Eloan Personal Loans Review

Searching online for a trustworthy lender is never an easy task. The increasing demand for lending services has given birth to different platforms portraying themselves as legit lenders.

This point makes it very necessary for you to carry a thorough search before choosing a lender. One lender that stands out with amazing features and opportunities however is Eloan Personal Loans, and we are going to talk about them extensively in this article. Here are some of the main points.

• Six Things to Know about Eloan
• Eloan Credit Score Requirements
• Advantages and Disadvantages of Eloan Personal Loans
• How to Apply for Eloan Personal Loans
• Which Bank has the Easiest Personal Loan Approval
• How to Get a Loan with no Income
• What is an ACH Loan
• What is a Good Loan Rate
• Personal Loan Organisations
• Common Types of Debt

Six Things to Know about Eloan

Before choosing a lender as we mentioned above, it is necessary for you to know about them and do research on there terms and conditions and other features available.

Below are six things you need to know about Eloan before deciding to get their personal loan.

1. Why choose Eloan?

Is Trusted, Agile and Effective.

Eloan is a loan service provider that specializes in granting personal loans to borrowers online. They were one of the first of their kind, responsible for pioneering the transition from traditional lender institutions to internet-based services.

Read Also: BBVA Compass Personal Loans Review

With the simplicity and accessibility that the internet is able to provide, Eloan has committed themselves to provide its customers with an easy, direct, and fast process since day one.

Above all else, Eloan values customer satisfaction and security and has an abundance of resources dedicated to each.

Since 2016, Eloan has been a division of Banco Popular de Puerto Rico (BPPR), a financial institution with 125 years of experience exceeding its customers’ needs.

With 20+ years of history behind it, Eloan worked to not only bring a new banking experience to the internet but to refine the process, creating a new and intuitive method for borrowers to get the most out of their money.

2. The Eloan Journey

Eloan was founded in 1996 and launched their website the following year with the promise of a “Radically Simple” online experience. Halfway through 1997, the lender had already secured 25% of the online lending market.

In 1998, popular websites like Yahoo! and Sequoia Capital put their resources into the company’s mission, and helped to make Eloan the preferred site of online borrowers. In the early 2000’s, Eloan had already initiated more than five billion in mortgage loans.

Eloan transitioned into a deposit and loan referral business in 2008 in an effort to deliver on their vision of becoming the best fully digital bank available.

Over the years, Eloan continued to refine their vision, shifting their focus entirely to specializing in personal loans. Through the partnership and financial backup from Banco Popular de Puerto Rico since 2016, Eloan provides more loans while still maintaining the same high-quality, straightforward service that has made them a consumer favorite.

3. A Robust Resource Center

In addition to their excellent personal loan service, Eloan offers a wealth of free resources, including our Resources filled with articles that cover a broad range of financial topics. The Learning Center is meant to help readers improve their financial situation and make informed decisions for the future.

The Learning Center is divided into three different categories:

• The Debt Management section offers in-depth articles on topics like debt consolidation, credit counseling, and reducing credit card debt. For readers struggling to regain control of their financial situation, this is a good starting place to begin your economic recovery.
• The Personal Finance section is a catch-all resource for those who want to make smarter financial decisions. It’s chock-full of great advice and sound strategies for improving your credit, avoiding scams, and securing the best loan rates. 
• The Home Improvement section covers the full spectrum of the renovation process. Whether you’re a novice looking for design tips or an experienced renovator working to improve your design briefs, these articles will help you maximize your efforts.

4. Awards and Accolades

Eloan’s dedication to providing a secure and trustworthy service hasn’t gone unnoticed. Their 20+ years of experience in satisfying customers has garnered them several awards from consumer advocates across the digital sphere.

In 2005, The Customer Support Group ranked Eloan #3 in privacy, making them the best ranking online company to be placed in the top ten. They were also included on Computer World’s list of Safest Places On The Web.

