E-Loan Sucks – Beware!!!

This post was written by marc on April 22, 2004
Posted Under: Consumer Complaints

I’ve been seeing a lot of E-Load commercials lately and it’s rather disturbing. In 2000 I got a loan through E-Loan and it was not a pretty process. It started out fairly well, except that they offered me one rate – but approved me at a signicantly higher rather than advertised. They said it was due to my credit – but my credit was perfect at that point having finally scraped my ex-wife off my credit report.

I agreed to the higher rate and got a “check” for the new Honda CR-V I was buying. I went to the dealer and he sold me the car. So far – so good.

Then – I started getting calls from E-Loan to get more information to qualify me for the loan. I pointed out that I was already qualified and that they had send me a check and that the car was bought 3 weeks prior. It was a done deal – so what’s the qualifying about?

They tried to tell me that the check they sent me wasn’t a final approval – even though the paperwork they send claimed otherwise and the auto dealer had already cashed the check.

I forget all the details – but the check bounced – then very soon after that they made it clear somehow.

The loan wasn’t through E-Laon – it was through Bank of America. So E-Loan wasn’t the actual lender – they brokered it.

Even though everything came out OK in the end – the process was very spooky and dishonest on the part of E-Loan. The bottom line is – I’ll never do business with them again – and I would advise my friends to avoid them as well. The idea that they write checks that are convincing enough for auto dealers to take and then claim that the loan wasn’t yet approved is what I would call fraud.

Reader Comments

I to had a bad experence with them. It was early in the process so I just went with another company. They keep asking for more and more documentation. even after I sent them the HUD-1 they wanted more proof where my down paynment came from. I will NEVER recomend e-load.

#1 
Written By kelly on November 12th, 2005 @ 5:12 am

Bad Experience with E-Loan.

Recently I was persuing a loan with E-loan, I haven’t borrowed much money in the past, so I’m not real “savy” with loan processes.

Things I don’t like about e-loan:

Not being able to deal with 1 person

I did not feel I received enough infomation to be
comfortable with the entire process.

I also found it strange after contacting e-loan all of a sudden I started receiving numerous phone calls from other loan companies by telephone. Did they give it out? I dunno, sure seems like a strange coincidence.

The “real kicker”. After I notified them that I was not going to go thru with the loan with them… the person said to me “well… thanks alot for waisting our time and money” … (to me this was rude and unprofessional) … my reply to him was “I didn’t think it was necessary for him to be a smart alec and because of his “smart alec” answer told me that I had made the right decision in not acquiring the loan thru them.

Obviously they do not care about people nor how they feel. So I have made it my quest to post this “experience” in as many places as possible.

Feel free to copy this and blast it out into cyberspace. We “people” deserve to be treated with respect, regardless of our decisions… afterall…. it is OUR MONEY!!

Totally agreed E-Loan Sucks!!

#2 
Written By Joyce Hill on July 8th, 2006 @ 8:55 am

Eloan.com is a nightmare! I applied for a car loan with them on the recommendation of a friend. I quickly realized they were worthless but they continued to FLOOD my email Inbox with hundreds of solicitations.

My credit score is in the top 10 percentile and they insisted that I apply to their loan partners hence the hundreds of emails. I have had to create a new online email address for personal correspondence because my other email is now so contaminated. This was in April 2006 and I still receive more than 100 junk emails a week from applying at eloan.com (it s almost September).

Plus they never got around to stating terms of the loan, they just wanted more and more info. I DON T recommend them. Join a credit union, check with your bank, ask your friends!!! Just don t apply with eloan.com.

