E-Loan, Inc. is a part of the Banco Popular North America (BNPA), which is a New York State chartered bank that is insured by the FDIC and is the direct parent company of E-Loan. E-Loan started their mortgage operations in June 2007 and have in a short time acquired a wide range of customers, which is proof enough of the quality of E-Loan bank’s products. E-Loan bank offers its borrowers more than 50 percent in origination cost savings as compared to a mortgage obtained through the traditional mortgage brokers and lenders. Their loan-processing center is in Dublin, CA. E-Loan bank is also publicly traded on Nasdaq.
Any deposit product offered through E-Loan is opened through BNPA. All deposits are insured as per the maximum amount according to the law. Before reviewing their product line, it needs to be said that E-Loan bank is extremely conscious of the security of its customers. Towards this end, they have implemented security measures such as not letting the money be taken from the accounts, except through linked accounts. This means that the insurance premium cannot be debited from the account. In addition to that, the linked account can only be changed four times in a year. Although this certainly does not offer as much flexibility as other banks, for customers who understand that their money is even more secure when compared to other banks, it is a small price to pay. E-Loan is no longer loans alone. They have savings accounts and CDs too to cater to the varying needs. The accounts at E-Loan bank are very fast to setup and the customers can also designate a beneficiary on the account. Another advantage is the lack of a hard credit inquiry for opening an account.
The E-Loan Online Savings Account with its no-frills features including the best interest rates, is worthy of review. There are absolutely no fees on balances, although a minimum of $5000 is required to open the account. The money can be accessed or account can be funded through an externally linked account. The interest is compounded. As is with all their accounts, it is FDIC insured for up to $100000. However, no deposits are allowed over the mail.
Their Certificate of Deposits (CDs) offer the best CD rates and the minimum deposit requirement is $10000. In spite of the advent into CDs being relatively new for E-Bank, they offer the best CD rates, which are on par with the other banks.
Coming to their loan products, let us first talk about their student loans, which are a boon for students. This bank offers undergraduate, graduate, and K-12 loans. Students are allowed to borrow upto 40000, and don’t need to worry about repayment until after they graduate. The best part is that these loans can be availed in just 15 minutes even without a cosigner, but having a cosigner is advantageous as it ends up lowering the borrowing costs.
Home purchase, home refinance, home equity, auto loans as well as business financing are all offered at great rates and for different periods of time. For business owners, be it a small business or a huge growing business, E-Loan bank metes out a fair and honest treatment. It could be anything from small business loans, commercial mortgage or equipment leasing, all loans are processed at the earliest with no hassle and with the best and competitive rates in the market. Their home refinance loan provides rate stability with the fixed payments for the life of the loan. This protects the borrower from rising rate increases.
Other features of E-Loan bank are expert loan consultation at any time during the day or night and even during weekends. For people looking for mortgage, free loan analysis is provided. E-Loan bank facilitates getting the Visa, MasterCard, and American Express credit cards and these are issued by independent third party credit card companies and not by E-Loan. These are only offered to US residents of 18 years and above. So, if one wishes to get a credit card, it is wise to understand how this is set up.
Customers and borrowers can apply for any of the products sitting in the comfort of their home and instant support is provided for any clarifications they may need. Needless to say, E-Loan bank that is striving to be the best in customer commitment has won accolades. To name a few, E-Loan bank has been voted number one in web excellence for mortgage. It also has the distinction of winning the privacy award. This shows that its tight security measures have proven to be an advantage in more ways than one.
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