Eloan Lender Review – Fast Approval and Funding

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Founded in 1997, Eloan went through several evolutions in its time as an online lender – first offering mortgages and then auto loans, before moving on to its current business model of unsecured personal loans. The company was acquired by the Puerto Rico-based financial services conglomerate Popular, Inc. in 2005. Eloan now operates as a division of Banco Popular de Puerto Rico (another subsidiary of Popular, Inc.) and all loans are owned by Banco. awarded Popular.

You can borrow up to $ 35,000 through Eloan for a variety of purposes, including debt consolidation, medical expenses, home improvement, and more. The lender does not charge processing fees, nor does it have any prepayment penalties. And it offers quick credit decisions and quick loan financing, making it a great choice when you’re in a hurry and need quick cash.

However, the eligibility requirements are unclear and no co-signers or joint applicants are allowed, so borrowers with imperfect creditworthiness may need to turn to a different lender. However, the fact that you can pre-qualify quickly without a tough credit check means there aren’t any major downsides to trying Eloan.

What to Know Before Getting a Personal Loan

Personal loans can be useful tools when you need to finance a significant expense or want to consolidate high-interest debt. Rates and repayment terms can vary by lender and based on your creditworthiness, but personal loans often have lower interest rates than credit cards. Unlike credit cards, personal loans also have fixed interest rates and fixed monthly payments.

Depending on the lender and your credit profile, you may qualify for an unsecured or secured loan. Unsecured loans are issued based solely on your creditworthiness and income, while secured loans require that you leave your property – such as a car, house, or other valuable asset – as collateral.

Before choosing a lender or submitting your loan application, read the loan terms carefully and see what fees will apply. Some lenders charge processing fees, late fees, or early repayment penalties to add to your total loan costs. It is always a good idea to shop around multiple lenders and review the options before proceeding with the application process in order to find the best rate.

Alternatives to personal loans

When you need cash quickly, a personal loan can be attractive. However, there are other options that may be more suitable for your situation:

  • Home equity loan or Home Equity Line of Credit (HELOC): If you’re looking for lower interest rates or higher loan amounts and are willing to provide collateral, a home equity loan or HELOC may be better than a personal loan. If you have equity in your home, you can borrow against that equity to fund large expenses and have up to 30 years to repay the home loan, or HELOC. However, your home acts as collateral so make sure you can comfortably afford the payments.
  • Credit transfer credit card: If you have credit card balances that are subject to high APR, you can move your balance to a card with an introductory 0% APR to save money and pay off your debts faster. Most of the 0% APR introductory phases last between six and 21 months. Be sure to pay attention to the transfer fees and plan to pay off the card in full before the introductory phase ends so that you don’t have to pay high APR on the credit card on the remaining balance.
  • Save for your goals: For those with non-urgent expenses, like an upcoming wedding or a plan for a dream vacation, it probably makes more sense to save for your destination rather than borrowing. By cutting your expenses or taking on a sideline to increase your income, you can put money aside each month until you reach your goal.
  • Free or Inexpensive Loan Advice: If you feel like your finances and debt are spiraling out of control, it is time to meet with a nonprofit credit advisor. They can help you understand your situation, evaluate your options, create a budget, and develop a debt settlement plan. To find approved credit counseling agencies near you, visit the US Trustee Program website.

Advantages and disadvantages of Eloan


  • Credit decisions in just an hour

  • Fast loan disbursement

  • No issuing fees or prepayment penalties

  • The credit process is completed entirely online

  • Payment term of 15 days


  • Doesn’t make loans in Massachusetts

  • No secured loan options

  • Co-signers or co-applicants will not be accepted

  • No information on admission requirements available

Eloan compared to other lenders

Eloan SoFi Best egg
Loan term range 2 to 5 years 2 to 7 years 3 or 5 years
Loan amount $ 2,000 to $ 35,000 $ 5,000 to $ 100,000 $ 2,000 to $ 50,000 (credit limit varies by state)
Credit required Indefinite 680 640
Prepayment penalty None None None
Issuing fee None None 0.99% –5.99% of the loan amount
Unsecured or secured debt Unsecured Unsecured Unsecured and secured loan options
The NextAdvisor editorial team updates this information on a regular basis and some details about loans and fees may have changed since this page was last updated. Contact the lender directly for the most up-to-date information on APR, fees, and other loan details. Also, some loan offers may vary depending on your location.

