E-Loan

0.6

Overall Score

No User Reviews

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E-Loan is a wholly-owned subsidiary of Banco Popular North America. It is a New York State-chartered bank with operations in Puerto Rico, the Caribbean, and Latin America as well. Additionally, E-Loan offers a wide variety of loan services in addition to its auto loan program, which is helpful for those who are in need of more than just an auto loan.

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#64 E-Loan Logo E-Loan

0.6

Overall
Score

0 User Reviews

The Good

  • Awards and accolades
  • Debt management and personal finance advice
  • Wide variety of loan services available

Awards and Accolades

In 2013, the E-Loan website was recognized for its outstanding achievement in web development and won an Interactive Media Award for Best in Class in the Banking category. In 2013, the company won a New Media Award for Standard of Excellence in the Financial Services category, as well as a WebAward for Standard of Excellence in the Financial Services category.

Debt Management and Personal Finance Advice

E-Loan offers an online library full of debt management and debt consolidation information. Covered topics include financial planning, credit counseling advice, debt reduction, and a glossary of the most commonly used terms.

In addition, E-Loan also has a full online library containing personal financial advice conveniently accompanied by infographics so you can easily view and digest the information provided. The company also offers personal advice for anything and everything having to do with finance. For example, refinancing your home, personal loans, saving and managing your money, how to get the most value from your credit cards, helping your kids establish good credit, home improvement projects, affording a dream vacation, and more.

Offering this service helps E-Loan in more ways than one. Helping people manage their money and to understand how debt management works will, in turn, help the company offer and promote its auto loan program.

Helpful On-Site Calculators

E-Loan provides a wide variety of financial calculators on its website. These include an auto loan payment calculator that will help you figure out your estimated loan payment and interest rate and a buy-versus-lease calculator to help you calculate your monthly payments and your total net cost so you can make a more educated decision about whether buying or leasing is the better value for your particular situation.

Wide Variety of Loan Services Available

E-Loan has a wide variety of loans available. The company offers auto loans, personal loans, mortgage loans, home equity loans, refinancing, and debt consolidation. Therefore, if you need more than just an auto loan, you could conveniently apply for several loans all in one place.

The Bad

  • Lack of transparency
  • Pricing not disclosed
  • Credit requirements unclear

Lack of Transparency

Unfortunately, E-Loan is not entirely transparent on its website. Therefore, if you are just beginning your search for an auto loan and simply want some basic information about what the company has to offer, you won't find it on the website.

Pricing Not Disclosed

E-Loan has not disclosed pricing, terms, loan amounts, fees, or mileage limits on its corporate website. This is extremely inconvenient for those who are just in the preliminary stages of researching an auto loan. Many consumers want to gather some basic information about a few companies before they take the time to make the initial contact because they don't want to waste their time if any given company doesn't have what they need.

Credit Requirements Unclear

Many auto loan companies make it very clear as to what types of credit they will or will not accept. Unfortunately, the E-Loan website doesn't provide any indication as to what its credit requirements are. Therefore, you will have to contact them to learn more about what they have to offer for your specific credit worthiness and what the terms might be.

The Bottom Line

E-Loan has some noteworthy awards and accolades, as well as a fantastic online library full of financial and debt management information. The company also provides a great service by offering several types of auto loan calculators that will help you decide which financial route is best for you.

However, E-Loan really lacks transparency when it comes to providing potential customers with enough information to make a preliminary decision about whether or not the company is a good fit for their particular situation. It would be helpful if E-Loan added some additional information to its website, including pricing, terms, loan amounts, APRs, and fees.

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