ILoan is an online financial lender that specializes in personal loans. This is a startup branch of the more well-known OneMain Financial bank that has branch locations across 44 states in the United States.
Personal loans given by ILoan are mainly used by individuals who are looking to consolidate their debt. Only a small portion of users applying for this personal loan are looking to pay off monthly bills, unexpected automotive repairs, and other reasons.
The Quick Facts About ILoan:
- Most of their loans range from 2 to 5 years in length.
- Interest rates range between 11.24% and 36%.
- Borrowers can apply for a loan that ranges between $2,550 and $25,000.
- The average loan borrowed from ILoan is for $7,000 for 4 years at an annual percentage rate of 26%.
- This company does report loan payments to all three major credit bureaus.
Who Are ILoan Personal Loans For?
Personal loans from this company can be used for many different reasons, however most commonly they are used for debt consolidation. There are no set credit requirements for borrowing from ILoan, but their customers usually have a credit score between 600 and 750. This personal loan is a great for those looking for an online-only borrowing experience.
The only requirement that is necessary to apply for a loan is that you’re a resident of Delaware, Idaho, Alabama, South Carolina, Illinois, Missouri, California, Nevada, New Mexico, Utah, Oregon, or Wisconsin. Currently ILoan personal loans are not available to residents of other states.
What Types Of Fees Do They Charge?
It’s typical for any personal loan lender to charge an origination fee for processing your loan. For ILoan this varies by state of residence. In addition, any late fees for loan payments will vary by state. There are no prepayment fees charged to customers who decide to pay-off their loan before the end of the agreed upon term.
The annual percentage rate of your loan will depend on your individual credit situation, length of your loan, and the principal amount. You can expect an interest rate of between 11.24% and 36%.
How Do You Apply For A Loan With ILoan?
As stated earlier, this is solely an online banking lender. All parts of the application are completed online via their official website. This allows for a more slipstream process as you don’t have to go to a banking branch to complete the application.
If you are interested in obtaining a loan from this financial institution you need to do the following:
- Go to their official website, ILoan.com.
- Fill out their online application with your personal information.
- If approved, choose the term length option that best suits your needs.
- Upload requested verification documents. These include both personal identification and income proof documents.
- Answer online personal verification test questions.
- Input your bank routing number and account number to receive a deposit of your loan funds.
It’s important to realize that ILoan does a hard credit check. This means their inquiry about your credit will show up on your credit report and could affect your ability to receive other lines of credit. ILoan typically deposits your approved loan fund the next business day, however in some rare cases it could take up to three business days to receive.
Is ILoan The Ideal Lender For You?
If you enjoy the online-loan experience over the traditional brick-and-mortar bank visit, than ILoan is a good fit. Before applying for a loan it’s a good idea to first assess your debt. Understand where your financial strengths and weaknesses are. Those with a good credit score can have trouble getting approved for a loan if they currently have a high amount of debt. Those with a low credit score have a better chance for loan approval with a high income level.
Planning out your different loan payment scenarios is essential to finding the right balance of monthly payments to overall interest paid on a loan. You can use this online personal loan calculator to find an estimated monthly payment based off of a specific loan amount and interest rate.
Don’t be shy about checking out different personal loan lenders. Compare possible annual percentage rates, maximum loan amounts, loan terms, and qualification requirements. If you are looking for a loan for debt consolidation it’s vital to have a long term plan in mind. Although it may feel like a weight-off-of-your-shoulders to consolidate multiple loans into one, you still need to adjust your budget and restructure a long term plan to pay off all of your debt.