After you submit your application, eLoanWarehouse’s underwriting team will review it according to their guidelines. You will get an instant decision. If approved, you will need to eSign the loan documents and then call eLoanWarehouse during business hours for a quick verification call. You will also become an eLoanWarehouse’s Loyalty Program member upon approval.
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.
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.
