Eloans are places on the web where you can apply for a bank loan or line of credit. Instead of the traditional way of physically going to a bank or lending institution and having your personal information mulled over by a different people, you can now apply for financing, bank loans, mortgages, etc online and hassle free.
However this does come with a catch. Do to the impersonal nature of eloans there are frequently a much higher rate of eloan complaints then there are for bank loans secured a normal institutions.
The most frequent eloan complaint we hear is the fact that certain places will not accept credit obtained via eloans. For example, some car dealerships refuse to accept credit obtained through eloan applications and require the traditional source of funding be secured.
The main reason dealerships do this is because they frequently offer their own online financing. In other words if they can refuse your financing and make you accept their own then they can charge rates much, much higher then average.
The second most frequent eloan complaint is the fact that eloan will quote you one rate when applying but will charge you another, significantly higher rate. Many people have claimed this has happened to them.
When asked about this eloan reasoned it was do to the fact that the applicants' credit rating was less then perfect.
However, this does not in anyway explain why the applicants were quoted a lower rate I the first place. It seems that eloan is quite happy to quote lower rates in order to get people to apply then charge them higher rates once the applications have been approved.
We have seen numerous eloan complaints throughout the internet. However, we have no reason to believe there is such a thing as the eloan scam. It would seem as eloan has a few bugs in their system still left to be worked out.
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