Eloan Personal Loans Fast Approval, Funding, and Credit

Eloan was launched in 1997 and has seen many changes in its life as an online lender. It first offered auto loans and mortgages, then it transitioned to unsecured personal loans. Popular, Inc., a Puerto Rico-based financial services company, purchased the company in 2005. Eloan is now a subsidiary of Banco Popular de Puerto Rico, another subsidiary of Popular, Inc., and all loans it originates are originated by Banco Popular.

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Eloan allows you to borrow up $35,000 for many purposes including debt consolidation, home improvement, and medical expenses. The lender does not charge origination fees or have prepayment penalties. It offers quick loan approvals and fast loan funding. This makes it an excellent choice for those who need cash quickly and are in a hurry.

Its eligibility requirements are not clear and they don’t allow joint applicants or co-signers. Borrowers with poor credit might to look for another lender. There are no major disadvantages to Eloan. You can pre-qualify quickly without having to go through a credit check.

How to Get a Personal Loan?

If you are looking to consolidate high interest debt or finance an important expense, personal loans may be a good option. Lenders can set rates and repayment terms that are dependent on your creditworthiness. Personal loans typically have lower rates than credit card credit. Personal loans have fixed interest rates, fixed monthly payments, and are not subject to credit card approval.

You may be eligible for either an unsecured or secured loan depending on your credit score and the lender. Unsecured loans can be granted solely on your credit and income. Secured loans require that you provide collateral such as your car, house or other valuable items.

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Alternatives to Personal Loans

A personal loan is a good option if you have urgent cash needs. There are many options available that might be better suited to your needs.

A home equity loan (HELOC) or a home equity loan: If you are looking for lower interest rates and larger loan amounts, and are willing to provide collateral, a HELOC or home equity loan may be better than a personal loan. You can borrow up to 30 years from the equity in your home to pay off the loan. Your home is collateral so ensure you are able to afford the monthly payments.

Transfer your credit card balance to another card: If your credit card balances are subject to high interest rates, you might be able to transfer your balance to a card that has a 0% APR promotional offer. This could save you money and help you pay down your debts faster. The majority of 0% APR introductory periods are for six to 21 months. You should be aware of balance transfer fees and plan to repay the card in full before the introductory period ends. This will ensure that you don’t pay any high credit card APRs for the balance.

The pros and cons of eloan


  • Credit decisions made in less than an hour
  • Quick loan disbursement
  • There are no origination fees nor prepayment penalties
  • The entire loan process can be completed online
  • 15-day payment grace period

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  • Massachusetts does not offer loans
  • There are no secured loans options
  • Acceptance of co-signers and co-applicants is not possible
  • There is no information available about eligibility requirements

How do you Qualify to Receive an Eloan Loan?

You must be 18 years or older to qualify for an Eloan personal loan. Massachusetts residents are not eligible for loans because Banco Popular, the bank that originated the loans, isn’t licensed within the state.

Eloan doesn’t have a minimum credit score requirement or income requirements. Customer service representatives stated that Eloan looks at your entire profile to determine your eligibility for loans.

Customer service also stated that Eloan doesn’t offer secured loans and does not allow applicants to apply with co-signers or co-applicants. You will need to be able to qualify for a loan solely based on your income and credit history.

Who should get an eloan loan?

Personal loans from Eloan are ideal for those who require cash quickly for immediate expenses. Eloan allows you to get a credit decision within one hour. If approved, the funds will be available the following day.

How to apply for an eloan loan?

These are the steps to follow in order to apply for a loan.

Complete the prequalification application: To find out if your loan eligibility is met and what rates you can get, fill out the prequalification application. This step will require a soft credit check. It won’t impact your credit score.

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You can submit the application once you have selected the loan that you wish to apply for. Eloan will require you to give your Social Security number, address, and income. A hard credit inquiry may also be requested, which could impact your credit.