TRUSTe and the Ponemon Institute listed Eloan as a top financial company for privacy in April of 2007, and Interactive Media Arts (IMA) presented them with their Best In Class award for banking in 2013. In the same year, they were given another two awards for a standard of excellence by the Web Marketing Association and New Media.

5. Access to Free Personal Loan Calculator Service

Another free resource that Eloan offers is a personal loan calculator. This is a tool that gives you an estimate interest rate and monthly installment based on the information you provide.

It does this without the need for a soft credit check, so you can use it to get a practical and accurate idea of what you’ll be paying each month without affecting your credit score. All you need to do is enter your desired loan amount, credit score, and the length of time you plan to take to pay the loan back.

This makes it easy to decide if Eloan’s service will work for your budget, as wells as simplifying the process of comparing Eloan’s rates against competitors.

You can use this to save yourself time and stress while choosing a loan provider. Eloan also offers a free debt consolidation calculator tool that will help you decide if consolidation is the right step for you.

6. A Commitment To Privacy And Security

Alongside providing their customers with a fast and easy loan securing service, Eloan has worked to make privacy a key part of their commitment to their customers. Acquiring a loan through Eloan is completely safe. Your information is never shared, and individuals receive personal service throughout the process.

There’s a trove of articles in Eloan’s Learning Center that help readers protect themselves from scams and phishing attempts, and which also provide sound advice for how to handle the situation in a worst-case scenario.

Additionally, Eloan never makes phone calls requesting their customer’s personal information like bank account numbers, PINs or passwords, social security number, or credit card information.

With all the informations available in the 6 points above, it is safe to conclude that Eloan is trustworthy. From their journey to years of experience and not forgetting the Accolades they have accumulated over time, they have proven legit.

Eloan Credit Score Requirements

An online lender offering unsecured personal loans in the United States is Eloan, a division of Banco Popular de Puerto Rico. Its loans can be utilized for a number of things, including consolidating debt, paying for home upgrades and medical costs. Here are some things to think about if you’re considering about applying for a personal loan with Eloan. To acquire your financing terms, some personal loan lenders want you to submit a formal loan application, which triggers a rigorous credit investigation and can lower your credit ratings by a few points. But Eloan provides a straightforward prequalification form that you can fill out to discover if you might be eligible for a loan and what your potential rate might be without having your credit scores affected.

Just keep in mind that prequalification does not guarantee the conditions or acceptance of the loan; you would need to file a formal application for those. Eloan does not list the minimum credit scores necessary to qualify for loans on their website. However, it does say that it will accept applications from those with different credit histories. Eloan also takes into account a number of variables when deciding which loans to approve, such as credit scores, payback histories, and debt-to-income ratios. Eloan adds that candidates with better credit ratings typically have the highest approval rates. You don’t need flawless credit to be approved for a loan, according to Eloan, which offers a rate and payment calculator on its website that estimates monthly payments for borrowers with credit scores ranging from fair to great.

Sometimes lenders can levy origination or application costs, which can reduce the amount of your loan before you even receive it. Additionally, some demand prepayment fees as a punishment for paying off debt too quickly. Prepayment penalties, application fees, or origination fees are not levied by Eloan. The lowest rates Eloan offers, which aren’t the greatest but are comparable to many other lenders’ starting annual percentage rates, may be available to you if your credit is excellent. However, Eloan’s interest rates may be expensive for borrowers with fair credit. Make sure to comparison shop if you can only qualify for Eloan’s highest rates.

If you need money right away, feel at ease filling out an online application, and want to be able to compare interest rates without having your credit scores affected, Eloan can be a suitable choice for you. An Eloan personal loan might be an excellent option for debt consolidation because there are no origination or application costs. The Eloan website, eloan.com, must be used to submit all loan applications. When Eloan asks you to “check your rates,” it means it will run a mild credit check on you. You can then continue with a complete application from there. If you choose to apply for a loan from Eloan, you will need to complete your application and may also be asked to submit supporting evidence.

