Eloan is Puerto Rico’s online lender. They offer instant, affordable personal loans and a quick and easy online experience. Eloan has been in business for over 20 years and strives to make the loan process simple and easy for borrowers.

They also work with a wide range of banks, credit unions and other financial institutions so borrowers can get a loan even if they don’t qualify for one at their current bank. Here’s a look at some of the benefits and drawbacks of Eloan loans.

Pros

Few fees; Range of loan amounts; Accepts a range of credit scores

Cons

One thing to keep in mind is that it has a relatively high APR and little transparency regarding its eligibility requirements.

Eloan is best for borrowers with good credit

Eloan does not indicate the minimum credit score or monthly income to apply for its loans, but it is a big player in the lending landscape.

Eloan evaluates apps by looking at many factors such as credit history, income/debt ratio, credit experience, and payment history.

Borrowers with good or excellent credit will typically be approved and receive the best interest rates, but borrowers with fair credit also have a good chance of being approved as they may have other strengths as borrowers.

Eloan has a clear and transparent fee structure that sets it apart from most other lenders. There are no hidden fees or penalties – the only fee is a late payment penalty after the grace period in case you miss your payment.

If you have good to excellent credit, other lenders can be a riskier investment and could end up costing you much more than this lender, who is affordable and great at risk identification.

Benefits Eloan

Eloan can give you a personal loan online if you are having trouble finding something suitable. This lender works with a wide range of credit scores, including those with fair and excellent credit, and charges few fees.

Eloan offers fixed-rate personal loans from $2,000 to $35,000 with repayment terms of two to five years in all states except Massachusetts.

Interest rates for our personal loans range from 8.99% to 21.49% and vary for each customer, depending on factors we take into consideration, such as the borrower’s credit rating, the amount of money borrowed, and the term of chosen payment. Unlike some other lenders, we do not offer interest rate discounts.

While Eloan does not publicly disclose credit score requirements for applicants, they do show that its products are available to consumers with fair to excellent FICO scores. For reference, a fair credit score starts at 580.

Eloan will review your credit history, debt-to-income ratio, and payment history before approving you for a loan. You can get the funds the next business day as long as your application is approved within their guidelines.

Fees and penalties Eloan

Eloan does not charge an origination fee or prepayment penalty when you choose to prepay. There is also no application fee or other hidden fees.

If you miss your payment for more than 15 days, your creditor has the right to charge you late fees. However, they do not disclose what those fees will be before you apply. You can find out which one will be yours once you have an offer accepted.

When you need a short term loan with no fees to get started, it will save you a lot of hassle and money. With origination fees from other lenders ranging from 1% to 8%, the impact on your bottom line should not be underestimated.

Requirements Eloan

The Eloan application process – from start to finish – consists of a few simple steps, all done online. After providing the basic information, you will immediately receive a credit decision.

Name, address, housing and payment status, income information and date of birth

Fill in the following fields: Telephone and e-mail; Social Security number; Loan type (car loan, debt consolidation, mortgage, home equity); Amount and purpose of the loan.

How to apply for a loan with Eloan

You will need to create an Eloan account and submit your information to verify your eligibility for a loan. This will not affect your credit score and the lender will do a quick credit check.

Once pre-qualified, you will receive a set of loan offers with different monthly payments and monthly installments.

Once you receive an offer through Eloan and submit your application, a credit check will be performed, which can negatively affect your credit score. Before signing up, be sure to compare Eloan’s rates with major lenders.

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