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Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

1.9
(20 Ratings)

eLoanWarehouse

Advertiser Disclosure

About Lender

eLoanWarehouse is a lending platform that offers installment loans of up to $2,500 with fast funding. It is positioned as a more affordable alternative to payday loans and can be a useful option for people with less-than-perfect credit who need access to cash quickly.

The average eLoan loan term is 9 to 12 months, and while the APRs are higher than those of traditional banks or credit unions, they are often less costly than payday loans. eLoanWarehouse is owned and controlled by the Lac Courte Oreilles Band of Lake Superior Chippewa Indians, a federally-recognized sovereign American Indian Tribe.

As a sovereign enterprise, eLoan personal loans are provided by a sovereign government, and the profits fund governmental services for Tribal citizens. eLoanWarehouse is a wholly-owned economic development arm of the Tribe and is regulated by tribal law. Opichi Funds' contracts specify that any disputes related to the use of their services must be resolved in tribal forums, which may include informal yet cost-effective and efficient Tribal dispute resolution or individual arbitration before a neutral arbitrator. As a sovereign enterprise, Opichi Funds cannot be sued in court and has not waived its sovereign immunity with regard to any claims related to the use of its mobile site. Suppose you are uncomfortable with the idea of conducting business with a sovereign instrumentality that is not subject to suit or service of process in court. In that case, it is recommended that you discontinue the use of the website.

eLoanWarehouse

Key Features

  1. Quick and Easy Application Process. eLoanWarehouse provides personal installment loans ranging from $300 to $2,500, and the funds are typically deposited into the borrower's account within one business day.
  2. No Early Payoff Fees. Unlike some other short-term loan lenders, eLoanWarehouse does not charge a fee if the borrower is able to repay their loan early.
  3. Sovereign Enterprise Status. eLoanWarehouse is owned and controlled by the Lac Courte Oreilles Band of Lake Superior Chippewa Indians, a federally-recognized sovereign American Indian Tribe. This means that the proceeds from the business fund governmental services for Tribal citizens and that eLoanWarehouse is regulated by the Tribe. Additionally, this status provides certain legal protections for the company.
  4. Affordable Alternative to Payday Loans. eLoanWarehouse positions itself as a more affordable alternative to payday loans, often with high-interest rates and fees.

Pros and Cons

Pros

Fast Funding. eLoanWarehouse provides quick access to funds, typically within one business day.

Affordable Alternative to Payday Loans. eLoanWarehouse's installment loans may be a more affordable option for borrowers who would otherwise turn to payday loans.

Easy Application Process. eLoanWarehouse's online application process is quick and straightforward.

Minimal Qualifications for Approval. eLoanWarehouse does not require good credit or a high income for approval.

Cons

High APRs. eLoanWarehouse's loans come with higher APRs than those of traditional banks or credit unions, which could make them more expensive in the long run.

Short Repayment Term. The average installment loan term is 6 to 12 months, which could make monthly payments relatively high.

Sovereign Enterprise Status. While eLoanWarehouse's status as a sovereign enterprise provides certain legal protections, it also means that borrowers may not have the same legal recourse as they would with other lenders.

Limited Information Available. eLoanWarehouse's website provides limited information about the company, which could make it difficult for borrowers to understand their borrowing options and terms fully.

Reliability

eLoanWarehouse's reliability can be evaluated based on a number of factors, including its customer service, reputation, and security measures. While we cannot provide a definitive assessment, it is worth noting that to date eLoanWarehouse has received an A- rating from the Better Business Bureau (BBB), which is a respected third-party organization that evaluates businesses based on factors such as customer complaints, responses to complaints, and transparency.

Additionally, eLoanWarehouse's website is secured by GoDaddy, which is a well-known and trusted web security company that provides website encryption and protection against cyber threats.

As a lender, eLoanWarehouse is required to comply with the federal Equal Credit Opportunity Act. This act prohibits creditors from discriminating against credit applicants on the basis of several factors, including race, color, religion, national origin, sex, marital status, age, income source, or if the applicant has exercised their rights under the Consumer Credit Protection Act.

