Who Is the Eloan
Eloan is an online lender that gained popularity in the late 1900s and early 2000s. In 2005, it became a subsidiary of Banco Popular, a Puerto Rico-based financial company. Formerly, the company offered secured loans such as mortgages and auto loans only. Currently, the company offers unsecured personal loans at competitive rates.
Eloan provides a wide variety of personal loans including small personal loans, medical loans, home improvement loans, and debt consolidation loans. One of the major reasons, Eloan is the first choice of many is its fast approval. Eloan is the lender for you if you need cash fast.
Who Should Get An Eloan
Eloan personal loans can get approved very quickly therefore they are best for those who need cash urgently such as to pay medical bills. The approval time for the loan is one hour and the funds are transferred to your account the same day or the next business day. This makes Eloan the best option for those who want cash immediately.
Additionally, Eloan has no minimum credit score requirements. The company evaluates borrowers on several factors that are not limited to their creditworthiness therefore borrowers with fair, poor or good credit scores can apply. Because co-signers and co-borrowers are not allowed, the applicant cannot improve their credit score to qualify for the loan or get a better interest rate.
Applying for an Eloan personal loan does not affect your credit score. So, you should go ahead and apply for Eloan to find out if you are eligible and view the interest rate you’ll be offered.
Pros & Cons
- Credit approval takes one hour on average
- Loan disbursements occur as soon as the same day or next business day
- No origination fees
- No prepayment penalties
- The entire application process takes place online
- Accepts a range of credit scores so anyone can apply
- Credit requirements are not clear
- No secured loans are available
- Co-signers and co-borrowers are not allowed
- People in Massachusetts cannot get loans
What about Eloans fees and penalties
There are no origination fees or other hidden fees when you apply for Eloan. Other lenders charge fees that range between 1 to 8% after loan approval. Getting an Eloan, therefore, lets you save money as you don’t have to pay additional fees.
You are also given a 15-day grace period for making payments. So, even if you make a late payment, if it is within the additional 15 days, you won’t have to pay a late fee and there will be no effect on your credit history. Late fees are disclosed on the agreement when you qualify for the loan.
If you choose to pay off the loan early, there is no pre-payment penalty. You can pay the loan amount early if you want to, without having to worry about penalties.
The absence of pre-payment penalty and origination fee make Eloan products highly desirable.
How to Apply for an Eloan Loan
The Eloan application process is to be completed online. You can go to their website and fill out the prequalification form. To prequalify, there will be a soft credit check, luckily that does not affect your credit score.
You’ll have to provide some basic information about yourself such as:
Phone number, address, email and other contact details
Housing status and payment schedule
Job or Income information
Date of birth
Social Security number
The loan amount that you are applying for and the purpose of the loan
If you are eligible for an Eloan and prequalify, they will give you your loan options after the approval. You will have to choose a loan term and the amount that you need.
To complete the loan application, you’ll have to agree to get a hard credit check that usually impacts your credit score. You might notice that your credit score will be knocked down a few points temporarily.
After you have applied for the loan, you must wait for the final decision from the company which usually takes an hour or less. If the loan gets approved, your amount will be disbursed to you within one business day.
Who an Eloan personal loan is good for?
Although there are some downsides of Eloan such as unclear credit requirements, and no co-signers or co-borrowers, it is one of the best loan options available on the market. Anyone can apply with a bad, fair, or excellent credit score.
There are no hidden fees, origination fees or pre-payment penalties. Loan approval takes less than an hour and the amount is transferred to you within one business day so you can start using the money for your needs right away.
What to Know Before Getting a Personal Loan
Personal loans can help you pay for immediate expenses or consolidate high-interest debt. Compared to credit cards, they offer low-interest rates, and the payment schedule is easy. Although your interest rate depends on your creditworthiness and several other factors, personal loans are generally better than credit cards.
When you apply for a personal loan, it is important to keep in mind that there are two major types of personal loans: unsecured and secured loans. Secured loans require collateral such as a car, house or any other valuable item that can be sold to pay off the debt in case of default.
Unsecured loans do not involve collateral. Therefore, unsecured loans are given out to people with good credit scores and excellent credit history. If you do not have a good credit score, taking a secured loan might be a better option to get low-interest rates. But it is important to note that if you fall behind on payments or are unable to pay back the loan, you might lose your asset.
Before taking on the loan, it is also important to read the loan terms carefully. Consider more than one lender to compare different loan lenders and find the right one. Some lenders offer better rates, while others charge no origination fee and some charge prepayment penalties that will affect how much you pay down the road.