Eloan Personal Loans Review
Eloan personal loans isn't available on Finder right now.
- Max. Loan Amount
- $35,000
- APR
- 8.99% to 21.49%
- Min. credit score
- 610 FICO®
Our verdict
This lender used to offer competitive interest rates but has been plagued by scammers and no longer offers loans.
Eloan used to provide personal loans in the US, although it stopped in 2022. Existing loans are now serviced by System & Services Technologies, Inc., a third-party loan servicer. Eloan offered loans up to $35,000 with funding as soon as the next business day. It also offered competitive rates — ranging from 8.99% to 21.49% — and it didn't charge origination fees. But it’s had issues with scammers posing as the company.
Best for: Borrowers with fair to excellent credit.
Pros
-
Rates start at 8.99%
-
No origination fees
-
Available in most states
Cons
-
Not suitable for poor credit borrowers
-
Issues with scammers using the Eloan name
-
Some poor reviews
Is Eloan legit?
Eloan was a division of Popular, Inc., a publicly traded full-service financial institution based in San Juan, Puerto Rico, that services the US, Puerto Rico and the Virgin Islands. Eloan used to provide personal loans in the US, although it stopped in 2022. Existing loans are now serviced by System & Services Technologies, Inc., a third-party loan servicer.
Is Eloan the same as eLoanWarehouse?
No, they are two separate companies. Eloan used to offer personal loans up to $35,000, but it stopped in 2022. eLoanWarehouse is a tribal lender that currently offers installment loans up to $3,000.
Important: It should be noted that versions of “eLoan,” “E-Loan,” “eloan” — or other variations — have likely been picked up by scammers trying to trick consumers into revealing their personal information. Before you take out a loan, research the company to make sure you’re dealing with a legitimate lender. For more information, you can refer to the Consumer Financial Protection Bureau’s guide to avoiding fraud and scams.
What makes Eloan shine?
Eloan once stood out by offering competitive rates starting at 8.99%. It also capped its rates at 21.49%, much lower than many competitors with rates as high as 35.99%. Eloan also got high marks from borrowers who say customer service was great and the loan process was quick and easy.
Where Eloan falls short
Some customers said the loan process was more complicated and took longer than expected. Reviewers who were denied expressed disappointment that they weren’t approved for a loan even though they got a preapproval letter in the mail.
Eloan personal loan details
(The following information was accurate as of December 2022, when the company stopped offering personal loans.)
| Minimum credit score/credit range | 610 |
| APR | 8.99% to 21.49% |
| Loan amount | $2,000 to $35,000 |
| Terms | 24 to 60 months |
| Approval turnaround | As soon as the next business day |
| Availability | Unknown |
| Fees | Late fees NSF penalties |
| Other fees | Unknown |
Eloan contact info
| Phone number | 855-854-9346 |
| Customer service hours | Weekdays: 7 a.m. to 8 p.m. CT Saturdays: 8 a.m. to 12 p.m. CT |
| Unknown | |
| X, formerly Twitter | @eloan_simply |
| N/A |
Calculate your monthly loan payments
Use our loan repayment calculator to compare monthly loan payments based on different rates and terms.
Monthly Repayment Calculator
See how much you'll pay|
Your loan
|
|---|
| Loan amount |
|
$
|
| Loan terms (in years) |
|
|
| Interest rate |
|
%
|
Fill out the form and click on “Calculate” to see your estimated monthly payment.
or
Compare more lendersBased on your loan terms
| Principal | $ |
|---|---|
| Interest | $ |
| Total Cost | $ |
How to qualify for Eloan
Loans are no longer offered by Eloan, but eligibility once included:
- Employed
- Valid bank account
- US citizen or permanent resident
- Age of majority in your state
How Eloan compares to other lenders
What is the Finder Score?
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
Eloan reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | Not Rated |
| BBB customer reviews | 1.8 out of 5 stars, based on 5 customer reviews |
| Trustpilot Score | 4.2 out of 5 stars, based on 2,292 customer reviews. |
| Customer reviews verified as of | 30 March 2025 |
All but one of the reviews on the Better Business Bureau (BBB) say that Eloan is a scam. But, since the real Eloan had already stopped offering personal loans when those reviews were written, it seems likely that those reviewers were scammed by people posing as the company.
There were similar results on Trustpilot. A number of reviewers claim they were scammed by “Eloan” after the company stopped offering loans. Negative reviews when Eloan was active included reports of scams, disappointment at being denied loan approval and a complicated loan process that took longer than expected. Positive reviews included compliments about customer service and quick resolutions to issues.
Scam alert: Watch out for phone scammers posing as Eloan
On the Phishing and Scamming page on Eloan’s website, it warns borrowers of phone calls, emails and text messages from scammers posing as Eloan employees. It assures borrowers that it never calls applicants to request upfront payment to secure loan funds or otherwise.
If you receive a call from someone claiming to represent Eloan, report the incident to the Federal Trade Commission or the Consumer Financial Protection Bureau.
What do people on Reddit say?
Frequently asked questions
Will applying for a loan through Eloan affect my credit score?
Loans are no longer offered through Eloan. But it did perform a soft pull of your credit history from Transunion. Once qualified, it performed a hard pull of your credit history, which can affect your credit and stay on your record for up to two years.
I got a call about preapproval from an Eloan representative. What do I do?
Do not give the caller any personal or financial information. Instead, report the incident to Eloan immediately.
I think I’ve received a fraudulent call. Who do I report it to?
Contact the Federal Trade Commission or the Consumer Financial Protection Bureau immediately to report potential fraud.
Your reviews
Karen Finder
Hi there, looking for more information? Ask us a question.
You are about to post a question on finder.com:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.
Jhezelyn Finder
April 11, 2019
Hello Rosemary,
Thank you for your comment.
According to Eloan, there are no hidden fees for completing the loan application or taking the loan. They never charge you hidden loan fees like application fees, membership fees, or prepayment fees. Any charges related to your loan throughout its term will be detailed in your loan contract/Promissory note.
So it’s best that you pay close attention to the details before signing a contract or submitting an application, especially regarding the fees.
Alternatively, you may also check other personal loan lenders.
Regards,
Jhezelyn
Show more Show less
KATHYRN
March 06, 2019
I received a call from someone saying I was approved with E-loan for 4,000.00 and I needed to call 209-689-0943 all I got was constant busy signal. If this was a legit afore how do I get it?
Val Finder
March 08, 2019
Hi Kathyrn,
Thank you for leaving a question.
Eloan will never contact a person with a pre-approved offer for a loan if that person has not applied for it online via their website.
If you received a call or text from someone who’s claiming to be from Eloan and asking for any confidential information, money, or gift cards in exchange for a pre-approved offer for a loan, you may be a victim of Phishing. You should report this by:
– Contacting Eloan
– Filing a report with the Federal Trade Commission.
Hope this helps.
Regards,
Val
Show more Show less
Rosemary
April 11, 2019
Eloan says it doesn’t charge an application fee? Meaning if I’m looking for an 8,500. Banks charge this fee from the loan, is this the application fee eloan says is free? I don’t need to have a higher loan for the application process fee?