Comments on: E-Loan Sucks - Beware!!!

By: Richard M

Richard M — Fri, 27 Jul 2007 01:40:18 +0000

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.

By: Jhune S

Jhune S — Thu, 19 Jul 2007 04:30:50 +0000

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

By: Grant Kelley

Grant Kelley — Thu, 28 Jun 2007 20:08:31 +0000

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

By: CWash

CWash — Thu, 28 Jun 2007 15:35:15 +0000

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.

By: John

John — Mon, 18 Jun 2007 21:56:27 +0000

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.

By: Bob Burnitt

Bob Burnitt — Mon, 18 Jun 2007 06:51:24 +0000

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.

By: Don

Don — Fri, 15 Jun 2007 03:14:15 +0000

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

By: Dan

Dan — Sun, 10 Jun 2007 17:42:48 +0000

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.

By: L Malon

L Malon — Thu, 07 Jun 2007 03:56:24 +0000

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…

By: Dave Ski222

Dave Ski222 — Wed, 06 Jun 2007 11:20:36 +0000

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.