E-LOAN is a nationwide financial services company that is dedicated to providing consumers with a simple, easy and open way to obtain high yield savings accounts and CDs. Their web site also provides access to several preferred, nationally recognized lending partners that may be able to assist you in obtaining a loan that meets your financial needs.
I have a CD that I opened with eLoan a while ago, the process was comparable to other online applications.
The website is horrible. They use two factor authentication, and the system has relatively frequent failures. So it can't send you the text message or email with the passcode, and even if you have entered your password correctly a few failed attempts will lock you out of your account.
If that happens after banking hours, you are SOOL as far as getting into your account. You can't do anything about it online, and the lock on your account won't time out. You have to call customer service, and the hold time is always lengthy.
Early withdrawal penalties for CDs would make a loanshark blush, so make sure you won't need your money before maturity.
If you're a low maintenance user eLoan is OK (and the rates can be very competitive), if not...stay away.
E-Loan allows only one external account for transferring money in or out of E-Loan; AND you can only change the external account after 60 days and after you have verified trial deposits. E-Loan also does not allow any external bank to pull or push money from or to E-Loan. And when you open a CD you must specify whether the interest will accumulate or will be paid monthly to the external account; and you cannot change that decision for the entire term of the CD. So when an E-Loan CD is nearing maturity you must consider carefully where to send the principal; it would not be easy to use it to open another CD at a different bank.
A total rip off, Whenever I have called them it has been a total frustration.
The people who answer the phone are in Porto Rico and some of them with very poor English. They are not supposed to provide their last name and a manager or supervisor is never available.
They sent me a 1099 form for over $100, and I have never received any money from them and I don’t even have an account with them. Their response is you had an account for a few days and that amount of interest was generated but since the account was closed, they took that as penalty. I told them send me a letter to that effect, he said that we cannot do that over the phone. I have to send them a request in writing.
They are the lowest of the lows, don’t ever deal with them.
|FDIC Certificate #||34967|
|Return on Assets - YTD||0.51%|
|Return on Equity - YTD||2.27%|
|Annual Interest Income||$307.8MM|
|Assets and Liabilities|
|Assets||Q4 2016vs Q4 2015||$8.63B$7.78B|
|Loans||Q4 2016vs Q4 2015||$5.56B$4.74B|
|Deposits||Q4 2016vs Q4 2015||$6.06B$5.28B|
|Equity Capital||Q4 2016vs Q4 2015||$1.83B$1.80B|
|Loan Loss Allowance||Q4 2016vs Q4 2015||$42.3MM$33.0MM|
|Unbacked Noncurrent Loans||Q4 2016vs Q4 2015||$121.1MM$95.6MM|
|Real Estate Owned||Q4 2016vs Q4 2015||$3.0MM$3.7MM|
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E-LOAN.com is an Internet only bank and does not have branch locations. Its headquarters is located at 85 Broad Street, 10th Floor - New York, NY 10004