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Eloan is an established personal loan provider, with a track record going back to 1998. They provide unsecured personal loans ranging from $2000 to $35 000 in value with up to 5 years to repay them, making them ideal for customers who have medical bills or debts.
If you’ve been reading Eloan reviews, you may be interested to learn more about the company’s application process, turnaround time, and your chances of applying successfully. Eloan finance is a great way to pay your medical expenses be they minor procedures, specialist visits, or out of pocket expenses not covered by your medical insurance.
Accordingly, an e loan could be an affordable means to pay for or consolidate your outstanding medical debts provided you have a good credit score and stable employment. Keep reading to find out more about Eloan and its medical loan capabilities.
What I Think About Eloan
When it comes to e loans, there are two things that I always look for: attractive APRs and flexibility. Eloan meets both of these criteria, with APRs ranging between 8.99% and 22.49% and repayment terms lasting between 2 to 5 years.
Another advantage is that it’s a fully online e loan company and underwriting process, with the entire application process taking place directly from the Eloan website. You won’t need to submit reams of paperwork either. Instead, just compile some basic information about your identity, employment status and other pertinent financial information.
When you apply for an Eloan personal loan, you’ll first be able to check the rate the company can offer you. This involves what’s called a soft credit check, and it won’t harm your credit score like a hard credit check, even when it’s not successful.
If your credit and employment picture look reasonably good, you can go ahead and apply using this option and compare rates before you complete and submit a formal application.
Eloan Refinancing Option
If you haven’t come across much information about refinancing from reading Eloan finance reviews, here’s what you need to know.
Eloan definitely offers debt refinancing in its lineup of loan products. The debt consolidation e loan credit requirements are the same as the requirements for their other loan products, and although the company doesn’t specify a minimum credit score, I would recommend that you have at least 580 before you think of applying.
If you have medical expenses that you charged to your credit card, chances are you’re paying a higher APR than you would be with an Eloan personal loan. Ultimately, consolidating your debt will save you money over the long term and it’s definitely worth doing if you can shave a few percent from your repayment or reduce your monthly loan payments.
Eloan Customer Service
Eloan services are extremely convenient because you don’t need to go into your local bank or credit union and sit with a banker or loan officer in order to apply. However, some loan customers are concerned about dealing with an online provider for the first time for that very reason. Many prospective borrowers also wonder who you speak to if you have a query or problem.
If you take a look at this review along with other online e loan financial services reviews, you’ll see that Eloan has good ratings when it comes to customer service. They have a dedicated customer care helpline and online customer support available directly from their website. The Eloan website also features a comprehensive FAQ section which should answer many of the common questions you may encounter before you apply for a medical loan.
Eloan rates are affordable because of two very positive attributes of the company’s fee system. First, they don’t charge origination fees for loans and second there’s no prepayment penalty either for borrowers who wish to quickly repay their loans before the final due date.
The APR charged on an Eloan medical loan ranges between 8.99% and 22.49% like many other personal loans providers. The exact APR you’ll be charged depends on your credit history, score, and employment situation. That’s why it’s advisable to apply to Eloan if you have a fair to good credit score and sound repayment history.
Eloan Pros and cons
- Eloan offers a low-fee package that could help you save money on medical debt consolidation
- A rapid online application process aims for same day loan application processing on business days
- Loan amounts range from $2000 to $25000
- Soft credit checks on initial loan applications won’t damage your credit score
- A range of credit scores will be considered for loans and as long as your credit is fair or better, don’t hesitate to apply
- No penalties for early repayment of the loan
- As you may have read in other eloan reviews, the company does not offer loans to customers in
If your credit is not good, you may not benefit from a low APR on your personal medical loan
How To Apply For Eloan
A forward-thinking e loan company always provides efficient online applications and that’s what you’ll receive from Eloan. Eloan finance applications take just a few minutes to complete on the company’s website. You’ll need the following information on hand when you apply:
- Your first and last names and address
- Your monthly housing expenses - be it a rental or a mortgage
- Date of birth
- A valid phone number and email address
- Your Social Security Number (SSN)
- Your income
- The reason you’re taking out a loan - like settling your medical bills
- The amount you’d like to borrow
Once you submit your loan application, you should hear back from Eloan within a day or two depending on when you complete your application. The lender aims to provide an answer in as little as one business day, helping you quickly gain access to financing if your creditworthiness matches their criteria.
Eloan With Bad Credit
Does the Eloan corporation serve customers with bad credit? In general, since the company focuses on customers with fair credit or better, it’s not advisable to apply if your credit is too far below 600. A FICO score of 580 is a good minimum.
However, your credit score isn’t the only factor that Eloan looks at when assessing your application. They’ll also consider your employment situation, income, debt-to-income ratio, and other factors.
If you have a credit score in the early 600s and a stable financial situation, it’s definitely worth applying for the soft credit check to find out what potential APR you could receive your loan. Please remember that this soft check won’t negatively harm your credit score.
My Conclusion About Eloan
Eloan’s ideal customer is someone with reasonably good credit who is seeking to borrow up to $25 000 over a period of 2-5 years. If that sounds like the criteria that fit your borrowing status, I would definitely recommend applying for a medical loan from this lender.
Eloan finance is a fast, easy way to secure a small to medium-sized loan at a competitive APR. When unexpected medical expenses start to stretch your budget, Eloan could provide a fast solution to consolidate your debt. To learn more, visit reviews from other Eloan customers to get a feel for their services and lending capabilities.