#3 
Written By Laura Sullivan on August 28th, 2006 @ 4:33 pm

I to had a bad experience with ELoans bullshit, I applied for a motorcycle loan for the amount of 14,500 Eloan said no problem we’ll send out the power check ASAP. I’m thinking, great I finally get my Harley. “BULLSHIT” I get to the Harley dealer and pick out my bike a 2005 Super Glide with only 800 miles on it for 11,500, the dealer calls eloan to verify the check and eloan tells them the check is no good for a used motorcycle, even though the documents sent with the check say the bike can be 99 or newer. So the eloan underwriter tells me that I would be better off getting a 2007 Harley because then the financing will go through, So I talk to the salesman and ask what he get me out the door with for 14,500, the salesman show me a 2007 Street Bob for 13,000 tells me he’ll get me out the door with everything for 14,500 tax, tags… Salesman calls Eloan gets someone on the line tells them what I’m purchasing and the eloan rep say’s nope can’t do it unless the dealer faxes the dealers cost of the bike to eloan, of course the dealer says no I’m not going to disclose whole sale prices to a loan company but he would fax the MSRP to them, ELoan say’s no so I get on the phone and ask why they wont approve the loan, the idiot on the other end say’s (What’s the trade in value on the bike) I was stunned and asked him in a serious manner, if he was born an idiot or did he get that way from working for eloan, because the bike is a 2007. The long and short of it is that eloan changed the rules after sending out the check and totally ruined what ever rep they had with the Central Pa Harley Davidson Dealerships because the business manager at the dealer I was at called surrounding dealerships and told them about the eloan ordeal and advised them not to except and power checks from eloan because of the risk. And I didn’t get my fuckin bike.

P.S. Anyone know of a good loan company for cycle loans and 72 month terms.

Thanks for reading my rant

#4 
Written By Harrry on August 31st, 2006 @ 10:29 am

Home Equity Loan Denied due to TOO MUCH EQUITY!?

I applied for an Equity Line of Credit, which was approved instantly based on my credit. They said the loan was good to go pending an appraisal. I paid $250 for the appraisal which came out at $191k. I wanted to borrow $40k for remodelling and owe $129 on the first mortgage. Since, by definition, I have $62k of equity, one would think this would be simple. After 7 weeks of sending them more and more documentation, all of which they have had since Day 1, they denied my loan based on the appraisal. Although they picked the appraiser, it came back “too high.” After paying for another appraisal, we found out that it was actually $20k low!
My loan was literally denied because I have too much equity in my home????

#5 
Written By Joey! on September 8th, 2006 @ 12:00 pm

This is un-frackin’-believable.

I applied with E-Loan on Sept. 5 for a fixed rate home equity loan. I planned to use 3/4 of it to consolidate old debts from when I was out of work and invest the rest. I have 100% of equity in my house.

I got together all the paperwork they wanted and the end of September they started kicking about a Chapter 13 bankruptcy that will be 10 years old this coming Monday. (It was a 66% repayment plan that I completed 6 months early.) One of the reporting bureaus still had it on my report even though it was supposed to be off after 7 years.

I got that straightened out with the credit bureau and E-Loan said fine, all we need to do is write one more exception because you only have two credit cards and our template is for three. They said it wouldn’t stop the loan, it was just paperwork they had to do.

I said I assumed they were waiting out the 10 years exactly on the bankruptcy and they didn’t deny it. I told them fine, I’d wait it out — I did have one screaming emergency and borrowed my niece’s college money on the strength of E-Loan acting as if my loan was going to go through.

So tonight, after waiting patiently for 70 days, I get an e-mail telling me I’ve been declined due to blemishes on my credit report they knew about on Sept. 5.

Once again, I have 100% equity in my home. I don’t understand their problem, the loan money would be totally secured and even the IRS says I am good for a monthly payment that is $160 more than the E-Loan payment would have been.

Now I am just hoping I can find someone to lend me the $6k so my niece doesn’t have to drop out of college. The rest of It I can fight through without a loan.

Yeah, E-Loan totally sucks.