While the BBB rating and GoDaddy security measures do not guarantee the reliability of eLoanWarehouse, they do suggest that the company has taken steps to ensure the safety and satisfaction of its customers. It is always a good idea to research a lender thoroughly and carefully read the terms and conditions of any loan agreement before accepting an offer.

How to Apply For an eLoanWarehouse Loan?

Apply For a Loan

After the borrower submits their application, it is reviewed by eLoanWarehouse's underwriting team according to their rules. Typically, the borrower will receive an immediate decision regarding approval. If approved, the borrower will be required to eSign the loan documents and then contact eLoanWarehouse by phone during business hours for a brief verification conversation. The borrower will also become an eLoanWarehouse's Loyalty Program member upon approval.

Conditions and Requirements

Conditions

  1. Loan Amount. Borrowers may be eligible to receive personal installment loans ranging from $300 to $2,500.

  2. Loan term. The average loan term is between 9 and 12 months, with regular monthly payments.

  3. Interest Rate. The interest rate varies depending on the borrower's individual credit profile and financial needs and is typically higher than those of traditional banks or credit unions but less expensive than payday loans.

  4. Fees. eLoanWarehouse may charge an origination fee or other fees associated with the loan. However, there are no early payoff fees.

  5. Repayment. Borrowers are expected to make regular monthly payments until the loan is paid off, and may be subject to late fees or other penalties if payments are missed.

Requirements

  1. Verifiable Source of Direct Deposit Income. eLoanWarehouse will typically require you to provide evidence of a consistent and verifiable source of income. This could include pay stubs, bank statements, or other documents that demonstrate regular deposits into your checking account.

  2. Open Checking Account. You will need to have an open checking account that meets the "bank account minimum opened duration" requirements of eLoanWarehouse. This means that your account must have been active for a specific period of time before you can apply for a loan.

  3. Age and Residency. To be eligible for a loan, you must be at least 18 years old and a resident of the United States. You will likely need to provide proof of your age and U.S. residency, such as a valid government-issued ID.

  4. Minimum Income Requirements. Your take-home pay needs to meet the minimum income requirements set by eLoanWarehouse. These requirements ensure that you have sufficient income to repay the loan on time.

  5. Bankruptcy Status. You must not currently be a debtor in a bankruptcy case or have any intention to voluntarily file for bankruptcy relief. This requirement helps to ensure that you are financially stable and capable of managing additional debt responsibly.

  6. Military Status. You or a member of your family must not be an active member of the Military. This restriction may be in place to comply with regulations and to protect military personnel from taking on debt that could potentially cause financial strain.

Ways to Receive the Money

Once eLoanWarehouse approves your loan application, the funds will be disbursed directly into your designated bank account. The process is quick and efficient, with the money typically becoming available as soon as the same day. This means you can access the loan amount immediately and use it for your intended purposes, whether it's for unexpected expenses, emergencies, or any other financial needs you may have.

Products

Apply For a Loan

eLoanWarehouse provides short-term loans from $300 to $2,500 to borrowers who need money or access to cash quickly. The loans are designed to be a more affordable alternative to payday loans. While they come with higher APRs than those of traditional banks or credit unions, they are often less costly than payday loans.

The loan terms are typically between 6 and 12 months, with borrowers making regular monthly payments until the loan is paid off. The interest rate and repayment terms vary depending on the borrower's individual credit profile and financial needs.

eLoanWarehouse offers a loyalty tier system for their loan products.

  • As a new borrower, you can get up to $1,000 for a 9-month term.
  • With Silver Status (7 payments), the amount increases to $1,250 for a 9-month term.
  • With Gold Status (15 payments) it increases to $1,500 for a 9-month term. Additionally, customers qualify for a Line of Credit for anytime advances at their best interest rate.
  • Upon reaching Premium status (24 payments), you can borrow up to $2,500 for a 12-month term.

