Eloan Review 2020

Debt consolidation Best for
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Table of Contents

    Terms, Fees and Rates 2020

    Minimum credit score: Not specified
    APR: 8.99% to 21.49%
    Loan amounts min to max: $2,000 to $35,000
    Origination fee: None
    Terms: Between two and five years
    Late payment fee: Not specified
    Prepayment penalty: None

    Pros and Cons


    • No origination fees
    • Extensive range of terms
    • No prepayment penalties
    • Funds could be received on the next business day
    • Reduce all monthly payments into one manageable fee
    • Phone service available to assist with applications


    • Higher APR than many competitors
    • Unclear about what credit score will be accepted, only says that a ‘variety of credit backgrounds’ will be considered

    Why should you consolidate your loans with Eloan?

    • No origination fees - These costs are associated with setting up the account, and the ongoing administration. With some loans, origination fees can end up costing thousands of dollars over the repayment term. It’s a big plus that Eloan doesn’t charge in this regard
    • Extensive range of terms - The best thing about a consolidation loan is enabling yourself to reduce monthly payments. In general, the longer period your payments are spread over, the lower your monthly fee will be. With terms as long as five years, successful applicants could see a dramatic reduction in bills
    • No prepayment penalties - If you’re able to pay off some or all of the loan early, you won’t be charged a single cent in order to this. Those who pay early will save significantly on future interest charges
    • Funds could be received on the next business day - If you’re seeking a consolidation loan because of a financial emergency, then you don’t want to be kept waiting for a week before receiving any money. For those proven eligible, access to the cash required should be transferred extremely quickly

    What are the eligibility requirements?

    • Credit score - unspecified
    • A resident of any US state except Massachusetts
    • No proof of income necessary
    • At least 18 years old
    • Applications considered from a range of credit backgrounds

    How to apply for an Eloan consolidation loan? 

    Applications with this provider can only be completed online. However, if you need help with your application, an Eloan agent can be contacted on the phone to guide you through each step.

     Be prepared to supply some personal details including:

    • Accommodation status
    • Rent/mortgage bills
    • Income statements
    • Social security number
    • The loan amount requested
    • The reason for the loan

    Customer Service

    • Phone support available Monday to Sunday from 7 am to 8 pm (CT)
    • An FAQ page for general inquiries
    • Email

    What types of debt can be consolidated with Eloan?

    Any credit card bills, homeowner/home equity, or personal loans can be consolidated with this provider.

    Bottom line

    Eloan provides a few reasonable services that will be helpful for some. The fast application processing and extensive terms are two key benefits. Although, with an unusually high minimum APR, along with a lack of clarity over what credit scores are accepted, there are probably better options out there.

    SoFi provides some fantastic debt consolidation loans. With interest rates starting from as low as 5.99% and terms as generous as seven years, successful applicants could dramatically reduce their financial pressure. Avant is another lender worth considering. Its customer service is well-reviewed, and it even provides loans to those with credit as low as 580.