Eloan Personal Loans: 2023 Review
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Eloan is an online division of Banco Popular de Puerto Rico. It used to offer personal loans, but recently transitioned to an educational platform that provides resources to teach borrowers the ins and outs of the lending process.
Alternatives to Eloan personal loans
Although Eloan no longer offers personal loans, there are other viable alternatives with similar terms and benefits worth considering.
Happy Money is an online lender that is revolutionizing the lending experience for consumers looking to consolidate credit card debt. Personal loans range from $5,000 to $40,000 with two to five year terms and APRs starting at 11.52 percent.
It only takes two minutes to apply, and your credit score won’t be impacted. There are no application fees, late fees or early repayment penalties, but borrowers pay an origination fee of up to 5 percent. Customer support is also available seven days a week, along with a plethora of online resources designed to help you get on track financially.
LightStream is another reputable option if you have a strong credit score and an established credit history. The interest rates are among some of the lowest on the market, starting at just 7.99 percent, and the lender will beat any competitor’s rate by 0.1 percentage points if it’s for the same loan product. Even better, LightStream doesn’t charge any fees on its personal loans.
Borrowers also have the option to defer the loan disbursement for up to 30 days. LightStream’s personal loans can be used for nearly any purpose, including debt consolidation and adoption financing.
Best Egg is a flexible lending solution that’s designed to help you meet your financial goals. Perfect credit isn’t needed to qualify — in fact, the lender accepts borrowers with scores as low as 600. That said, a higher credit score will be needed to lock the best rate, which can be as low as 8.99 percent. You’ll also have access to a Financial Health account that includes resources to help you upgrade your finances.
Loan amounts are between $2,000 to $50,000 with repayment periods between three and five years. You’ll pay a one-time origination fee between 0.99 percent and 8.99 percent, and the lender also charges returned and late payment fees. If you’re approved for a loan, funding usually occurs the same day or one business day following approval.
Why doesn't Eloan offer personal loans anymore?
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.