How to Qualify for an Eloan Loan

To qualify for an Eloan personal loan, you must be at least 18 years old (19 if you reside in Alabama or Nebraska and 21 if you are a resident of Colorado or Mississippi). Massachusetts residents are not eligible for a loan because Banco Popular (the bank that provides the loans) is not licensed to provide loans within the state.

Eloan does not provide minimum credit or income requirements on its website. A customer service rep said the company is instead reviewing your overall profile to determine your eligibility for a loan.

Customer support also said that Eloan does not offer secured loans, nor does it allow borrowers to apply with a co-signer or co-applicant, so you must qualify for a loan based solely on your own income and credit history.

Who Should Get an Eloan Loan?

Eloan’s personal loans are best suited for borrowers who need quick cash for urgent expenses. With Eloan, you receive a credit decision in just one hour and, once approved, receive the money the next working day.

Since Eloan does not publish its creditworthiness or minimum earnings, it is difficult to say whether Eloan is suitable for borrowers with poor or fair creditworthiness. Lenders offering jointly signed applications or secured loans are usually better suited to those with less than perfect credit, as these options can improve their chances of qualifying for a loan. Eloan does not offer any of these options.

However, Eloan allows you to review your credit options without affecting your credit score. So there are no drawbacks to submitting your information to verify your eligibility or to view possible interest rates.

If you find that you are not eligible for an e-loan, you should apply for a loan from a lender who specializes in personal loans with poor credit ratings.

How to Apply for an Eloan Loan

To apply for a loan, do the following:

  1. Fill out the prequalification form: Fill out the prequalification form to find out if you are eligible for a loan and what interest rates are available to you. This step requires a gentle credit check that will not affect your credit score.
  2. Check your options: Based on the information you have provided, Eloan will list your loan options when you are eligible for a loan. You can choose a loan term and amount that suits your needs.
  3. Please, fill in the application: After choosing the loan you want, you can fill out the application. Eloan will ask you to provide your social security number, address, employment details and income. You’ll also need to agree to a tough loan application that can affect your credit score.
  4. Wait for Eloan’s decision: Once you’ve submitted your application, Eloan will review your information. The lender usually makes its decisions in an hour or less. If approved, you can receive your funds as early as the next business day.

Eloan FAQs

Is Eloan Good For Personal Loans?

For borrowers looking for a personal loan, Eloan can be a great choice when they need cash fast. It offers quick loan decisions and fund withdrawals and does not charge any commitment fees or prepayment penalties. And Eloan gives borrowers a 15-day grace period before they incur any late fees.

What Credit Do You Need for an Eloan Loan?

Eloan doesn’t provide a minimum credit score on its website, and a customer service representative said it doesn’t have a minimum credit score. Eloan accepts applications from a variety of credit backgrounds and looks at various factors including creditworthiness, debt-to-income ratio, and payment history.

Can I get an Eloan personal loan with a bad credit rating?

When you have poor credit history it can be difficult to qualify for an Eloan loan. Eloan does not allow individuals to apply with co-signers and there is no secured loan option. If your credit is on the lower end of the scale, you may be better off with another lender who specializes in bad credit or who allows co-signers and secured loans.

Is An Eloan Loan Bad For Your Credit?

Applying for a loan with Eloan or any other personal lender can affect your creditworthiness in the following ways:

  • Additional credit inquiries: When you submit your application, Eloan runs a hard loan application. Any credit request can cause your score to drop slightly.
  • Improved credit mix: Creditors want to see that they can responsibly handle various forms of debt. Adding a personal loan to your credit report can increase your credit score.
  • Payment history: As you make payments on your loan, you can improve your payment history and increase your score. However, missed payments can seriously damage your balance.

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