By Ben Shaffer
Eloan refers to a full range of mortgages, credit cards, auto loans, education loans, home equity loans and personal loans that are offered online. An eloan is a part of online financial service. The eloan companies are online consumer direct lenders that provide borrowers with loans and mortgages. Eloans are of many types.
Auto loans are a type of eloan. Most of the banks and credit unions offer some type of car/auto loan. It is common to get six-year terms for loans on expensive cars and sometimes seven-year terms are also offered for high line automobiles. Home mortgages are another type of eloan service.
In a home mortgage, you need to make sure that you are getting the best deal. You need to look at the rate, prepayment penalties, closing costs and points due at closing. When you are comparing loans from different lenders, you need to ask for a Good Faith Estimate from them.
This is a break up of the expected costs in a standard format that is used by each lender. This helps you compare loans next to each other and see the different charges.
When your debt position becomes difficult to manage, you need to turn to a service that helps you in getting out of the debt problem. The solutions offered by most of the credit agencies appear to be good. They may not be not as good as the agency claims that they are. You need to look for the hidden costs and fees in such loans and the terms of service.
There can be misinterpretation of the terms that suit the needs of the lender. The agreement between you and the agency also needs to be closely looked into for any terms harmful to your interest.
Another kind of eloan is the payday loan. This loan also goes by many names- cash advance loan, post-dated check loan etc. In this kind of loan, the borrower has to pay back the amount along with a fee.
Usually the fee charged for payday loans are a percentage of the loan amount and if the loan period is extended, you have to pay for the extended period also.
There are student loans among eloans. There are many types of eloans among student/education loans including many private and federal loans to enable students pursue their education.
Federal loans are the single largest source of education loans. There are two primary programs, Federal Family Loan Program (FFELP) and the William D. Ford Federal Direct Loan Program (FDLP). In the FFELP, a bank or your school is the lender and in FDLP, it is the US Department of Education. These are some of the eloans on offer.
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