Use a calculator online, such as the straightforward loan calculator provided by Credit Karma, to better comprehend the overall cost of any personal loans you are contemplating. You can estimate your monthly payment and the balance between interest and principle over the course of the loan with the aid of a loan calculator.

Advantages and Disadvantages 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.

Advantages

• 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.

Disadvantages

• 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 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.

Who is Eloan Personal Loans Best Suited for?

• Consumers with excellent credit who can qualify for their lowest interest rate.
• Anyone who wants to complete their entire loan process online
• Borrowers who want to see if they can get pre-qualified without a hard inquiry on their credit report.
• Anyone who wants to borrow less than $35,000 for debt consolidation, a large purchase, or any other reason.

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 also 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 off your loan 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 upfront. Many lenders that offer similar terms charge origination fees ranging from 1 percent to 8 percent.

How to Apply for Eloan Personal Loans

To qualify for a personal loan through Eloan, you’ll need to meet the bare minimum basic requirements:

• You must meet your state residency requirements.
• You are required to be over the age of 18 on most states, but you’ll need to be 19 if you live in Alabama or Nebraska or 21 if you live in Colorado or Mississippi.

The first step required to apply for a personal loan from Eloan is getting prequalified via their simple online interface. To get prequalified, head to the Eloan website and prepare to enter the following information:

• Name
• Address of residence
• Housing status
• Housing payment
• Length at residence
• Email address
• Phone number
• Income
• Social Security number

Once you enter the required information, you’ll find out right away if you qualify for a personal loan and, if so, with what kind of rate and terms.

From there, you can decide to move forward with the loan offered to you — or not. If you do decide to have your loan funded by Eloan, you can get your money deposited in your bank account in as little as two business days.

Which Credit Bureau does Eloan Use?

All customers who check their rate will receive a soft credit inquiry through Transunion, which is one of the 3 major credit bureaus in the United States. The soft inquiry will not affect your credit score.

If you choose to continue with your application after pre-approval terms are generated, the Eloan team will perform a Hard Inquiry on your credit report prior to the verification step of the application that will impact your credit score. Hard inquiries can affect your credit score and are visible to third parties reviewing your credit report.

Eloan Refinance

How much interest can you save if you refinance your mortgage? This calculator helps you find out! Enter the specifics about your current mortgage, along with your current appraised value, new loan term, rate and closing costs.

This will determine how much interest refinancing can save you. In addition, it will calculate the number of months to breakeven on closing costs with your reduced monthly payment. Click the “View Report” button for a detailed look at the results.

Which Bank has the Easiest Personal Loan Approval

Wells Fargo

Wells Fargo is one of the nation’s biggest banks. If you don’t want to visit one of their 5,400 branches across the U.S., you can access info on their easy-to-navigate website. Wells Fargo offers competitive rates, a big range of loans, and less stringent credit requirements than others.

Advantages

• Long repayment terms: up to 84 months
• Minimal fees: No origination fee or prepayment penalties
• Quick funding: Money available on the next business day
• Discounts: Interest-rate breaks for auto payments, additional WF accounts

Disadvantages

• No prequalification: You have to actually apply for a loan, which triggers a score-dinging hard credit check
• Application process: Online/phone applications for current bank clients only; newcomers must apply in person at a branch

Other Important Information

• Loan ranges: $3,000 to $100,000
• APR range: 5.49% to 24.49%¹
• Credit requirements: Minimum 600 score (though of course, the higher the better)

Marcus by Goldman Sachs

If you have a mountain of outstanding credit card balances or other high-interest liabilities, you might consider using a personal loan to consolidate them into one big debt for better terms. Marcus by Goldman Sachs, the online consumer banking arm of the investment management firm, specializes in such debt consolidation loans to those with decent credit.

