Eloan Lender Review: Fast Approval and Funding

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Launched in 1997, Eloan has gone through several evolutions in its time as an online lender, first offering mortgages and then car loans, before moving to its current business model of unsecured personal loans. The company was acquired by 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 of its loans are originated by Popular Bank.

Through Eloan, you can borrow up to $35,000 for a variety of purposes, including debt consolidation, medical expenses, home improvements, and more. The lender does not charge origination fees, nor does it have prepayment penalties. Plus, it offers quick loan decisions and fast loan financing, making it a good option if you’re in a hurry and need cash quickly.

However, its eligibility requirements are unclear and it does not allow cosigners or joint applicants, so borrowers with less than perfect credit may have to turn to another lender. Still, the fact that you can quickly pre-qualify without a hard credit check means there’s no significant downside to checking out Eloan.

What you need to know before getting a personal loan

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

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

Before you select a lender or submit your loan application, be sure to read the loan terms carefully and see what fees apply. Some lenders charge origination fees, late fees, or prepayment penalties, which add to the total cost of your loan. It’s always a good idea to shop around and review the options of several lenders before proceeding with the application process, to find the best rate.

Alternatives to personal loans

When you need money quickly, a personal loan can be attractive. But there are other options that may be more appropriate for your situation:

  • Home Equity Loan or Home Equity Line of Credit (HELOC): If you’re looking for lower rates or larger loan amounts and are willing to put up collateral, a home equity loan or HELOC may be a better option than a personal loan. If you have equity in your home, you can borrow against that equity to finance large expenses, and you have up to 30 years to repay the home equity loan, or HELOC. However, your home serves as collateral, so make sure you can comfortably make the payments.
  • credit card balance transfer: If you have credit card balances that are subject to high APRs, transferring your balance to a card with a 0% introductory APR offer could help you save money and pay off your debt faster. Most introductory 0% APR periods last between six and 21 months. Be sure to pay attention to balance transfer fees and have a plan to pay off the card in full before the introductory period ends so you don’t have to pay high credit card APRs on the remaining balance.
  • Save for your goals: For people with non-urgent expenses, like an upcoming wedding or planning a dream vacation, it probably makes more sense to save for your goal rather than borrow money. By cutting your expenses or doing something extra to increase your income, you can set aside money each month until you reach your goal.
  • Free or low-cost credit counseling: If you feel like your finances and debt are out of control, consider meeting with a nonprofit credit counselor. They can help you understand your situation, evaluate your options, create a budget, and develop a debt payment plan. To find approved credit counseling agencies near you, visit the US Trustee Program website.

Pros and cons of Eloan


  • Credit decisions in as little as an hour

  • Fast loan disbursement

  • No origination fees or prepayment penalties

  • The loan process is completed entirely online

  • 15-day payment grace period


  • Does not issue loans in Massachusetts

  • No secured loan options

  • Co-signers or co-applicants are not accepted

  • No information available on eligibility requirements

Eloan compared to other lenders

eloan sofi better 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 (loan limit varies by state)
Credit score needed Not specified 680 640
Prepayment Penalty None None None
origination fee None None 0.99%–5.99% of loan amount
Unsecured or secured debt Unsafe Unsafe Secured and unsecured loan options

The NextAdvisor editorial team updates this information regularly, although certain loan and fee details may have changed since this page was last updated. For the most up-to-date information on APRs, fees, and other loan details, check with the lender directly. 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 are a resident of Alabama or Nebraska, and 21 if you are a resident of Colorado or Mississippi). Massachusetts residents are not eligible for a loan, as Banco Popular (the bank that originates the loans) is not licensed to originate loans within the state.

Eloan does not specify a minimum credit score or income requirement on its website. A customer service representative said the company looks at your overall profile to determine your eligibility for a loan.

Customer service also said Eloan doesn’t offer guaranteed loans, nor does it allow borrowers to apply with a co-signer or co-applicant, so you’ll need to qualify for a loan based solely on your own income and credit history.

Who should get an Eloan loan

Eloan personal loans are best for borrowers who need quick cash for urgent expenses. With Eloan, you can receive a credit decision in as little as an hour and, if approved, receive funds as soon as the next business day.

Because Eloan doesn’t publish its minimum credit score or income requirements, it’s hard to know if Eloan is a good fit for borrowers with poor or fair credit. Lenders that offer co-signed applications or secured loans tend to be better for people with less than perfect credit, as those options can improve your chances of qualifying for a loan. Eloan does not offer any of these options.

However, Eloan allows you to check your loan options without affecting your credit score, so there’s no harm in submitting your information to check your eligibility or to view potential rates.

If you find that you are not eligible for an E-loan, you may want to consider applying with a lender that specializes in bad credit personal loans.

How to apply for an Eloan loan

To apply for a loan, follow these four steps:

  1. Fill out the prequalification form: Fill out the prequalification form to find out if you’re eligible for a loan and to see what rates are available to you. This step requires a soft credit check, which will not affect your credit score.
  2. Review your options: Based on the information you provide, Eloan will list your loan options if you are eligible for a loan. He can choose a loan term and amount that suits his needs.
  3. Complete the application: Once you have selected the loan you want, you can complete the application. Eloan will ask you to provide your Social Security number, address, employment and income information. She will also need to consent to a hard credit inquiry, which may affect her credit.
  4. Wait for Eloan’s decision: Once you submit your application, Eloan will review your information. The lender usually makes decisions for him in an hour or less. If approved, he can receive the money from him as soon as the next business day.

Frequently Asked Questions about Eloan

Is Eloan good for personal loans?

For borrowers looking for a personal loan, Eloan can be a good option when they need cash quickly. It offers fast loan decisions and disbursements of funds, and does not charge origination fees or prepayment penalties. And, Eloan gives borrowers a 15-day grace period before incurring late fees.

What credit score do you need for an Eloan loan?

Eloan doesn’t specify its minimum credit score on its website, and a customer service representative said there was no minimum score. Eloan accepts applications from a variety of credit backgrounds and looks at several factors, including credit score, debt-to-income ratio, and payment history.

Can I get a personal loan from Eloan with bad credit?

If you have bad credit, qualifying for an Eloan loan can be challenging. Eloan does not allow people to apply with cosigners and does not have a guaranteed loan option. If your credit is on the lower end of the scale, you may be better off with another lender that specializes in bad credit loans or allows cosigners and secured loans.

Does an Eloan loan hurt your credit?

When you apply for a loan from Eloan or any other personal loan lender, it can affect your credit score in the following ways:

  • Additional Credit Inquiries: When you submit your application, Eloan will run a credit inquiry. Each credit inquiry can cause her score to drop slightly.
  • Improved credit mix: Creditors want to see that you can responsibly handle multiple forms of debt. Adding a personal loan to your credit report could improve your credit.
  • Payment history: As you make your loan payments, you can improve your payment history and increase your score. However, any late payment can significantly damage your credit.

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