Review of Eloan Loan

Review of Eloan Loan

For very long we have been used to the idea of not going to the bank to fetch out for ourselves a personal loan. These days we have processes being enabled for us where we can apply for any loan much more easily and that too just by sitting at home through an online process as well. This is exactly what ELoan brings for us. Though it started back then in 1997, today you can apply for a personal loan through this online portal, and once it reviews your information, you are sure to get your amount possibly even in a day. Isn’t it great that there is a facility wherein you can get your loan amount even in a day? All we need do is to ensure a good credit score for approval, and then the desired amount is all ours for the term.

Terms and Fees of Eloan Loan

  • APR: 49% – 35.99%
  • Loan Amount Range: $1,000 – $35,000 (based on your credit score)
  • Origination Fee: None
  • Repayment Term: 1.5 – 5 years

Eligibility Requirements of Eloan Loan

  • The Eloan personal loan is an unsecured loan where there is a necessary, certain credit score that has to be qualified apart from certain monetary points as well.
  • They assure completely that you are eligible to pay back the loan and therefore there are a certain amount of documents that are required to repay the loan, and therefore the assurance process will begin once you are eligible to receive the loan.
  • There is an age criterion as well where the minimum age limit is 18 to 19 years. Except for a few cities, this loan is available for you in almost all cities in the United States.
  • While some states the minimum age limit 18, there are some also with 19 and then there are chosen few states with 20 being the minimum age to apply for a personal loan via Eloan.

Eloan Loan Application Process

The best part about this loan service is that the application process is very smooth and comfortable. It is also great because of the amount of time that is that is going to take, which is maximum one or two business days and your loan is given to you concerning the fact that you have been credited the same after the entire procedure.

You just need to apply online and fill a simple personal loan attaining form post that you need also to choose the rates that are suitable for you comparing the terms that are going to be comfortable for you and the terms that you need as per your requirement.

With just these two things, your entire work is done, and once this is done then from their end they just need to approve, and then you are all set to very soon receive your personal loan.

Pros and Cons of Eloan Loan

Pros

  • The key advantage of ELoan is a simple online application that allows the entire process to be faster and in working days of either one or two business days, you will receive your required amount which is great when it comes to an online loan provider.
  • Secondly, the interest rates are very well settled, they are not very high and surely very competitive in the market today. There is no requirement for any prepayment penalty, and thus you will not waste any extra money apart from the loan interest rates.
  • Thirdly, the application is very fast when it comes to processing and therefore less amount of time and easy and faster funding.

Cons

  • One of the prominent disadvantages is that the maximum amount that you can borrow is only 35,000 dollar and therefore this is not adequate most of the times when it comes to loan taking as it may limit your ability to take more money even if you need more.
  • Secondly, the customer support that you’re going to receive from this loan provider is only going to be through phone and email which may be called a limited approach.
  • Finally, there is a possibility that you may have certain potential amounts of different fees associated with your loan amount not visible before you start.