaniOct. 27, 2019

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In a Nutshell

In a Nutshell

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 Simply Smart.


  • Fast online application
  • Money in your account the next business day
  • No origination fee


  • Strict credit policy 
  • No physical branches

Eloan at a Glance

Loan types
Unsecured personal Loans, debt consolidation
Loan amount$2,000 - $35,000 *
Repayment terms24-60 months
APR8.99% - 21.49% *
Best forYoung innovators who need funding to get started

Visit Eloan

Best For?

  • Young borrowers looking for financial education
  • Startup mentalities
  • People with good credit scores

Loan Features

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 computer 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.

  • APRs from 8.99% - 21.49% *
  • Works with credit scores of 660 or higher
  • No prepayment penalties
  • No origination fee *
  • Fast, easy online application
  • Online loan calculator
  • Online financing tools
  • Online financial education
  • 1-hour credit decision**
  • Next-business day funding, if application is approved***
  • Flexible loan payment schedule: 15-day grace period without late payment penalty****

The Application Process

Eloan’s application is super smooth and simple. As the byline says, Simply Smart, and Eloan makes its whole process take only a matter of minutes. Here’s how it works:

  1. Go to the Eloan website
  2. Click on the green, Check my rate button
  3. Fill out your personal information, such as your name, phone number, and address
  4. State how much money you want to borrow
  5. You’ll also be asked to consent to certain terms of use and privacy policies
  6. Click agree to get your rates

Once you’ve gotten a few offers, you can decide if you want to proceed with one of them. If so, you’ll fill out and verify additional 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 3:00pm 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:

  • You must be over 18 years of age (in most states, 19 or 21 in others)
  • Live in any state other than Massachusetts
  • Have no more than 3 credit pulls in the last 9 months

Additionally, while Eloan will works with a wide range of borrowers, the typical credit score that will be approved by this company is 660 or higher.

How Much Can You Borrow?

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 $2,000, 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.

Repayment Terms

Eloan offers a wide berth of repayment options, and features a 15-day grace period* without late payment penalty if you can't make your payments on time. 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 8.99% - 21.49% *, which is the industry standard for lenders.

How Safe Is It?

Eloan is backed by a prominent bank, the Banco Popular de Puerto Rico, which has been an irrefutably solid banking institution for the past 125 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.

Help & Support

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, along with advice on how to consolidate debt, 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 healthy credit score will enjoy high approval possibilities with this Simple and Smart 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.

Physical Address

85 Broad St.

New York, New York

Visit Eloan

* Rates from 8.99% - 21.49% *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.

** Final credit decision may take longer than 1 hour if additional documents are requested as part of the verification process.

*** 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.

****You have a 15-day grace period after your due date to make your instalment payment without incurring in a late fee. Thus, you have payment flexibility to pay your installment amount during those 15 days each month.

Eloan customer testimonials

ExcellentReviews 1,692
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  • author
    a day ago
    Loan process was easy and quick.

    Loan process was easy and quick. Very happy with the results and prompt funding.


  • author
    Edgar S.
    a day ago
    Great customer service

    Loan process was a bit longer than advertised but still pretty quick. Customer reps were very helpful & guided me through the whole process easily. Overall, it was an easy process that took over a 5-6 days & a few phone calls for them to gather the information & for them to make an informative decision.


  • author
    Matthew Hutzell
    2 days ago
    So far, an amazingly competent company.

    I held little hope that I would actually get this loan approved mostly based on the logic that loan companies use when handing out loans, i.e the most important two being credit score and debt to income ratio. My credit score is decent, 770, but my debt to income if you don't look at what I'm trying to accomplish is not great. As it was prior to being approved for the loan, my monthly payments for all my installments was $500+. With this consolidation loan (and some extra), my payments are now $455. Most companies, my bank included, don't take into account that I'm using this money to pay off the other money, lowering my overall monthly payment. Thankfully E-Loan does take that into consideration. The process itself was over-all, easy-ish. It's all online, which is both a blessing and a curse. It's nice not having to deal with other people, but at the same time there is a lovely simplicity to handing someone some paperwork and letting them take control. There is a LOT of questions that need answered, but I suppose that is a good thing so they can make sure everything will go smoothly. Lots of documents to upload. The only part I would say wasn't super easy to understand, is after you go through the process of uploading documents and what-not, there is nothing that really happens to let you know what is going on. There is just some boxes that say "completed" or "submitted" and nothing else. I actually called in to their customer service (which took literally no time at all. It started with a robot lady to confirm which department you needed, then within 10 seconds I was talking to a very nice, helpful, and easy to understand associate) to make sure that one of the background questions wasn't going to cause any issues. She assured me it wouldn't, and made sure to forward my information to the decision department. Less than 30 minutes after that phone call I had the email asking me to verify information again, and to sign the paperwork. Less than a minute after that I got the approval email. The funds will be deposited in 5 days (it's a Friday, so nothing you can do there), and assuming that all goes through fine then I would 100% highly recommend this company for your loans. My main personal bank is PNC, and even though I already have a small loan through them with no missed payments, 10 year old credit history, decent credit score, and a relatively low credit utilization, they denied me. E-Loan got it done at a lower interest rate (PNC told me straight up the lowest would have been 11%, E-Loan got me in at 10.5%) and with less hassle. I can see little to no reason at this point not to go with this company for a personal loan. Thanks guys!


  • author
    John Logan
    2 days ago
    You all help me give to access

    You all help me give thanks to the management of Access Loan Company for helping me get the loan that i have been looking for it has been so many attempt but finally it came to pass and now i was able to get the loan ,if any one is out there looking for funds for any kind of business plans or to Pay off bills.


  • author
    Azam S
    2 days ago
    Not good at all

    Not good at all. Never ever take a loan from these guys! Stay Away!