Once a lending arm of Banco Popular de Puerto Rico, Eloan has shifted gears in 2022 from providing personal loans to serving as an online resource hub dedicated to unraveling the intricacies of borrowing. Now, its mission revolves around educating prospective borrowers about every twist and turn of the lending landscape.
While Eloan no longer dispenses personal loans directly, several other lenders offer products that closely resemble Eloan’s formerly available loans.
| Happy Money | 7.95% – 29.99% | $5,000 – $40,000 |
| LightStream | 6.49% – 25.14%* (with autopay) | $5,000 – $100,000 |
| Best Egg | 6.99% – 35.99% | $2,000 – $50,000 |
Happy Money
Rating: 4.5 out of 5 stars
What Bankrate Says
Loans span from $5,000 up to $40,000, typically carried over terms ranging between two to five years. Annual Percentage Rates kick off around 8.95%, but origination fees can nibble up to 10% of the total loan amount. Your credit score should hit at least 640 to even be in the running, and co-borrowers won’t boost your chances since joint applications aren’t allowed. Be prepared to wait—funding can take up to six days, noticeably longer than rivals offering same-day access. And if you want Happy Money to settle your creditors on your behalf, expect an extended wait.
The Upsides and Downsides
Pros
- Focuses on consolidating credit card debt
- Collaborates with federally insured credit unions
- No hidden fees other than origination charges
Cons
- Not an option for borrowers with poor credit
- No joint application support
- Slower loan disbursement compared to competitors
LightStream
Rating: 4.5 out of 5 stars
Insights from Bankrate
Starting at a competitive 6.49% APR, LightStream promises to outmatch any rival’s rate by at least 0.1 percentage points for identical loan products and terms. A standout perk? Zero fees—none at all, including no penalties for late payments. Flexibility shines here, as you can delay your loan payout by up to 30 days. Whether you’re consolidating debts or funding an adoption, LightStream’s personal loans are versatile enough to cover diverse financial needs.
Pros & Cons
Pros
- Highly attractive low interest rates
- “Rate Beat” guarantee to ensure best pricing
- Absolutely no fees attached
- Rapid application approval and swift funding
Cons
- Minimum loan amounts skew high
- Requires a solid credit history spanning multiple years
- No option for prequalification
Best Egg
Rating: 4.6 out of 5 stars
Bankrate’s Evaluation
Unlike lenders that require collateral like your car or home fixtures, Best Egg offers unsecured lending, easing access for many. While perfect credit is not mandatory, a score upwards of 600 is necessary to qualify, but grabbing the best deals demands a minimum $100,000 yearly income paired with a 700+ credit score. Interest rates can dip as low as 8.99%. Loans range from $2,000 to $50,000 and come with repayment plans between three and five years. Origination fees max out near 9.99%, and additional returned-payment or late fees apply. Approved applicants often see funds in their accounts the same day or by the following business day.
Advantages and Drawbacks
Pros
- Offers both secured and unsecured personal loan options
- Competitive rates for high-earners with strong credit
- Lower minimum loan threshold than many rivals
Cons
- Limited range of loan terms
- Secured loans tie up your personal assets
- Origination fees can be steep
Snapshot: Personal Loan Market Figures
As of recent data, the average personal loan amount in the U.S. hovers around $8,500, with typical APR rates ranging between 6% and 36%. Most lenders require a minimum credit score of 600-640 to get approved. Loan terms tend to stretch from 2 to 5 years, depending on the provider and loan size, illustrating a broad spectrum tailored for diverse borrower profiles.
Why Eloan Stepped Away from Lending
Transforming into an information-rich blog platform, Eloan now dedicates itself to empowering borrowers with knowledge. It brims with extensive educational tools, guides on debt management tactics, and practical personal finance insights designed to help consumers make well-informed decisions about their borrowing journeys.
