E-loan is an electronic service that provides easy loan application and approval. Transaction is completed online to provide optimum service. This is possible through streamlining of the loan process and by eliminating lender fees that is usually associated with the regular loans.

The service catered to by eloan ranges from home purchases, home refinancing, mortgages, auto loans, auto refinancing, to personal loans. In applying for any of these loans, the applicant has to fill out a loan criteria and submits it for approval. Some sites provide tables and calculators to give borrowers more information.

Creditworthiness

Applicants for an eloan are evaluated by what is called “creditworthiness.” This is determined by analyzing a borrower’s credit report that is generated as he fills outs a form. A computer program then process the credit report and analyze factors that can predict a person’s performance to pay a loan or credit card on time. The higher the score the greater the likelihood that a borrower will be approved for a loan than a lower credit score.

An applicant’s credit score provides a good summary of how lenders will view his credit profile. It is only one of the factors, however, that a lender may consider when granting a loan. Lenders can consider a lot of factors before he can proceed to making some credit decisions. These may include income, assets, expenses, or employment. The degree of their significance, however, varies among lenders.

Late payments, delinquencies and bankruptcies, outstanding debt, length of credit history, and types of credit are some factors that affect the credit score.
Credit scores generally range from the mid 300s to the mid 800s. Above 730 means an excellent credit, 700-729 means a good credit, 670-699 will make lender take a closer look at the borrower’s profile, a score of 585-669 means a borrow is a higher risk, and a score below 585 means that loan may not granted.
Those with low credit scores can increase their scores by paying their bills on time, keep the balance low on their credit cards, and limit their credit accounts to the essential, among others.

Processing

Usually processing an eloan is between 2–4 working days from the date of application. Depending on the type of loan, proceeds will be available after two working days.

Applicants must be at least 21 years old at the time they apply for the loan. Some online loan providers limit the age of borrowers to 64 years old. Loan applicants can track the status of their loan by logging in to the site the loan provider usually provides.

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