Other Loans

    Reasons for Loan Refusal

    The reasons for loan refusal at eLoanWarehouse are connected with failing to meet their loan qualification criteria such as not having a verifiable source of direct deposit income, not having an open checking account, being under 18 years old, not being a US resident, having a take-home pay below their minimum income requirements, currently being a debtor in a bankruptcy case, or being a military member could lead to loan refusal.

    How to Repay an eLoanWarehouse Loan?

    To repay an eLoanWarehouse loan, you can opt for early payback without incurring any penalties. Early repayment may reduce the finance charges you incur. Additionally, repaying the loan in full, without any missed or late payments, contributes towards progressing through the tiers of their Loyalty program, which can potentially qualify you for higher loan amounts or better terms in the future.

    Loans like eLoanWarehouse

    Spotloan

    Apply For a Loan

    Spotloan is a lender that provides installment loans, allowing borrowers to pay down the balance gradually with each on-time payment. The loan amounts range from $300 to $1,500, with new and repeat borrowers qualifying for up to $800 and preferred borrowers with 10 or more loans eligible for up to $1,500. Founded in 2012, Spotloan is owned by BlueChip Financial, a tribally-owned entity governed by the Turtle Mountain Band of Chippewa Indians of North Dakota, one of the country's largest federally recognized Indian Tribes.

    Spotloan

    Big Picture Loans

    Apply For a Loan

    Big Picture Loans is a reputable lending institution and a wholly owned subsidiary of Tribal Economic Development Holdings, LLC. This company operates as an economic arm and instrumentality of the Lac Vieux Desert Band of Lake Superior Chippewa Indians, a federally recognized Indian tribe, primarily benefiting the Tribe while adhering to Tribal law. Offering flexible borrowing options, customers can access loans ranging from $200 to $3,500, with repayment terms spanning from 4 to 18 months.

    Big Picture Loans

    River Valley Loans

    Apply For a Loan

    River Valley Loans offers a financial solution for individuals in need of quick funds to address emergency expenses. With the convenience of same-day installment loans, customers can access up to $3,000, making it easier to handle unexpected financial challenges. Their tribal installment loans provide a simple and fast application process, ensuring borrowers can get the necessary funds without unnecessary delays.

    River Valley Loans

    MaxLend

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    MaxLend is a financial service provider that stands out for its ability to promptly deliver up to $3,000 directly to your bank account, ensuring you get the funds you need without delay. As a sovereign enterprise, MaxLend operates as an economic development arm and instrumentality of the Mandan, Hidatsa, and Arikara Nation, which is a federally-recognized sovereign American Indian Tribe.

    Maxlend

    Lendumo

    Apply For a Loan

    Lendumo, operated by Niswi, LLC, dba Lendumo, is a reputable financial service provider that caters to borrowers needing quick and convenient loans. Backed by the Lac du Flambeau Band of Lake Superior Chippewa Indians, Lendumo combines modern financial practices with a commitment to maintaining the cultural heritage of its community. For first-time borrowers, Lendumo extends loan amounts of up to $1,500, providing a helpful solution for unforeseen expenses or emergencies. On the other hand, repeat borrowers can access even larger loan amounts of up to $2,500.

    Lendumo

    Editorial Opinion

    eLoanWarehouse offers a quick online loan application process for amounts up to $2,500, with funds deposited as soon as the next business day, making it a handy choice during financial emergencies. However, its higher Annual Percentage Rates (APRs) necessitate cautious consideration by borrowers to ensure they can meet repayment terms and avoid debt cycles. While eLoanWarehouse simplifies borrowing compared to traditional lenders, thorough research and awareness of terms, interest rates, and repayment plans are vital for a secure and responsible borrowing experience.

    Important

    Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

    How to Choose a Lender

    1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

    2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

    3. Carefully review all the terms and conditions of your payday loan contract.

    4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

    5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

    6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

    Methodology

    At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

    In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

    At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

    Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

    Additional Resources

    Sources

    FAQ

    How Do You Qualify For an eLoanWarehouse loan?

