Eloan Personal Loans Review [2021]

Eloan is a subsidiary of Banco Popular de Puerto Rico, providing borrowers with unsecured personal loans. The company’s mission is to “transform data into smart, effective solutions tailored to empower enthusiasts and improve their quality of life.” Eloan appeals to prospective borrowers interested in straightforward access to capital for personal use.
Our Rating
Credit Karma

Installment Loan Facts

7.99% to 35.99%
Minimum Credit Score
Loan Amount
$2,000 to $35,000
Minimum Age
Loan Term
24 months to 60 months
Time to Funding
Next Business Day
Origination Fees
Hard Credit Check

Pros and Cons

  • High Trustpilot rating and reviews
  • No prepayment or origination fees
  • Funds available next business day
  • Weekend customer service
  • Only online, no physical branch location
  • Might not be approved due to subprime credit scores
  • Not available to Massachusetts residents

Opploans Logo
Industry Average
$2,000 to $35,000
$500 to $5,000
7.99% to 35.99%
79% to 299%
Origination Fee
1% to 3%
Minimum Credit Score
Time to Funding
Next Business Day
1 Day
Hard Credit Check

Eloan is a subsidiary of Banco Popular de Puerto Rico, providing borrowers with unsecured personal loans. The company’s mission is to “transform data into smart, effective solutions tailored to empower enthusiasts and improve their quality of life.” Eloan appeals to prospective borrowers interested in straightforward access to capital for personal use.

About the Company

Eloan, Inc. formed in 1996 as an online mortgage joint venture between Janina Pawlowski and Christopher Larsen. The company website launched the following year and Eloan quickly became the world’s top online mortgage lender, receiving financing from Yahoo in exchange for 23% equity. The deal made Eloan Yahoo’s preferred mortgage site.

In this loan review, you’ll learn:

  • What kinds of loans Eloan offers
  • How much you can borrow
  • Rates, terms, and fees
  • Qualifications for borrowers
  • Details about the Eloan customer experience

What types of loans are offered?

Eloan offers personal loans that can be used for a variety of reasons and approves applications based on a combination of credit score, debt-to-payment ratio, and income. All of Eloan’s loans are fixed-rate and unsecured.

Eloan offers the following types of personal loans:

Debt and credit card consolidation loans

Consolidation loans allow borrowers to combine multiple credit card or other debt payments into one monthly payment. This new amount often comes at a lower APR and enables you to pay off your other debts, leaving you with only a singular payment to manage.

Small personal loans

Eloan offers small personal loans as a favorable alternative to payday loans, which often come with steep interest rates. These loans start at $2,000 and, as with other personal loans from the company, have no annual fees.

Emergency loans

Emergency loans from Eloan are loans between $2,000 and $35,000 that can help borrowers avoid carrying a credit card balance and paying notoriously high rates.

Home improvement loans

If you are looking to fund a home improvement project but don’t want to tap into your home equity, Eloan offers personal loans that can be used for home improvement. As with all of Eloan’s loans, home improvement loans do not require equity or other collateral.

Medical loans

Eloan’s personal loans can help cover unexpected medical bills at a rate lower than many credit cards. These loans can also cover extensive foreseen medical expenses.

Tiny house financing

For those interested in purchasing a tiny house, personal loans from Eloan can help borrowers avoid complicated paperwork and can fund the initial purchase and repairs. The loan is amortized over a set time and requires no down payment, appraisal, or proof of certification.

Eloan Personal Loans: Rates and Terms


Loan terms range from 24 to 60 months and are determined on a case-by-case basis.

With no prepayment fees, borrowers can pay off their loan early by making select manual payments over the course of their loan, which will help them save on interest. Selecting a shorter loan upfront can also help you pay less. While your monthly payment will be higher, you will pay less in interest over the life of your loan.


Eloan does not offer the option to refinance your loan. Payments are due in monthly installments, and you can apply for a new loan five days after the end of your loan term.


Eloan’s annual percentage rates span from 7.99% to 35.99%, which is similar to other lenders that offer personal loans. Approval and APR are determined through a combination of credit score, the ratio between income and monthly debt payments, credit experience, and repayment history.


While Eloan does not charge origination fees or prepayment fees, the company does charge late fees. Each monthly installment receives a grace period of fifteen days following the due date. Any payment made within that fifteen-day period will not have a fee but will incur interest. If you make a payment after the fifteen-day grace period, Eloan will charge you a late fee equal to 5% of your monthly installment.