#6 
Written By Hoppinmad on November 11th, 2006 @ 6:38 pm

I can confirm that E-Loan is an absolute nightmare. I cannot recommend them to anyone. Today my so-called “senior loan consultant” (my application got reasigned to a different one every week who then asked again for all the documents that I sent the week earlier) sent me an e-mail saying that he is “putting a stop” to answering questions because in his opinion I have asked too many already… He said I can lock or find another company. And this is just one example of about 30 other problems. Never ever deal with E-Loan if you want good service.

#7 
Written By Ludo on December 30th, 2006 @ 7:42 pm

Their main address is 6230 Stoneridge Mall Rd., Pleasanton, CA 94588. Google Maps shows it to be an apartment complex (note the tennis court). There are some industrial buildings nearby but on the west side of the street (with odd addresses) not the east side. Is E-Loan actually being run out of some guy’s apartment?

#8 
Written By Bill on January 12th, 2007 @ 4:42 pm

Worst company I have dealt with.

I have a savings account with them and was locked up from access it since December 06. I’m CLOSING IT.

#9 
Written By angry customer on February 1st, 2007 @ 11:10 am

***URGENT*** I applied for a mortgage insisting on a fixed low interest rate. My credit mid socre, DTI and income checked out to be just fine so i talked with consultant for a while. He told me congratulations your approved subject to satisfaction of documentation. I agreed to buy some 1.5 discount points to lower my interest rate and when he emailed the docs to me EVERYTHING was so soooo soooo much higher that what we discussed including the amount of points. I became very skeptical at once and even worse when they asked for my credit card information to do an appraisal..he had no shame in even asking me even though he completely lied to me!!!! ELOAN IS A VERY BAD COMPANY; BE CAREFUL!!! DONT DISCLOSE YOUR INFO. BECAUSE WHO KNOWS WHO THEY REALLY ARE WORKING OUT OF SOME LITTLE APARTMENT; THEY’RE ADDRESS COMES UP AS AN APARTMENT COMPLEX IN PLEASANTON CALIFORNIA…BE VERY VERY VERY CAREFUL!!!!!!!

#10 
Written By Trista on February 12th, 2007 @ 11:08 pm

Wow, thank you Marc Perkel for posting this information. Thank you everyone for sharing your experiences. I just filled out a profile online with E-Loan, and thought I should do more research before applying for anything. Nothing beats the power of people connecting through the web. After reading about everyone’s experiences here, I’d never use E-Loan. Thank you, thank you, THANK YOU!!

#11 
Written By Ty Davis on March 4th, 2007 @ 9:25 am

I had a school loan with Wells Fargo that somehow got trasferred to (or bought by) Eloan. I tried to pay it off several times with a lump sum payment (because of the high interest rate) and they rejected the payment. I tried to transfer the loan to a low interest credit card and they rejected the transfer twice! Then I tried to pay by check over the phone and they said the routing number was incorrect. I read the number right off the check! Finally I mailed them a payoff check and they posted the payment a week and a half late. This way they could accrue more interest on my account. I had to call them and pay $40 interest to FINALLY pay off the account. ELOAN (E-Loan) IS A COMPLETE SCAM! DO NOT DO BUSINESS WITH THEM. THEIR CUSTOMER SERVICE SUCKS AND THEY DO NOT LOOK OUT FOR YOU AT ALL. VERY SHADY OPERATION.

#12 
Written By EZE on March 21st, 2007 @ 7:22 am

I am glad I found this site. I applied for an auto loan and was approved, but then waited for the follow up phone call to finish the loan process. During that day, I received around 10 phone calls from e-Loan. I was hung up on the 1st 4 times, no one was on the line the last 6 times. The next day (about 14 hours after the auction for my vehicle ended) I received a call with an actual voice. I told him to forget it, he already wasted too much of my time and was far too late. I think they were in India as well. Not sending my business off-shore.