Advantage

• Fees-free: No charges for late payment, prepayment, or loan origination
• Flexible repayments: Borrowers can choose and change repayment dates, and even skip a payment
• Discounts: .25% reduction in interest with auto-pay

Disadvantages

• Stringent requirements: Good to excellent credit score required
• No cosigners allowed: No helping hand if your own credit isn’t solid enough to qualify

Other Important Information

• Loan ranges: $3,500 to $40,000
• APR ranges: 6.99% to 19.99%
• Credit requirements: A minimum score of 660 is recommended

LightStream

LightStream is the online lending division of SunTrust Bank, now known as Truist. LightStream prides itself on offering loans for nearly every need or occasion, from a new car to a wedding; however, one of their specialties is financing for home improvement projects.² Some people prefer using personal loans for remodels or major repairs because they don’t require putting up the residence as collateral, as home equity loans or lines of credit do.

Advantages

• Large loan ranges: As low as $5,000 or as much as $100,000
• No fees: None. Really.
• Long repayment terms: as high as 12 years

Disadvantages

• Stringent credit requirements: While LightStream doesn’t specify the credit score you need, they suggest having good to excellent credit to qualify
• No prequalification: You have to actually apply for a loan, which triggers a score-dinging hard credit check

Other Important Information

• Loan ranges: $5,000 to $100,000
• APR range: 4.99% to 16.99% with autopay³
• Credit requirements: Good or excellent credit recommended

TD Bank

Those with sketchy credit histories or low credit scores can still often qualify for a loan if the lender allows cosigning. A cosigner acts as an additional repayment source—responsible for the loan should the primary borrower default or fall behind—and their presence not only helps you qualify for the loan but can also improve its terms and size. TD Bank allows for cosigning, and offers competitive terms and features, too.

Advantages

• Low APR: Maximum APR is 18.99%, far lower than many lenders’ upper limit
• Fast process: Funds in 48 hours (with Express Loan)
• No hidden costs: No origination or application fees

Disadvantages

• Limited availability: TD Bank operates in only a few states
• Application process: While you can apply online, by phone, or in person, you might have to visit a branch to complete the process

Other Important Information

• Loan range: $2,000 to $50,000
• APR range: 6.99% to 18.99%
• Credit requirements: At least 660 score

How to Get a Loan with no Income

Most lenders indeed require that you provide some proof of income before they’ll let you borrow money. However, no income loans are products that some lenders may offer if you have an alternative way to prove that you can repay the debt.

If you have good credit and a relatively low amount of debt right now, there’s a chance that you might be able to get a loan, even if you aren’t currently traditionally employed.

More specifically, lenders will want to see:

• Strong credit history: A pattern of timely payments on your credit report, with few to no late or missed payments (especially in recent years), can reassure lenders that you manage debt responsibly. Most lenders also prefer credit reports that are free of negative events such as bankruptcies or foreclosures.
• Credit score: Lenders typically set minimum credit score requirements for different types of loans, and they reserve their best loan offers—the ones with the lowest interest rates and fees—for borrowers with FICO^® Scores^* in the very good or exceptional ranges. Credit scores are calculated using data from your credit reports, so if your credit history is in good shape, your credit score has a solid foundation. But before you apply for a loan, you may be able to give your score a left fairly quickly (within a few months) by paying down any credit card balances that exceed 30% of their cards’ borrowing limits, or instantly with Experian Boost.
• Regular income: Lenders need to know you’ll be able to make your loan payments each month. It doesn’t have to be from a paycheck, but you must have one or more sources of income that are reliable and sufficient to cover your monthly expenses, with enough left over to cover your loan payments. See below for a list of income sources lenders consider acceptable.

Where to Get No Income Loans

A personal loan, which doesn’t require you to secure it with property such as real estate or a car, is the type of loan best suited for getting ready cash quickly. Personal loans are available from many lenders.

A great place to start looking for any loan, unemployed or not, is the financial institution where you have your checking account. Even in a world of automated decision making, an established relationship can still work in your favor.

If your preferred institution is a bank, consider applying for a loan at a local credit union as well. Credit unions often have competitive rates and may also have lower credit score requirements than banks. If they extend a loan offer you want to take, you’ll have to become a credit union member before the loan is processed. Membership usually requires an open account with at least a few dollars in it—a small price for a good deal on a loan.