    To be eligible for an eLoanWarehouse personal installment loan, you must meet the following requirements:

    1. You must provide verifiable evidence of direct deposit income into your checking account.
    2. You must have an open checking account that has met our minimum duration requirements.
    3. You must be a United States resident and at least 18 years old.
    4. Your take-home pay must meet our minimum income requirements.
    5. You cannot currently be a debtor in a bankruptcy case or intend to file for bankruptcy relief.
    6. You or a family member must not be an active member of the military

      How Much Can You Borrow From eLoanWarehouse?

      eLoanWarehouse offers personal installment loans of up to $2,500 to qualified borrowers. The loan amount a borrower may be eligible for depends on their credit profile, income, and financial needs.

      When applying for a loan with eLoanWarehouse, borrowers can review multiple loan offers from lenders that match their profile. They can then compare and choose the offer that best fits their borrowing needs.

      It is important to carefully review the terms and conditions of any loan agreement before accepting an offer and to ensure that the borrower can meet the repayment obligations. Borrowers should also be aware that while eLoanWarehouse's loans can be a more affordable alternative to payday loans, they typically come with higher interest rates than traditional bank loans or credit union loans.

      Does eLoanWarehouse Approve Everyone?

      eLoanWarehouse does not approve everyone who applies for a personal installment loan. While they may have more lenient credit requirements compared to traditional banks or credit unions, they still have certain eligibility criteria that applicants must meet to be considered for a loan.

      To be eligible for an eLoanWarehouse personal installment loan, applicants must provide verifiable evidence of direct deposit income into their checking account, verify they have an open checking account that meets the company's minimum duration requirements, be at least 18 years old, and a United States resident, meet the minimum income requirements, and not currently be a debtor in a bankruptcy case or intend to file for bankruptcy relief.

      While eLoanWarehouse's loan requirements may be less strict than those of traditional banks, borrowers with poor credit histories or low income may still be declined for a loan. It is always a good idea to carefully review the terms and conditions of any loan agreement before accepting an offer and to ensure that the borrower can meet the repayment obligations.

      Is eLoanWarehouse a Legitimate Company?

      eLoanWarehouse appears to be a legitimate company. They are a sovereign enterprise owned and operated by the Lac Courte Oreilles Band of Lake Superior Chippewa Indians, a federally-recognized sovereign American Indian tribe.

      They are registered with the Better Business Bureau (BBB) and have an A- rating, indicating that they have met BBB's accreditation standards and that their customer service representatives have resolved any customer complaints promptly and satisfactorily.

      In addition, eLoanWarehouse's website is secured by GoDaddy, a well-known and trusted web security company, which helps ensure that the site is safe and secure for users.

      However, as with any financial service provider, it is always a good idea to do your own research and carefully review the terms and conditions of any loan agreement before accepting an offer. This can help you decide whether eLoanWarehouse is the right lender for your borrowing needs.

      Is eLoanWarehouse a Good Lender?

       eLoanWarehouse appears to be a legitimate and reputable lender that offers personal installment loans to borrowers who may not qualify for traditional bank loans.

      They have a streamlined online application process, and borrowers may receive multiple loans offers that they can compare and choose from. Additionally, they offer a loyalty program and educational resources to help borrowers improve their financial literacy and borrowing habits.

      It is important to carefully review the terms and conditions of any loan agreement before accepting an offer and to ensure that the borrower can meet the repayment obligations. Borrowers should also be aware that while eLoanWarehouse's loans can be a more affordable alternative to payday loans, they typically come with higher interest rates than traditional bank loans or credit union loans. Ultimately, whether eLoanWarehouse is a good lender for a particular borrower will depend on their individual financial needs and circumstances.

