E-Loan

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 would not shop here again

I applied to E-Loan and got accepted, but to find 6 working days later that there is money being put into my account. I tried to access the web site through my emails they sent me, and I was not able to get in, I tried ringing them on the number on the email and found that it was a sort of answering machine, It is a TOTAL FRAUD all they want is your bank details and id. I would not recommend this site to anyone what so ever.

 I would not shop here again

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 would not shop here again

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.

 I would not shop here again

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was going to her supervisor on some things which lead me down a completely different path that ended up the loan being withdrawn.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.

 I would not shop here again

We were looking to refinance our car and came across e-loan. I sent in the app and within an hour it said we were approved and that someone would be calling us to confirm everything, easy so far!I received several calls on my cell phone during work but   Read full review...

 I would shop here again

I have had a wonderful experience with E-Loan's Online Store, but I have never applied for a loan. Instead, I have used their monthly credit score monitoring service, which has helped me understand how to boost my credit score at least 14 points in the   Read full review...

 I would shop here again

I was looking to get pre-approval for a home purchase. The experience left a bad-taste in the mouth, and I am dropping them from my list of trustworthy businesses. First, there was very little 'e' in e-loan. On their web-site, I filled out a detailed   Read full review...

 I would not shop here again

I submitted an auto loan application with Eloan on-line. They processed and approved me in 16min. As I applied at midnight, the following business day I received a call from a customer service rep. Explained the interest rate, which was high and she   Read full review...

 I would not shop here again

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.

 I would not shop here again

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.

 I would shop here again

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 would not shop here again

E-loan is a total joke! I went online filled out an application. Everything looked good! I rec'd a package from them in the mail. Signed everything, and sent it back to them. I hadnt heard from them so I called. I was told that i should hear something   Read full review...

 I would not shop here again

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.

 I would not shop here again

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 would not shop here again

I was getting close to closing on my first real estate investment property and was given a last minute payoff statement from one of the mortgage holders which had a significant amount of unexpected debt. Since this was a foreclosure I had a deadline to   Read full review...

 I would shop here again

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!!!!!

 I would not shop here again

I was in the market for an auto loan and after some research, decided to apply at capital one and e-loan. Both have a 15 minute reply and similar rates. I applied at both places hoping to get the best deal on my loan. I have a high credit score and   Read full review...

 I would not shop here again

During my application for a home loan, I experienced about 20 instances of horrible customer service with E-Loan. Just a few examples include telling me that they do not answer questions by e-mail because they prefer the phone (they don't know that the company is called E-Loan?), 2 loan consultants telling me that a certain loan is not available for new home purchases but 2 other loan consultants telling me that it is available, reasigning my application to a different loan consultant every other week and the new consultant then asking to resubmit all the information and documentation because "the other guy does not work here anymore and we cannot access the information", etc etc. To top it all off, today I received an e-mail from the current loan consultant telling me that he is "putting a stop" to my asking questions because I have asked enough now and they do not want to provide any further information.

Draw your own conclusions.

 I would not shop here again

I went to E-Loan for a pre-approval for a mortgage on my first home. Within a few seconds after submitting the application online, I was pre-approved. In less than five minutes, I was contacted by a loan consultant. After some suggestions from others, I   Read full review...

 I would shop here again

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!!

 I would shop here again

Lured by the good rates, I opened a savings account with e-loan in early November and deposited an initial sum well over their minimum limit to see how it would go. How it has been is a NIGHTMARE with many hours spent trying to correct their mistakes   Read full review...

 I would not shop here again

I cannot begin to put my frustration with ELOAN into words. Their lack of customer service is just the beginning. They lie, switch rates, and essentially keep you worried about your money- is it still there? can I actually access my money? Please   Read full review...

 I would not shop here again

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.

 I would shop here again

I applied for a home equity loan with E-Loan early in September. I have 100% of equity in my home (no mortgage), no other loans, small credit card debt, but I do have quite a bit of old debt from a prolonged period of unemployment, which was the purpose   Read full review...

 I would not shop here again

I have about $100,000 I want to put in a money market account until we are ready to buy a new house within the next 12 months. So I check the rates on bankrate.com and there is e-loan advertising 5.50%! Wow - on to their site and applying for an account.   Read full review...

 I would not shop here again

After applying online for a vehicle loan I got a call within five minutes saying my loan was approved and quoting a rate. Unfortunately I had already been quoted a better rate elsewhere, so the customer service representative said thank you for trying   Read full review...

 I would not shop here again

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.

 I would not shop here again

I'm not sure I can put into words the frustration I have experienced with my first and last e-loan experience. Everything started out fairly smoothly, but it quickly went bad, very bad. I had purchased a car out of state when I decided to use e-loan   Read full review...

 I would not shop here 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 would not shop here again

Great site and within minutes someone called me to confirm and got an approval immediately. No commissioned sales people pushing me into something that was better for them but not for me

 I would shop here again

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!

 I would not shop here again

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.

 I would not shop here again

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 would not shop here again

We used them to finance our first home purchase and had a good experience choosing the loan we wanted. We hired a real estate agent to help us look for a house, but he complained a lot about how E-Loan wasn't cooperating with him, and that he had to do a   Read full review...

 I would shop here again

I used eloan for a car loan and was pleased that I didn't have to deal with the bank and I got a good rate. HOWEVER, when I returned to do a cash-out refinanace of my house it was a different story. Things went fairly smoothly during the application   Read full review...

 I would not shop here again

I placed a joint application with my wife for a $18,000.00 auto loan. 5.5% advertisement was very attractive. Carefully entered information as required, with a few confusing questions at the end. Submission was completed, and in about 10 minutes an agent   Read full review...

 I would not shop here again

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.

 I would not shop here again

In late June I arranged for an eloan and all the required papers and data was in their hands by the last week in July. My special contact there told me that I should expect the completion of the process by the first few days of August after I called   Read full review...

 I would not shop here again

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.

 I would not shop here again