Online financial institutions, including peer-to-peer lending sites, typically provide quick lending decisions, and it’s easy to use them to submit multiple applications at once.

Online services, such as the Experian CreditMatch™ personal loan finder, can show you loan offers suited to your FICO^® Score.

What is an ACH Loan

An ACH loan sometimes called a cash flow loan or ACH advance is a type of short-term business financing. When you apply for an ACH loan, the lender usually considers your company’s average daily checking account balance, not your business credit. If you qualify, the lender will withdraw loan payments straight from your business bank account. 

Benefits of an ACH Loan

The biggest benefit is that the application and approval process is usually very fast, and typically takes a few days.

Also, unlike the case with bank loans, impaired credit is not a deal-breaker, 2+ years of credit history isn’t mandatory, and there’s no collateral requirement.

If the lender is confident that your business is viable and headed in the right direction, your application is likely to be approved.

How to Apply for an ACH Business Loan

If you think an ACH loan is right for your business despite the cost, it’s wise to shop around for financing options with multiple lenders. Compare the total cost of financing, including interest rates and fees. 

It’s worth pointing out that ACH lenders may charge fees differently. To avoid confusion, it can help to review the cost of borrowing with each lender as an annual percentage rate (APR). A business loan calculator may help make this process easier. 

Once you believe you’ve found the best deal, be ready to supply 3-6 months of business bank account statements to the ACH lender. The lender may ask for other documents as well, like a voided check and a copy of your driver’s license. 

Finally, look over your loan agreement and ACH authorization form in detail. It’s important to confirm you’re getting the loan (and the terms) you expected so there are no misunderstandings later.

Before You Apply

Before you apply for an ACH business loan, you should complete the following steps. 

1. Compare borrowing options. It’s wise to see if there are other ways your business might qualify to borrow money. Check out the Nav Marketplace to shop for alternative small business financing options. Even a business credit card might be a more affordable short-term financing solution than an ACH loan.
2. Be sure you understand the repayment terms. How often will recurring payments come out of your bank account? Will the amounts of these electronic payments be fixed or can they vary? It’s critical to understand how the payment processing on an ACH loan is structured upfront. 
3. Take an honest look at your budget. Are you confident that your business can keep up with the repayment schedule on an ACH loan on top of its existing expenses? If the answer is no, you shouldn’t apply for financing.

If you do opt to take out an ACH loan, move forward with extreme caution. Make sure you have a plan to pay off your loan as soon as possible. Ideally, you should work to build better business credit so you can avoid this type of high-cost financing the next time your business needs access to capital. 

What is a Good Loan Rate

The average interest rate on a personal loan is 9.41%, according to Experian data from Q2 2019. Depending on the lender and the borrower’s credit score and financial history, personal loan interest rates can range from 6% to 36%.

A personal loan is a form of credit that allows consumers to finance large purchases, such as a home renovation, or consolidate high interest debt from other products like credit cards. In most cases, personal loans offer lower interest rates than credit cards, so they can be used to consolidate debts into one lower monthly payment.

The average personal loan interest rate is significantly lower than the average credit card interest rate, which was about 17% as of November 2019, according to the Federal Reserve.

How to Compare Personal Loans

Some lenders will let you estimate your interest rate without submitting a full application, a process called prequalification. This results in a soft inquiry, which won’t affect your score. Submitting a loan application will cause a hard inquiry—more on that in a bit.

You can get interest rate estimates from a range of lenders to understand the rate you’ll likely receive, and pick which lender you’ll submit a full application to. When considering offers, compare the following:

• APR: Since this incorporates both your interest rate and fees, it reflects the total cost of your loan. It’s likely the most important piece of information to use when comparison shopping.
• Loan term: This is the length of time or number of installment payments it will take to pay off the loan. Often, shorter loan terms lead to cheaper APRs.
• Discounts available: You may be able to lower your rate by getting a loan from a bank or credit union where you already have other accounts, or if you set up automatic payments.
• Monthly payment: How much will you pay per month, and does that fit within your current budget? Will you be able to continue making minimum payments on your other debts and cover essential expenses?
• Fees: Understand how much your lender will charge in origination fees, late fees or prepayment penalties for paying off the loan early.