      Company documents

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      eLoanWarehouse Is a Great Way to Get Fast Cash

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      All eLoanWarehouse’s reviews by february 2024
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      2.2
      Disadvantages
      I initially filled out an online form to inquire about their services. However, after expressing my disinterest in their offerings, this company has persistently called my phone up to 30 times per day. This continuous communication feels like harassment as it's flooding my voicemail and causing significant disruption. I'm unsure of how to make them cease these calls, and if this continues, I may need to consider involving an attorney to resolve the issue.
      Complain
      2
      Disadvantages
      I've been bombarded with automated phone calls from this company, occurring at least once every hour and lasting for over 10 hours each day. My attempts to contact them and address this issue have been futile, as I've never managed to speak with a real person. Instead, I'm placed on hold until the call eventually times out, followed by a survey prompt, and ultimately, disconnection.
      Complain
      2.4
      Disadvantages
      I borrowed $1,000 and requested full repayment by the third installment. However, after undergoing heart surgery, I was unaware that the company had altered the terms and agreement. Typically, I avoid installment loans as they often result in unfavorable terms and, in this case, it feels like a form of financial exploitation. In hindsight, taking this loan seems like an unwise decision.
      Complain
      1.8
      Disadvantages
      I established a payment plan to repay a loan, successfully completing it in just four months. However, to my surprise, the company has subsequently deducted two additional $100 payments, with a third one scheduled. Despite my attempts to contact them, I have been unable to resolve this issue or obtain clarification.
      Complain
      2
      Disadvantages
      While it may not qualify as a scam, it's undoubtedly a significant rip-off. This company appears to be structured in a way that practically guarantees financial hardship in trying to settle with them. Their exorbitant interest rates and insurmountable fees make it nearly impossible to keep up with payments. My advice is to steer clear and look for better alternatives.
      Complain
      2.2
      Disadvantages
      I have received a total of 14 calls from this company since 9:00 am today, which I consider to be a form of harassment. I have no prior interactions or business dealings with this company, and I have no intention of engaging with them in the future.
      Complain
      1.6
      Disadvantages
      I obtained a loan from this company, only to discover that their APR exceeds the legal limit in my state. As a result, my loan balance is rapidly accumulating significant amounts daily, and I am hesitant to repay what I consider an unlawful loan.
      Complain
      2
      Disadvantages
      I shared my information with a website to explore loan eligibility. Subsequently, I've been bombarded with incessant calls from various numbers, all of which lead back to eLoan Warehouse, as evidenced by the voicemails they've left. They even reached out to my office number. It's important to emphasize that I have no existing loan with this company, no intention of engaging in business with them, and yet, they persist in relentlessly calling. This persistent contact amounts to harassment, and I demand to be permanently removed from their database, with all calls and communication from them brought to an immediate halt.
      Complain
      1.6
      Disadvantages
      I obtained a $700 loan from ELoan and initially made one full payment, followed by several $100 payments as per our agreed payment plan. At one point, I requested a brief extension for one of my payments, and the agent promised to transfer me to someone who could assist but instead directed me to a voicemail. Despite leaving multiple messages, I never received a callback. When I attempted to contact them several times, I was either hung up on or encountered unresponsiveness. To date, I've already paid approximately $500 to $600 towards a $700 loan, yet they now insist I owe an additional $1,200. Their communication with customers has been extremely lacking, as my numerous attempts to resolve this issue have gone unanswered. At this point, I simply want to make my last payment of the original $700 loan.
      Complain
      1.4
      Disadvantages
      I resorted to using this service out of sheer necessity during an emergency. Nevertheless, it's becoming increasingly apparent that their lending practices are highly predatory. The repayment amount far exceeds the initial loan amount, making it unaffordable for me. It's crucial that there should be a mechanism in place for individuals facing financial hardship, especially considering the exorbitant interest rates they charge on these loans.
      Complain
      aggregation.company.allReviews
      Overall company rating
      1.9
      / 5
      20 reviews
      Execution of an application
      1.9
      Support service
      2.1
      Mobile app
      2.1
      Service quality
      2.0
      Your satisfaction level
      1.8
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