#13 
Written By Alan Elbert on March 30th, 2007 @ 10:00 am

E-Loan has no integrity, ripping consumer/customer off –

I applied for a purchase home loan before and got approved. when I came back for the loan, they said it became inactive and need to apply again. So I started over. They check my credit report and approve my loan on the spot. My credit score is 820. I have very low debt /income ratio. When I received the written GFE, it was totally different from we discussed on the phone. I was so disappointed and point out the issues, the loan consultant lacking integrity etc. Then he raised the requirement and the interest rate again. I was so sick of it and move on. It seems they tried to suck up your time and energy to mislead you at the beginning; then you got less time to shop around other lender. I won’t deal with E-Loan in the future. The loan consultant isn’t trustable. period.

#14 
Written By julliet on March 30th, 2007 @ 2:52 pm

Stay away from E-Loan. This is a terrible business. 6 Months ago, when I was shopping for where to put some money for a CD, I read the horror stories about E-Loan, but figured it must be an exception and they surely would have the mess fixed by the time my CD matured.

Wrong.

I told them to move my money at maturity back to an external account. After maturity, they deleted the on-line instruction I gave them and didn’t transfer the amount, and so now everyday I am working with these crooks to get my money I am losing money that I should be making. So much for higher CD rates with e-loan when you lose actual money and time trying to get your money out of the CD.

Don’t go with E-Loan for anything. These guys are the worse of the worse.

#15 
Written By Ojas Rege on March 31st, 2007 @ 11:27 pm

Geez, had I seen this site prior to getting a loan from E-Loan I probably wouldn’t have! That said however they approved me quickly at the stated rate (low rate- good credit) worked out well for me, sorry to here of everyone else’s trouble’s. Loan was for a 23 year old car, no questions asked with good credit. I’d use ’em again.

#16 
Written By s2 on April 20th, 2007 @ 8:51 am

E-Loan IS horrible! They have now forwarded my application to their ‘lending partners’ for review. I called and asked them to please, once again, cancel my application as I had no interest in working with them. They were rude and said that it is too late and there is nothing they can do about my application ‘floating around’. They said I wasn’t approved with e-loan and therefore they forwarded my information. I said the reason I wasn’t approved is because I had already requested to cancel the application previously. The rep apparently couldn’t be bothered with this explanation. At this point, I think I made the right decision not to work with them. And the terms I received from my local credit union were far better anyway!

#17 
Written By smiller on May 8th, 2007 @ 9:15 am

Stay away from E-Loan.

I refinanced my home with E-Loan and closed in two weeks, it was fast and smooth in late March 2007. At closing the mortgage was sold to Popular Mortgage Services.
Two months later, today May 10, I received a monthly statement from Countrywide that E-loan just transfer my mortgage to them.
They do not have my mortgage, I do not know how can they sell it to countrywide.
Can anyone give me an ideal, how should I fix the problem ? Thanks

#18 
Written By Chris McDermott on May 9th, 2007 @ 11:02 pm

Absolutely horrible customer service. Almost three weeks ago they locked a account where I had $50,000 in it. I miss typed my birthday and they insist that I do not know my own birthday yet they do not ask me to fax my drivers license to them. My name, SS# and money transferred from the external bank all check out. eLoan said they would cancel the account and send the money back to where it came from. That is great but three weeks have passed and they have not sent the money back yet. eLoan refuses to give access to the eLoan account or give us information other then it is supposedly being sent to the account where it came from. I am going to end up losing a real-estate deal over this. Never do business with eLoan unless you want to wonder if your money has disappeared. Once eLoan locks your account and claims they are returning you money weeks and weeks go by and they do not complete a simple electronic transfer that takes 20 minutes max. eLoan will not let you access your account once they say they returning the deposit. This is the worst customer service I have ever seen in my life.

