E-Loan.com: Lightning- Fast Loan Approval
Written: Mar 11 '04
The Bottom Line
E-loan presents a quick, simple way to obtain a personal loan for a home, car, or home equity.
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E-loan.com is an on- line resource for those who are in need of funds for any number of personal uses. This company, headquartered in Pleasanton, California, specializes in helping people obtain loans, including those with strong credit records and those with possible credit blemishes.
Basics of this Service:
E-loan.com offers several services to help consumers get the money they need for financing several purchases:
Mortgages- Here, you can apply for money to buy a property or to refinance an existing loan. E-loan.com offers several options for loans, like adjustable rates, fixed rates, FHA, etc.
Home Equity- Obtaining a loan against the equity on your house is easy. You just logon and fill out a simple form and wait for an answer. Loans can be applied for that exceed the value of your home; in some instances, up to 125 percent.
Auto- Buying a car or other motorized vehicle can become reality by using E-loan.com. Current rates are displayed at the top of the page, when you logon to the Auto loan section, letting borrowers know what current rates are like, based on term and type of loan (new, used, refinance, etc.)
Personal Loans- Loans for personal use that are not secured by your home can be applied for in this section, up to a standard limit of $20,000.
Credit Reports- Free credit reports and scores can be obtained through E-loan.com. There are also some more advanced services offered, like credit score monitoring and a three- bureau report, for an additional fee.
Other Services:
E-loan.com offers other helpful services and user tools to assist in the acquisition of a loan. You can use the site to search for credit cards and obtain the lowest rates, look for student loans, and find help with managing debts. There are also some calculators that can assist in computing mortgages, auto loans, rent vs. own considerations, home affordability, etc.
Customer Service:
E-loan.com can be contacted through the web site itself, by sending e-mail, or by calling direct. Loans can be applied for by calling 877-483-4357. If you have questions about the site or have problems, you can check a list of frequently asked questions in lieu of calling or sending e-mail.
Final Thoughts:
E-loan.com is one of the internet’s premiere on- line resources for obtaining loans for cars, homes, refinancing, or other personal needs. This web service helps consumers lookup rates, get some quick advice on borrowing, and submit an application for a loan in a matter of minutes.
Filling out a loan application is pretty easy. Most of the loans can be applied for in less than a few minutes by entering some personal information on a page and then submitting for approval. It takes only a few minutes to get an answer and only about 15 to 20 minutes to get a callback from a representative to go over the terms of your loan and to answer specific questions. I logged into this site for the first time looking to apply for a home equity loan. There was very little to fill out and the rates were competitive- just as good as the rates quoted by my credit union. I was surprised at how quickly I got a response back on the status of my approval. I didn’t time it, but I would estimate that it was less than 2 minutes. And I received a call from a representative about ten minutes after the approval.
Loan fees for these services are reasonable, with many of the loans carrying a flat fee (in the case of a home equity loan, the fee is $199). For credit bureaus, fees are between $30 and $40 for the three- credit bureau report, the credit score monitoring, or the credit report monitoring (standard credit report is free of charge). Even a mortgage loan carries a modest charge, with no added costs. Expenses like origination fees, processing fees, underwriting fees, etc., are eliminated when you use E-loan.com for your mortgage.
It’s important to remember that E-loan.com services are not available in all states. For home equity loans, for example, you cannot use E-loan.com in states like Alaska, Hawaii, Texas, Montana, West Virginia, or Washington D.C. Car loans cannot be granted to residents of Alaska, Arkansas, or Hawaii. You also cannot apply for loans for buying land, mobile homes, or other items. There are limitations on certain types of loans, too. Automotive loans have to be at least $5,000 (at least $10,000 if you live in Arizona) and cannot exceed $100,000. And you cannot use E-loan.com for a commercial vehicle loan. It has to be a vehicle for personal use and it has to be purchased from a licensed auto dealer.
Personal loans (those not involving a home equity loan) take a little more time and effort to apply for. Also, it should be noted that E-loan.com doesn’t process these loans itself. Personal loans are handled by MBNA America- the same company that issues all those credit cards. I had thought about going with a personal loan to consolidate debt, and I even logged into this area of E-loan.com to see if there were any good deals. But I backed out as soon as I noticed that this was handled by MBNA. I have had enough negative experiences with the folks at MBNA. I don’t need any more.
It’s nice to have the quick reference on the main page of each loan area, displaying what the interest rates are at present for the different types of loans. But before you get too carried away with these quoted rates, you need to remember that these are the lowest rates offered. This doesn’t mean that you will get rates like the ones listed. It all depends on your personal credit score. For example, right now the low rate quoted for a 30- year mortgage is 5 percent, but this is the rate for people with near perfect credit and with lots of cash down. Chances are, the actual rate you get will not be this low. Expect it to be one- half to two points greater than the amount shown.
E-loan.com offers a few helpful user tools to aid in the decision process. There is a rent vs. own calculator and other tools to help you determine home affordability, debt ratio, and other measurements. These don’t go quite as in- depth in their advice as some other web sites. But they are still helpful for a web service such as this one that specializes in obtaining loans.
Overall, E-loan.com is a very good option to consider when looking for a personal loan for a home, car, home equity, or other personal use. The rates are competitive and the service is very quick and easy. Eloan.com reps are ready to assist you on the spot, helping you to obtain the loan you need at the best rate possible.
Recommended:
Yes
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