E-Loan

WONDERFUL experience with a HELOC. I just came off of a bad experience with Ditech - they said I was "pre-approved" for a home equity loan, but at the very last step of the underwriting process turned me down. My loan officer at E-Loan kept me up to date via email every step of the way - even emailed me from home on a Sunday. No one had to come to my house for an appraisal - they just looked up the value online (which was WAY more than I expected it to be). I applied on Tuesday the 21st (Thanksgiving week), and after going over my options with my loan officer everything started rolling. The underwriting was pretty much automatic - took only hours. I signed the final documents at my house yesterday (the 30th) with a notary that came to my home. I expect to get my money on Monday the 4th. That's just nine business days - including a holiday week!!

The process of starting a money market account with E-Loan was straightforward and I was pleased that it all took place online. No faxes etc. There was a recent mix up in which a deposit was duplicated, but they fixed it and offered to pay any fees I incurred. The bottom line is that they pay more interest for a MMA than almost everyone else in the country.

Pros: Very fast - recklessly fast.
Cons: Employees who are clueless and unwilling to help.

I applied for a loan - I have stellar credit (average score of high 700s) but somehow they got information from Equifax that my score was considerably lower. I offered to fax them a copy of my credit report from 5 minutes after they did their check but they refused - Wayne Gee (the powerless rep) did absolutely nothing but send me the loan documents which made it directly to my shredder.

I got a loan at a lower rate than they advertised by a company that manages to get ACCURATE reports.

Their loss.

Pros: easy application
Cons: see above!

We were lured into eloan because of their highly advertised 4.65% auto rates. My husband has perfect credit, the highest on the scale, and we filled out the form to apply for an auto loan. Eloan took forever getting back to my husband. They were supposed to contact him within 24 hours, but it took several days for HIM to call THEM. When he finally got ahold of them, they gave him a 6% rate. This isn't bad, of course, but we can get way better rates through our bank and now we have a mark on our credit report because of eloan's false advertisement. Maybe they work for people with bad credit, but people with great credit should shop elsewhere.

This has been a very frustrating and disappointing process. The most basic communications, in particular dates, were inaccurate time and time again. I do not believe the person I dealt with was very knowledgeable about the process. Nor do I feel that he was very responsive. I was not given even the most basic of explanation at several points in the process.

Also, there was little to no time for us to review paperwork as we were getting it the same day the notary came for us to sign it. And paperwork sent to us was inconsistent and inaccurate.

The web based tracking of our loan was also not very helpful as I was locked out of the site much of the time.

I don't know if they are deceptive or just incompetent but I would not recommend E-Loan to anyone else.

I have done two car loans through E-Loan, and both times financing through the dealer was able to beat the interest rate by 1 to 2 percent.

I have excellent credit (750+), but could never get the lowest rate e-loan claims to provide.

All aspects of dealing with them (application, receipt of check) were quick and easy, but for my next car purchase I'm not going to bother - I liked the idea of walking in as a cash customer but it has not proven to be worthwhile.

I was approved for a car loan with E-Loan, and had my "Power Check" sent to me overnight. I was happy - my credit is only fair yet I got a pretty good rate. I went out shopping the next day for a car. It turned out that their "Power Check" wasn't worth the paper it was printed on because no one would take it. Every dealer had the same complaint - E-Loan taking up to FIVE MONTHS to honor their own check. According to Toyota, the dealer is forced to go back on forth sending and re-sending the documentation required from E-Loan. I called E-Loan from the dealer, and they told me that the dealer was only playing games, trying to get me to sign up for their financing instead. This was just untrue - I was told they would accept a check from ANYONE else, but not E-Loan. I ended up, after having this happen twice in a row at 2 different car dealers, borrowing the money from my family. E-Loan sent me on a wild goose chase - their checks are worthless as far as buying a car is concerned.

I signed up for their online Savings account several months ago. There site is constantly down! They have scheduled maintenance from 9pm - 12am PT but it's often down way passed 12am. I often do my finances late in the evening where I need to transfer money in and out...AND THEIR SITE IS DOWN ALL THE TIME! I often find something else to do and wait a couple hours and it's still down.

Completely unacceptable. Find a more reliable online bank. The whole point of the internet is 24/7 service... This is like a web-enabled brick and mortar bank that opens 9-5.

After reading other people's stories, I realized that I'm not alone.

I haven't been able to access my account for a month and a half now. And when you call customer service, they will tell you that it's the IT department. They will contact IT and get it fixed ASAP. But nothing ever happened. I called, emailed....

I'm trying to close my account now. Let's see how long it will take...

DON'T USE ELOAN ONLINE SAVING!!!!!

Pros: Abosolutely None
Cons: Everything

I filled out an application for a car loan, only $10,000 with a Fico score of 800 and was turned down. No biggie, lots of places will take my business, but the gentlemen from ELoan who called me was very rude! He asked what I was going to do with the car, why I wanted the car since I already had one, and who was the person talking in the background and what were they saying!! NONE of that was his business, if I wanted to give the car to charity it is still none of his business as long as I'm paying for it and who is in my house talking in the background and what they are saying is also none of his business (my child). I am so furious but don't know who to contact!

Pros: There are none.
Cons: The entire process is too wordy, unreadable material, inaccurate accounting, unreliable for purpose.

I would highly suggest going elsewhere if you wish to obtain a home equity loan. We contacted eLoan, they had advertised a low interest rate..bait and switch is what I call it. They did some song and dance about my credit being great but my spouses wasn't so our interest rate would be slightly higher. I didn't understand this. After being married 26 years, I think our credit is equal. The paperwork was awful! Stacks of forms that were so blurry that we couldn't read them, yet they wanted us to sign them. The numbers didn't add up either. We were told to go ahead and sign and they would fix the numbers later. WHY should I sign a messed up contract? We ended up going to a local bank, with a decent interest rate with people WITH faces that live in our community. They did right by us. Bottom line...beware of eLoan, your home is at stake!

Pros: none
Cons: Using e-loan results in numerous telephone solicitation calls at home.

We used e-loan to check on refinancing our home more than a year and a half ago. We actually did refinance about 16 months ago. But to this day we're still receiving unsolicited phone calls at home asking if we still want to refinance. Apparently lenders check e-loan to see who is requiring about refinancing and call those people. I must have taken at least 50 calls at home asking if I still want to refinance. We're on the national do-not-call list, but because we approached e-loan first we're fair game for all the solicitation calls. It's, frankly, a pain. I wish we'd never used e-loan.

I invested in a 12 month CD at E-Loan, and they advertised an APY of 5.70%, but when they made payment upon maturity, they shorted me one day interest which reduced the APY and then they made all sorts of excuses to try and cover their underhanded scheme. I wonder how many hundreds or thousands of other investors have been similarily cheated and don't even know it.

Applied online via eBay for a loan from E-Loan for a car I was considering bidding on. E-Loan forwarded the loan request to RoadLoans.com which sent me a disapproval email the following day, citing "application incomplete / unable to evaluate applicant(s)." I couldn't understand the response since I completed all the information on the E-Loan application. (After all it was online and failing to fill in a required value was impossible!) I've also received my credit report from all 3 major reporting agencies, so I know that an inquiry based on my name and SSN would have produced the data needed for a loan decision.

So, I decide to call the number provided in the email. After navigating through their automated system, I finally reached a human. She told me to call a second number. I called it and quickly talked to a person who gave me a third number. On the third system, it was not possible to get to an agent without an account number. I did not have one because I wasn't granted credit!