#19 
Written By stayawayfromeloan on May 29th, 2007 @ 6:55 pm

Just Say NO to Eloan!!
I applied for a new car loan and was approved. Everything seemed cool since they did approve quickly and assured me a check could be sent overnight and my purchase transaction could take place tomorrow. The interest rate quoted on their web site for a new vehicle was 6.05%. When they called to let me know I was approved and to “verify information” already provided, they informed me that the rate was 7.17% amounting to just under a $1000 difference on the final payoff amount (financed over 60 months). I thought something was weird with the interest rate, but was not at home and had no access to the internet to check the rate initially quoted. In the meantime, they had already arranged for the shipment of my “power check” to be sent overnight. The power check is a blank check that is payable to the dealership for no more than the amount approved. Since I was at the dealership when they called, I had no access to the loan paperwork until I got home and read the email with the attached documentation.

It was then I realized the discrepancy in the loan percentage, the monthly payment amount, and was able to read all the fine print – very scary policies regarding late and/or delinquent payments – one missed payment or a payment received after the 10 day grace period can be considered delinquent and then all sorts of nasty things begin to happen.

When my check arrives tomorrow, I will be returning it and asking for my income verification paperwork (two years of previous tax returns since I’m self-employed)to be returned to me immediately. I can do better with my credit union even if the rate is slightly higher than the original rate quoted on the Eloan web site (apparently a lie). At least my credit union knows me and they have very straight-forward loan paperwork and their payment policies are much more lenient, not to mention that they are honest and I can deal with them face to face.

I just hope I can get my paperwork back without worry of identity theft or of them selling my info to other companies. After reading the other postings on this site, I’m frightened at the prospects of what they might do. My sister is a lawyer; perhaps a letter from her on her letter-head stationary will be in order if they give me a bad time. I also plan to talk to Edmunds.com about their link to Eloan and complain that they are recommending a slipshod operation and that they should SERIOUSLY reconsider their relationship with Eloan. What a waste of time and effort!

#20 
Written By L Malon on June 5th, 2007 @ 9:07 pm

I would not reccomend that anyone use Quicken Loans either. They pull the same crap as E-loan. They approved me for a Home Equity Loan at 8.5% intrest rate. Charged me $300.00 on my credit card to lock-in at this rate. Pending that I satisfied what paperwork they needed (taxes for past two years, paycheck stubs, yada, yada, yada)which I was able to provide. Two days later I got closing paperwork Fed Exed from them and the intrest rate went up to 11.55%. When I called to find out why the rate went up they said I was a high credit risk because I have one year left to pay child support even though I have an excellent credit rating and no bankruptcies. They knew about the child support when they asked me about what my bills where when I made application for the loan. I refused to sign for the loan since this was not the loan I had applied for. They also refused to refund the $300.00. they said that it covered the cost of the appraisal. No one ever showed at my house to do an appraisal. Quicken Loans is just very dishonest and unethical. Save your time and money and do bussiness with a real bank.

#21 
Written By Dave Ski222 on June 6th, 2007 @ 4:20 am

Post Script from L Malon regarding posting above: After talking to E-loan this a.m., they informed me that my higher interest rate (7.17% as opposed to the advertised rate of 6.05%) was probably due to a lower than optimal number on my credit score. I indicated what my actual credit score was (within the top 10% of possible scores) and was then told that they had not actually done a check, but they would be happy to do it now and POSSIBLY change my rate and re-do the loan. I said “no thanks,” I was no longer interested since I didn’t like the fine print policies regarding late payments and the resulting consequences, in addition to their lazy work in the underwriting process to begin with. Also confusing; when I told them I would not be cashing the check they sent and was declining the loan, the woman stated that it was already noted in my computer file history that I had declined the loan yesterday afternoon! I did not decline the loan yesterday and the fact that the check arrived this morning would seem to indicate that there was a mistake somewhere, be it human error or computer glitch. To sum up: the entire process was a joke and I would never recommend their services to anyone. I can only hope my ordeal is over…

#22 
Written By L Malon on June 6th, 2007 @ 8:56 pm

Eloan needs to be up front when they tell you that you are approved for a loan. Instead of calling to verify information when they want to, they need to give you the interest rates up front for your approval like EVERY other company on the face of the planet does.

