E-Loan

Customer service is only available during business hours. Representatives sound indifferent and unprofessional. I really worry that my money will disappear one day and no one will be responsible.

Pros: Don't have to wait long for a rejection.
Cons: False advertising of minimum FICO requirements for mortgage.

The ELOAN Loan Advisor software allows the user to enter a FICO credit score and retrieve a list of loans available. This is just a trick to get you to apply for a loan so they can have access to your personal and financial information. After applying for the loan, you may find that many (or all) of the loans listed are NOT available because of their true unadvertised minimum FICO score of 700. If your score is 699, too bad, even if they listed two dozen loans that would be available to you before applying. Beware of applying because the credit request is reported on your credit report and too many requests can be damaging.

Pros: fast, friendly service
Cons: None that I discovered

I went through E-Loan for an auto loan. Within hours I had been approved. It took about a week to finish all the paperwork. I'd definitely use them again.

I used E-Loan to by a used car from a private party and it has been a real hassle. First let me say that the application process was easy and the people there very helpful, but their requirements are just crazy and make it next to impossible to use them for a private party sale.

For example, in order to actually honor the check, they want a copy of the title showing a transfer of ownership to me and the lady I am buying from is like no way in hell am I signing over this title until I have my money. The way e-loan requires that the transaction be done really puts either party at great risk: either she would have to sign over the car to me with the promise of e-loan's payment, or I am at risk because I gave her the check and we have to wait for it to clear before she will give me the car. I know this is confusing, but it has been kind of a mini nightmare trying to actually get this to happen. I recommend using a regular bank and getting a cashier's check.

I am writing to express my dissatisfaction with E-Loan's auto loan process. My husband and I noticed the great rates and hassle free process advertised on your website and decided to apply. The lowest rate was advertised at 6.25%. Since we both have above average credit scores, we assumed we would qualify for, if not the best rate, one that is highly competitive. However, much to our dismay, we were approved at an 8.75% rate and were able to "talk the rate down" to 8.5%. A day later, we were financed by the CAR DEALER at 6.65% (without a special dealer incentive or any related offer).

It's not so much the rate that angers us - it is the process. The website advertises incredibly low rates and then they turn around and offer someone with excellent credit a rate two points higher than the rate they are advertising. That is deceptive and, frankly, an unacceptable customer service philosophy.

We wanted to make you aware of this issue, because we will certainly never try E-Loan again, and will strongly advise our friends and family as to the same.

I tried to refinance through Eloans. The entire process took 2 months and unprofessional appraiser coming into my home. Not to mention providing timely information to them upon their request to sit and wait for weeks to find out the status of the loan. I had a horrible experience with this company and would never recommend them to anyone. I feel as though my loan originator was trying to pull the package together but it seemed she kept submitting inaccurate information or insufficient if i didn't stay on top of her. Then she told me she was going to her supervisor on some things which lead me down a completely different path that ended up the loan being withdrawn. Very disappointing experience and one i would not recommend.

The process was fast and simple - I got approved about 15 min after hitting Submit button on the application. The offered rate was best I could find. The only problem I was that UPS lost my overnight check (it disappeared halfway between California and Ohio), it is hard to blame e-loan for it however, they send me a new check immediately.

My credit has suffered (not a lot, I saw my score/report) due to some money I borrowed on credit cards. But I have never been late making a payment ever. So my score is still reasonably good.

Eloan grabbed this opportunity to offer my an Auto loan at 11%, more than some credit cards I have. This is on a loan backed by a 2003 Toyota Collateral which retains its resale value, and is not unsecured.

They don't have branches, or personnel, and offered me a rate more miserable than my banks.

I will never ever do business again with E-Loan.

Pros: Web site and application process was easy
Cons: Could not get clear answers. Seemed like my loan was their first.

I used e-loan for a HELOC, and the experience was awful. Over 90 days from application to closing!

My "consultant" was OK, but the process was poor. Ultimately, to close I had to pay an unexpected $2,000 fee for a title search.

I made an "executive complaint" after closing, but never heard back from anyone. I would never use this "service" again.

Pros: easy to use website, speed of approval and speed of check delivery
Cons: I had absolutely NO problems. It was so easy.

I used eloan for financing part of the last car I bought. I applied online and received a call back within 5 minutes! I received a check the next morning and bought the car that weekend. It was so easy and painless. I would definitely recommend using eloan for a car purchase. The dealers didn't mess around with prices because I told them I already had financing in place and didn't need their 12% loan! I think it helped us to get a better deal. Easy on us and the dealer. I was skeptical at first but not anymore! Definitely worth it!!!!!!!!

Pros: The Pro is that they may eventually go out of business
Cons: The cons are many...read the review.

I have purchased 5 homes in the last 10 years and have always had good experiences with other lenders. Then came e-loan. Without doubt this has been the worst experience I have had with any lenders.
I have in the last two days had both my title company and my insurance company tell me (without me prompting them) how bad their experience has been as well. When the insurance company told e-loan they needed to get an elevation certificate for the flood insurance, e-loan told them we didn't need it as they looked at the pictures of the home and it wasn't elevated.
I was told I was good for an 80/20 loan on a home and less then 24 hours before the loan closed I got a call to say that we were not eligible. We lost that home.
It only gets worse from there.
Pretty strong words but honeslty, these people were incompetent.

E-Loan begins calling on the 2nd day your loan is not paid.  They will call 3-4 times a day !!!  I have NEVER had a creditor use such poor techinques especially when you're supposed to have that so called "grace period". I have had the account for 3 years and have never had a late payment or late fee on my account.
According to them, if it is not recieved by the 1st, you're late and they start calling on the 2nd.  It does not matter if you tell them it has already been made.  They WILL CALL until it post to THEIR account.   I would never recommend E-Loan aka: "CLC Consumer" to anyone for anything!!!!!

I applied for an auto loan and was turned down for "insufficient auto credit" So even though I have a mortgage, two credit cards and a 700+ score, and income of $7000+/month, because I chose to pay cash for my last two cars they are refusing me. The worst is that now my credit score is lowered simply by their checking it.

Pros: Quick, easy
Cons: They'll try to rip you off...

I got a second mortgage through e-loans. I made a payment to e-loans. They sold it a short while later and my interest payment disappeared. After talking to a slick customer service agent multiple times -- "Oh yes, I see the discrepancy, I need to talk to..." nothing ever happened -- until I finally contacted the BBB.

I just completed an online loan application with Eloan.com
I read each and every disclosure. I got to the radio button where I allow my application to be shared with third party lenders, which is quote unquote(recommended).
The explanation given for this field is essentially that your information could be sent to a third party.

What they DO NOT mention is that checking this box essentially
allows eloan.com to pull a bait and switch with one of their partners. I essentially applied for a loan which I do not get to see the terms by checking that box. End result.. I've now applied for a loan I would never knowingly apply for, and my credit has been run.
Anyone work for the State Attorney General's office reading this?
I'm in NJ