Eloan Personal Loans: 2021 Review

At a glance


Bankrate Score

  • Availability
  • Affordability
  • Customer Experience

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About Eloan

  • Loan amount

    $2,000 to $35,000

  • Min. credit score

    Not specified

  • APR from

    8.99% to 21.49%

  • Funds available in

    As soon as the next business day

Eloan features

Here's a breakdown of some of the benefits and drawbacks of Eloan personal loans.


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


  • Relatively high starting APR
  • Little transparency about requirements

If you’re looking to get a personal loan fast and want a fully online experience, Eloan can give you what you need. The lender, an online division of Banco Popular de Puerto Rico, offers fixed-rate personal loans of up to $35,000 to borrowers with fair to excellent credit in 49 states.

The lender also charges no origination fee, making it a good choice compared with similar lenders that charge up to 8 percent of your loan amount up front.

Get Prequalified for a Personal Loan

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

Eloan snapshot

Loan amount $2,000 – $35,000
APR 8.99% – 21.49%
Minimum credit score Not specified
Time to receive funds As soon as the next business day

Pros and cons of Eloan personal loans

While Eloan could be a good option for many people, it’s worth considering the benefits and drawbacks before sending in an application.


  • Few fees: Unlike many of its competitors, Eloan does not charge an origination fee or a prepayment fee.
  • Range of loan amounts: Eloan offers loans of $2,000 to $35,000, so they’re suited for a variety of purposes, from small emergency expenses to large home renovation projects.
  • Accepts a range of credit scores: While Eloan does not specify a minimum credit score requirement, its FAQ page does state that it accepts applications from “a variety of credit backgrounds.” This means that even if you have fair credit, you may be able to qualify for a loan with Eloan.


  • Relatively high starting APR: Eloan’s starting APR of 8.99 percent isn’t bad, but it is higher than the starting APR of many of its competitors, which often hover in the 5 percent to 7 percent range.
  • Little transparency about requirements: Eloan does not disclose its eligibility requirements for its loans, saying only that it factors in credit score, income, debt-to-income ratio and repayment history. Other lenders are more upfront about their requirements, giving you a better sense of your eligibility even before prequalification.

Lending terms

Eloan offers fixed-interest-rate personal loans ranging from $2,000 to $35,000 and repayment terms from two to five years. Loans are available in all states except Massachusetts.

The lender offers interest rates ranging from 8.99 percent to 21.49 percent; the rate you qualify for is based on your creditworthiness, loan amount and repayment term. Unlike with some other personal lenders, there is no interest rate discount if you set up automatic payments.

Eloan doesn’t disclose a minimum credit score publicly but shows credit score ranges between “fair” and “excellent” credit on its website. According to FICO, a fair credit score starts at 580. In addition to your credit score, Eloan will review your credit experience, debt-to-income ratio and repayment history.

Depending on when your application gets approved, you could get your loan funds as soon as the next business day.

Fees and penalties

Eloan doesn’t charge an origination fee or a prepayment penalty if you choose to pay your loan off early. There’s also no application fee or other hidden fees. The lender doesn’t disclose a late fee to the public, but you can review yours in your contract after you get approved.

With no fees to get the loan, you can save a lot of money up front. Many lenders that offer similar terms charge origination fees ranging from 1 percent to 8 percent.

How to apply for a loan with Eloan

Eloan’s application process is completely online. To start the process, you’ll provide some basic information, including your:

  • Name.
  • Address.
  • Housing status and payment.
  • Income information.
  • Date of birth.
  • Phone number and email address.
  • Social Security number.
  • Desired amount and loan purpose.

You’ll also create a password for an account with Eloan. When you submit your information to check your rate, the lender does a soft credit check, which won’t impact your credit score.

If you’re prequalified based on the check, you’ll see a set of loan offers with different repayment terms and monthly payments. Once you accept an offer and submit your application, Eloan will run a hard credit check, which can impact your credit score negatively.

Before you complete the process, though, take some time to compare the offers Eloan gives you with other personal loan rates from top lenders.

Get Prequalified for a Personal Loan

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

How Bankrate rates Eloan

Overall score 4.6
Availability 4.8
Affordability 4.5
Customer experience 4.7

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.