Eloan Review

Eloan Overview

Eloan is the online lending brand of Banco Popular de Puerto Rico that primarily deals in lending personal loans to prospective borrowers. Puerto Rico, a US territory, is governed by the same Federal banking laws as every other bank in the Continental US. This FDIC insured bank has 124 years of experience in the banking industry and is allowed to originate loans across the USA, excluding Massachusetts.

SERVICES PROVIDED

Eloan specializes in providing affordable personal loans and debt consolidation loans to those in need of their services.

Personal Loans

Personal loans are unsecured loans which means that they don’t require funds or assets to be put up as collateral in order for the borrower to qualify. This makes them easier to qualify for than traditional loans. Most lenders don’t perform traditional credit checks either. While they check your finances and financial history, it’s more focused on whether or not you can afford to pay the loan back than digging into your credit score.

Debt Consolidation Loans

Eloan offers debt consolidation loans which are loans that are used to pay off multiple loans so the borrower is left with a single monthly payment rather than multiple. This allows them to get out from under high interest rates and the hassle of paying multiple people each month. These loans typically have lower interest rates than the debts that they usually pay off, i.e. credit cards, short term loans, etc.

HOW TO APPLY

As of right now, the only way to apply for one of Eloan’s...loans is on their website. They have a brief and simple loan application form that takes maybe a minute or two to complete.

LOAN PROCESS

Eloan’s loan process adheres to the industry standard where you apply for their loan and you receive an approval decision within one business day. If you qualify, Eloan strives to process your loan that same day. However, if you apply late in the day, after business hours, or on the weekend, you’ll have to wait until the following business day to receive your funds.

In the event that you don’t qualify for a loan, Eloan partners with Avant to share your application with their network of lenders to see if you qualify for one of their loans.

LOAN REQUIREMENTS

• Government Issued ID
• Social Security Card
• Proof of Residence
• Proof of Income (Most recent pay stubs)

LOAN DETAILS

• Loan Amount: $1,500 - $35,000
• Loan Duration: 18 - 60 months
• Collateral Needed: No
• Interest Rates: 7% - 36%
• Minimum Credit Score: Not Listed
• Approval Time: ~1 Business Day
• Loan Deposit Time: 1 - 3 Business Days
• Late Fees: Yes
• Insufficient Funds Fees: Yes

ELOAN REVIEW

This may have to do with being based in Puerto Rico instead of stateside, but Eloan is one of the internet’s best kept secrets. Let’s just look at the numbers. These guys have 20 years of online lending experience after being founded in 1997. They’re backed by Banco Popular de Puerto Rico, which has 124 years of banking industry experience while operating under US Federal banking laws. By 2004, they had already funded $5 billion in online loans.

They’re heavyweights in both the online lending and banking industries.

On top of that, they have incredibly competitive interest rates on their personal and debt consolidation loans. They beat out most of the lenders we’ve reviewed by a good margin while still having respectable loan amounts and terms. This makes their loans more affordable by a similar margin since you’re paying less per month as well as over the life of the loan.

And calculating your payments as well as your total pay out is easy with their loan calculators. Eloan has two calculators on their site (one for personal loans, the other for debt consolidation loans) that give you an idea of what to expect before applying for one of their loans. This lets you look at your budget objectively so you can tell whether or not you could afford a loan based on the state of your finances.

IS ELOAN GOOD FOR YOU?

While Eloan is a bit light on information (we’re sticklers for the details), their site is straightforward and to the point. Their interest rates, terms, and loan amounts are very competitive relative to the market and lenders we’ve reviewed. All of this coupled with over a century of experience in the financial industry makes this is a no-brainer. You’ll be hard pressed to find a more qualified lender.