Loan Amounts

Eloan provides loans from $2,000 to $35,000. Loan amounts are approved on a case-by-case basis, so the minimum and maximum loan amounts for which you qualify will vary.

Time to Funding  

Eloan attempts to fund approved borrowers within the next business day, though you may experience delays at the end of the business week. While the lender works to get funds into your account by the next day, your bank may not release the funds for another one to three days depending on their policies.

Does Eloan Report to Credit Bureaus?

Eloan does report payments to credit bureaus, so you can use a loan with the company to build your credit for the future by paying consistently and on time. Missing payments, however, can hurt your credit score.

Eloan Loan Requirements

Eloan provides online personal loans to residents over the age of 21 in Colorado and Mississippi, over the age of 19 in Alabama and Nebraska, and over the age of 18 in all other states in which Eloan operates. The entire application and loan management process occurs online as Eloan does not have a physical branch location.


Typical Credit Scores

Prospective Eloan borrowers have a good chance of approval if they have a credit score of 680 or above with a strong credit history and favorable ratio between income and debt payment.

The company’s website shows example APRs for fair credit and above, but Eloan is clear that each application is reviewed individually. A combination of factors, not just credit score, determine approval or denial. The company requires no minimum credit score to apply.

Soft Credit Check: Pre-Application

To pre-qualify for a loan and receive rates and term lengths, you will need to provide Eloan with the following information:

  • name
  • address, housing details, and monthly housing payment
  • date of birth
  • phone number
  • email address
  • income type and monthly net income
  • social security number
  • reason for applying for a loan
  • requested loan amount
  • credit range, from poor to excellent

To continue with the online pre-application process, you will need to create a password and agree to Eloan’s terms and conditions. Eloan will complete a soft credit check, which neither appears in your credit history nor affects your credit score.

Hard Credit Check: Formal Application

Once you complete the pre-application process, Eloan will provide you with the terms and APR you qualify for based on the information you provided. You can use this information to compare rates with other lenders.

If you decide to move forward with a formal application, Eloan will complete a hard credit check. A hard credit check includes your full credit history and will appear on your credit report.

You will receive communication from Eloan about the application process through email. If Eloan denies your loan, you can reach out to customer service to understand why. Since the company considers multiple factors when determining loans, your denial may not hinge on your credit score.


By not charging prepayment fees and hosting your loan management completely online, Eloan makes it easier to pay ahead on your loan if you can and save money on interest over the life of your loan.

Payment Due Dates

While your payment is due each month on the due date specified in your terms, Eloan offers a fifteen-day grace period free from a late payment. Know, however, that you will incur interest during these fifteen days. If your payment falls after the grace period, you will pay a late fee equal to 5% of your monthly installment payment.

Accepted Methods of Payment

Eloan manages loan payments through an online portal, through which you can set up autopay and pay by credit card or ACH payments.

The Eloan Customer Experience

Eloan Customer Service

Customer Support

Eloan offers assistance with applications and loan management seven days a week.  

Application Assistance

Monday through Sunday, 7 a.m. to 8 p.m. CT


Loan Management

Monday through Thursday, 8 a.m. to 8 p.m. CT
Friday, 8 a.m. to 7:30 p.m. CT

Saturday and Sunday, 9 a.m. to 5:30 p.m. CT


In light of recent phishing scams, Eloan is clear that representatives will never officially communicate through outbound phone calls or texts and will never ask for a deposit or gift cards in exchange for loan pre-approval. The company’s official email address is support@my.eloan.com, and all email communication about your loan will come from that address.

Customer Feedback and Reports

Eloan is not rated or accredited with the Better Business Bureau as a personal loan provider and subsidiary of Banco Popular North America.

On the corporate website, Eloan references its 4.8-star review on Trustpilot and encourages customers to give reviews, whether positive or negative. Of the 1,114 reviews on Trustpilot, 89% rated Eloan as “Excellent.”

Reviewers say that:

  • The process for applying and receiving funds is easy and fast
  • The interest rate was good
  • The company was very professional, and the process was smooth

The vast majority of reviews stress the ease of applying and receiving funds and the speed with which funds appear in borrowers’ accounts, consistent with Eloan’s approach to simpler, easier lending.