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

Eloan, an online division of Banco Popular de Puerto Rico, offers a fast and fully online personal loan experience. Eloan has been in business for over 20 years and strives to make the lending process simple and easy for borrowers. Offering loans from $2,000 to $35,000, Eloan offers flexibility for borrowers with fair to excellent credit in most US states. This lender does not offer loans in Massachusetts.

If you’re looking for an online personal loan, Eloan could be a great fit for you. This lender works with a flexible range of credit scores from fair to excellent and charges few fees.

Get pre-qualified

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

Eloan is best for borrowers with good credit

While Eloan does not specify a minimum credit score or income to apply, its website states that borrowers from all credit backgrounds are welcome to apply. Eloan takes multiple factors into account when accepting or rejecting applications, including credit score, relation between income and debt payments, credit experience, repayment history and debt-to-income ratio. Borrowers with good to excellent credit are more likely to be approved and receive the best rates, but borrowers with fair credit still have a good chance of approval given other financial health factors.

Eloan personal loans come with few added fees. This lender does not charge origination fees, prepayment penalties or application fees. The only fee the lender charges is a late payment fee after a 15 day grace period. Fewer associated fees make this lender a more attractive option for borrowers who run the risk of incurring higher interest rates due to lower credit scores. Borrowers with good to excellent credit are in an even better position to spend less overall with this lender.

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 will charge a late fee for late installment payments after a 15 day grace period. However, they do not publicly disclose the fee amount. 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 and borrowers will receive a credit decision in as little as one hour. 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 pre-qualified

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

Bankrate Score 4.6 Scoring factors
Availability 4.8 Low minimum loan amounts, same day approval and next-day funding
Affordability 4.5 Low APRs and only one delayed late fee
Customer experience 4.7 6-days a week customer service and online account access

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.