If Eloan cannot provide this information at the time they supposedly approve you, they shouldn’t pull a credit report.

#23 
Written By Dan on June 10th, 2007 @ 10:42 am

Thanks for the Comments I have just read about Eloan and Quicken Loans. I was just looking around on here for a Second Mortgage When I noticed this site.. THANK YOU

#24 
Written By Don on June 14th, 2007 @ 8:14 pm

Folks,

Let me tell you, the mortgage lending business is the second most crooked “business” in the world. They are all alike. A low-life can be working at Radio Shack one day and be a loan “officer” the next. The title loan “officer” is so misleading just by itself. Those guys are not “officers” of anything. They are nothing more than loan salesmen. They work on commission and if they don’t close a loan they don’t get paid. If you think they are working for you, you gotta be daft in the head.

Bob Burnitt, former Texas real estate appraiser.

#25 
Written By Bob Burnitt on June 17th, 2007 @ 11:51 pm

Eloan definitely sucks. My situation is a little different, but still demonstrates the incompetence of this company.

Last November, I financed my new Audi with Eloan. Everything went smoothly except the dealer had to send them all kinds of documentation to complete the sale.

A couple months later, a representative from Eloan calls me and tells me that Audi hasn’t sent them the title to the car. I said, “why are you talking to me? Shouldn’t you call Audi? They’re the ones with the title. What can I possibly do?? She said, “we want you to call them and tell them to transfer the title.” I said, “isn’t that your job? You do have a telephone, right?” She said, “it’s part of your agreement to furnish the title.” I said, “no…you’re not doing your job; you should be talking to Audi instead of harrassing me! Since when did customers do your administrative work?” Then I hung up.

Bear in mind that I have excellent credit. I have never missed a payment on anything.

A few months later, I receive a letter from Eloan threatening to repossess the car unless I furnish them with the title. I guess they made up some new rules. They can destroy a customer’s credit by repossessing a car for which he has never missed, nor ever been late on a payment. How could they repossess a car they didn’t have the title to anyway? Wouldn’t that be theft? I would love to give them the title, but it was beyond my control. I even made calls to the Audi dealer to see what was up. They said that they were “taking care of it”. Mind you, I fault the Audi dealer as well. But, at least they were respectful. The gal at Eloan talked to me like I was some deadbeat loser. I’m going to refinance the car with someone else.

How Eloan hopes to increase their business by harrassing their good customers is beyond me.

#26 
Written By John on June 18th, 2007 @ 2:56 pm

I must add my own story too. I tried to use eloan to open a CD account. A bad idea! They opened the account, but left my application “incomplete”. When I completed the application, they opened a second account! This meant they withdrew twice the money I intended to spend from my regular account.

When I tried to fix the problem, they treated as my fault and charged me the full penalty for closing the CD early.

One of the reasons eloan offers such attractive CD rates is no doubt because they have difficulty raising capital with practices like these.

Radically simple, my ass.

Note: eLoan’s parent bank is Banco Popular North America (BPNA), address 9600 W. Bryn Mawr, Rosemont, Illinois 60018.

#27 
Written By CWash on June 28th, 2007 @ 8:35 am

What do have to say about opening a savings account with e-loan ? Any testamonials ?

#28 
Written By Grant Kelley on June 28th, 2007 @ 1:08 pm

thanks for sharing bad experiences about E-Loan. Today I was about to borrow money from them but decided not to. Thanks

#29 
Written By Jhune S on July 18th, 2007 @ 9:30 pm

Thanks for all the comments. I was contemplating E-Loan. I will now go elsewhere after reading all these bad experiences. Someone definitely needs to file a law suit against these people. Or at least contact the Better Business Bureau.

Thanks again.

#30 
Written By Richard M on July 26th, 2007 @ 6:40 pm

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