eLoanWarehouse is a lending platform that offers loans up to $2,500 with fast funding. It’s a more affordable option than payday loans and can be a good option for people with bad credit who need cash quick.
Pros and Cons
Pros
- Fast Funding. eLoanWarehouse funds in 1 business day.
- Affordable than Payday Loans. eLoanWarehouse loans are a better option than payday loans.
- Quick Application. eLoanWarehouse’s application process is easy.
- Minimal Requirements for Approval. eLoanWarehouse doesn’t require good credit or high income for approval.
Cons
- High APRs. eLoanWarehouse’s loans have higher APRs than banks and credit unions which can be more expensive in the long run.
- Short Repayment Term. 6 to 12 month loan term means high monthly payments.
- Sovereign Enterprise. While eLoanWarehouse’s sovereign enterprise status gives them certain legal protections, it also means you don’t have the same legal recourse as you would with other lenders.
- Not Much Info. eLoanWarehouse’s website doesn’t provide much information about the company so you can’t fully understand your borrowing options and terms.
How to Apply For an eLoanWarehouse Loan?
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Visit the Website. Start by going to the eLoan Warehouse website.
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Select Loan Amount. On the homepage, choose the loan amount you wish to apply for.
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Fill in Personal Details. Enter your first name, last name, email, and phone number in the application form provided.
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Submit Application. Click on the "Submit" button to complete the process and submit your application.
Conditions and Requirements
Conditions
Loan Amount. You can borrow personal installment loans from $300 to $2,500.
Loan term. 9 to 12 month loan term with monthly payments.
Interest Rate. Interest rate varies based on your credit profile and financial needs. Higher than banks and credit unions but less than payday loans.
Fees. eLoanWarehouse may charge an origination fee or other fees. No early payoff fees.
Repayment. You will make monthly payments until the loan is paid off and may be charged late fees or other penalties if you miss a payment.
Requirements
Verifiable Source of Direct Deposit Income. eLoanWarehouse will require you to provide proof of consistent and verifiable income. This can be pay stubs, bank statements or other documents that shows regular deposits into your checking account.
Open Checking Account. You must have an open checking account that meets eLoanWarehouse’s “bank account minimum opened duration” requirement. This means your account must have been open for a certain period of time before you can apply for a loan.
Age and Residency. To be eligible for a loan, you must be at least 18 years old and a US resident. You will need to provide proof of age and US residency, such as a valid government issued ID.
Minimum Income Requirements. Your take home pay must meet eLoanWarehouse’s minimum income requirements. These requirements ensures you have enough income to pay back the loan on time.
Bankruptcy Status. You must not be a debtor in a bankruptcy case or have any intention to file for bankruptcy relief. This requirement is to ensure you are financially stable and can manage additional debt responsibly.
Military Status. You or a family member must not be an active member of the Military. This may be a requirement to comply with regulations and to protect military personnel from taking on debt that can cause financial strain.
Editorial Opinion
Important
How to Choose a Lender
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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.
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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.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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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.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- About eLoanWarehouse
- Full eLoanWarehouse Account Review
- How to Apply for an eLoan Warehouse Loan
- How to Repay an eLoan Warehouse Loan
- eLoanWarehouse Mobile App
- eLoanWarehouse Reviews
- All eLoan Warehouse Coupons and Promo for October 2024