Personal Loan Organisations

LendingClub

Some lenders have fairly high minimums, requiring you to borrow several thousand dollars. If you need a smaller amount, it may be difficult to find a lender willing to work with you, and you may feel like you have to borrow extra just to get the cash you need. 

With LendingClub, you can borrow as little as $1,000 to pay for almost anything you want—car repairs, debt consolidation, and more. If you have less-than-perfect credit and need to shop among lenders, LendingClub may be worth a look. However, it’s important to know that LendingClub does not currently offer loans to residents of Iowa or U.S. territories.

LendingClub charges an origination fee that ranges from 2% to 6% of your loan amount. That fee comes out of the total loan balance and reduces the amount that goes into your bank account, so be sure to borrow enough to cover the fee and still have enough for whatever you need the loan for. Rates range from 10.68% to 35.89% APR.

Lending Tree

LendingTree is one of the first and largest peer-to-peer online lending exchanges, first established in Charlotte, North Carolina in 1998. Its purpose is to bring borrowers and multiple lenders together so that they can agree on arrangements for business and personal loans, auto loans, student loans, and new and refinanced mortgages.

LendingTree.com also offers personal finance services and tools, such as providing information about credit cards and credit scores. LendingTree is an alternative way to borrow because the loans originate from individual investors and small companies, as well as from traditional lenders like banks.

Borrowers benefit from the competition among different lenders that can result in lower interest rates and access to loans even when banks have declined your loan application.

LendingTree is strictly a matchmaker — it arranges introductions between lenders and borrowers, and collects fees for its service, but does not itself offer loans or credit. It has handled millions of inquiries since its inception.

Credit Karma

Credit Karma is an aptly named personal finance service. If you pay your credit card bills in full and on time every month, don’t open and close accounts frequently, stay current with loan payments, and avoid negative events, such as bankruptcies and tax liens, you’ll be rewarded with an enviable credit score.

Since most of us don’t have perfect credit habits, we need to know where we stand—and how to improve that critical number. Credit Karma helps on both counts. It keeps you up to date on that all-important credit score, but it also informs you of potential credit breaches and provides tools that help you find and secure the best credit, loan, and auto insurance deals. It does all of this for free, paying for itself by the recommendations it makes to you based on your overall credit profile.

Avant

Avant is one of the largest online lending platforms to focus on consumers with low credit scores. The Chicago-based company caters to the “typical middle-class American consumer,” says Avant president Adam Hughes. The lender requires a minimum credit score of 580, while most of its customers have a credit score of between 600 to 700.

According to the company, about half of Avant’s borrowers take out loans for debt consolidation. Its loans can also be used to fund home improvements and cover unexpected expenses.

Among the consumer-friendly features Avant offers are soft credit checks to pre-qualify, transparency of rates and fees, and flexible payment options, including the ability to add or change a payment.

Refinancing option: Avant says some customers may be eligible to refinance their loans to get a higher loan amount and possibly a reduced rate. Customers need at least six months of on-time payments on a loan to qualify for refinancing.

Customer service: Avant has a phone number and email address for customer service. The company says it measures response times and tries to improve them.

In April 2019, Avant agreed to pay $3.85 million to settle a Federal Trade Commission lawsuit alleging the company withdrew unauthorized payments from consumers’ bank accounts and collected additional money even after a loan had been paid off.

“Our focus and commitment have always been on providing our customers with transparent and complete information that helps them make smart financial choices and borrow money responsibly,” said Avant CEO Al Goldstein in an emailed statement.

Fees:

• Administrative fee: 4.75%.
• Late fee: $25 after 10-day grace period.
• Unsuccessful payment fee: $15.

OneMain Financial

OneMain’s personal loans are commonly used for debt consolidation, wedding and medical expenses, home improvement projects and auto financing. The lender considers traditional factors such as credit history and debt-to-income ratio when evaluating borrowers.

High rates: OneMain’s starting annual percentage rate is higher than rates charged by other online lenders that cater to people with low credit. OneMain’s APRs top out at 35.99% and include an origination fee, charged as either a flat fee ($30 to $150) or a percentage of your loan amount (1% to 5%).

Fast cash: OneMain provides fast loans; you can complete an application and receive a decision in less than 10 minutes. Once you’ve been approved, you can receive funds as soon as the same day by check, or one to two business days via bank payment.

Funding time also varies based on what time you submit the application and how long it takes you to provide the documents necessary to get your application approved, according to OneMain. The process requires you to visit a OneMain branch to complete.

Secured loan option: You can also apply for a secured loan, which may help you qualify for a lower APR, larger loan amount or longer loan term compared with an unsecured loan. OneMain accepts car titles with VINs as collateral.

As with any secured loan, if you can’t make your loan payments, you could end up losing your vehicle.

Credit insurance: OneMain may offer optional credit insurance with secured or unsecured loans. This insurance adds to your costs and may not be needed, so learn about the pros and cons before you buy it.

Free credit score: Approved OneMain borrowers have free access to their VantageScore, a consumer credit score that’s a competitor to FICO. The score is sometimes used by personal loan providers to evaluate borrowers and underwrite loans.

LLC Loans

LLC Business Loans is essentially a partnership program that matches business owners who need cash quickly to manage, grow or start their business with online lenders.

In other words, they don’t lend the money themselves but can connect you with loans you qualify for through their application process.

LLC Business Loans partners with lenders and loan programs that work for all types of businesses and can be used for a variety of business needs.

LLC Business Loans have brokered partnerships with direct lenders across the country, which means we offer competitive rates, and will fund your deals the same day! Loans range from $10,000 – $500,000 for immediate funding (larger amounts may take longer for approval).

Essentially, you tell LLC Business Loans what you need, and they find you a loan that works just for those needs.

Different loan products are better suited for different needs. While mostly all of LLC Business Loan’s options are term loans, they specifically designate loans for specific business needs so that they can cater to the appropriate lender.

Common Types of Debt

From car loans to student loans and even credit card loans, debt comes in many shapes and sizes. But no matter what form it takes, debt just steals from you and your future. It’s time to take back control of your money!

Here’s everything you need to know about the different types of debt—plus how to break up with debt for good so you can start living the life you want.  

Debt is when you owe anyone money. Any time you don’t pay in full—that’s debt, and this statistics show that the average American carries $34,055 in consumer debt. Below are the types of loans available.

Secured Debt

With secured debt, any money you borrow is backed by a physical item. In other words, there’s collateral. When you finance a car, boat, RV or even a home, the lender looks at your credit to check your borrowing history. That helps them determine your interest rate (money charged just for the act of borrowing).

They also place a claim of ownership (also called a lien) on your stuff. If you stop making payments, the lender can take the item back (either through repossession or a foreclosure). Here is an example.

The dealer hands you the keys to a brand-new SUV. You pump your fist in the air and drive home to show off the car you just bought. Except you didn’t just buy it—you financed it. The bank owns the car. You just get to pay them to drive it each month. That’s secured debt.

Secured debt is great for lenders because it means less risk for them. They either get their money, or they get the item back to sell. But it also means more risk for you. The moment you don’t pay up, you’ll be saying hello to the repo man and goodbye to your precious Honda. And with assets that go down in value (like cars), you could end up underwater and owe more than the item is worth.

Unsecured Debt

Unsecured debt means there’s no collateral for the loan. Examples of this are credit cards, student loans, medical bills, payday loans or personal loans. It’s money you’ve borrowed, but it’s not directly tied to an item. This makes it harder for the lender to get their money when you don’t pay up, so unsecured debt usually has a higher interest rate. And it also means you’re more likely to face debt collectors or lawsuits if you miss payments.

This kind of debt can pile up quickly if you’re not careful. With secured debt, you’re more motivated to make payments because you might lose your car, home or something you use every day. With unsecured debt, it’s not as easy to see where the money you’re borrowing is going, but you still need to pay off the debt ASAP!

Revolving Debt

Revolving debt is an open line of credit. It’s when you enter into a cycle of borrowing money and paying back—just to borrow more money. It’s kind of like the revolving door you use to enter a mall to buy things with your line of credit. You can borrow up to a certain amount (called a credit limit), and as long as you make the minimum payment by a specific date each month, you can keep spending. Revolving debt is your credit card, store card (we’re looking at you, Target), or even the tab you’ve racked up at your local hardware store.

With this type of debt, it’s easy to feel like you have your credit under control because the minimum payments you make are usually super small compared to your credit limit. But only paying the minimum each month (or anything less than the full balance, for that matter) means you have to pay interest on the rest of your balance later. And if you miss a payment, you’ll owe late fees on top of everything else! No gaming system or pair of shoes is worth the mess you could be in if you use a credit card.

Even if you pay off your entire balance at the end of the month, there’s still a period of time where you owe someone else, whether it’s a store or a credit card company. That thing you bought technically isn’t yours until you’ve paid off the balance. Time to do a 180 and revolve right out of this debt for good.

Nonrevolving Debt

Nonrevolving debt is a line of credit that can’t be used more than once. It’s a car loan, a business loan, a student loan, or a mortgage. You borrow a specific amount of money and pay it back in installments before a certain date. And your minimum payment each month usually depends on how much you originally took out. Once you’ve paid the loan off, it’s gone, and you don’t get any more funds to spend.

Read Also: Upstart Personal Loans Review

Like all debt, interest is also involved. But with nonrevolving debt, you’re usually dealing with some larger numbers. So even if you make the minimum payment each month, you’re still going to have to pay interest on the remaining balance. These loans are probably going to take some time to pay off (especially a mortgage), which means you will end up shelling out more than you borrowed, to begin with.

And depending on your interest rate, that can add up to some serious cash. For example, let’s say you took out a 30-year $250,000 mortgage at 3.8% interest. When all is said and done, your house will actually cost you almost $420,000 ($250,000 plus about $170,000 in interest).

Sneaky Debt

Cars, motorcycles, couches, computers, dishwashers, even pets—you can finance anything nowadays. You’ve probably seen the flashing, neon signs: zero percent APR! Or 90 days same as cash! These friends, are examples of sneaky debt.

Salespeople know most folks don’t pay off that furniture set or treadmill within 90 days—and the moment your time is up, crazy interest rates kick in with full force. Even credit card points and airline miles are another way to tempt people to spend more money in the hopes of getting a very small reward. Don’t fall for these debts disguised as deals. They’re not worth it!

There’s also another kind of debt you may not even know is debt . . . and it’s in your pocket. Yep, cell phones fall into the sneaky debt category because many of us don’t think twice before signing a contract and agreeing to pay off our phone every month for the next two years. But it’s secured debt. It may not seem like a big deal, but the truth is, you still owe on that device, and it could be taken from you if you don’t pay up. Instead of financing the latest iPhone, you’d be better off saving up to pay for the whole thing with cash.

Conclusion

Eloan really does offer some of the lowest rates for personal loans among their online peers, but they are fairly cryptic when it comes to their loan requirements. For that reason, we believe Eloan unsecured loans are probably best for consumers with excellent credit, a long history of employment, and a good income stream coming in.

Either way, you’ll want to shop around among several lenders before you move forward with a loan from Eloan. There are many companies that offer personal loans with no fees and competitive interest rates, but they may not all offer you the same deal. Taking the time to compare lenders is the only way to find out.