Borrowers who have poor credit but still want unsecured loans should consider applying under iLoan. iLoan is the completely online division of OneMain, another personal loan distributor. Rates at iLoan were some of the highest we’ve seen, but they are still lower than those attached to payday or no credit check loans. iLoan is currently only operating in a few states: Alabama, California, Delaware, Idaho, Illinois, Missouri, Nevada, New Mexico, Oregon, South Carolina, Utah, and Wisconsin.
- Review: Should You Apply?
- Eligibility Criteria
- Personal Loan Terms and Requirements
- Application Process
- How Does iLoan Compare to Other Lenders?
iLoan Loan Review: Fair Option for Borrowers with Poor Credit
We believe that borrowers should come to iLoan if they have no interest in taking out payday or no credit check loans but have exhausted all other options on the market. Even when compared to other loans with few borrower requirements, we found rates with iLoan to be the highest by a substantial margin, especially in regards to the minimum loan rate lenders typically quote. In terms of the ceiling of rates personal lenders quote, those offered by iLoan were still high, but closer to what others offered (compared to the difference versus other lenders on the minimum rate). Loan ranges will vary for each customer and depend on factors such as an individual’s creditworthiness, length of repayment term and state of residence. One thing we did like about iLoan was their 7-Day Satisfaction Commitment where customers have the option to cancel and return all loan proceeds within a week of the date on the loan agreement -- it's a less common feature among personal loan providers.
|Good for...||Bad for...|
In terms of fees, iLoan did not say much on their website aside from the fact that additional fees would be charged. When we called iLoan for more specifics, they were unable to provide us more insight beyond the fact that fees were customer-specific and vary according to loan terms, as well as state of residence. Fees will only be available after the loan application is completed, which is less transparency than other lenders will provide. We also found that iLoan will only offer unsecured loans for single applicants, except in two states. At the moment, borrowers in Wisconsin have the choice of securing their loans with a vehicle as collateral and customers in California have the option of applying with a co-applicant. iLoan plans to expand these options into more states in the future.
We do not recommend iLoan for borrowers with higher credit scores or for customers hoping to take out larger loans. Borrowers with higher credit scores should avoid iLoan’s steep interest rates and go elsewhere for better APRs and terms. Furthermore, iLoan’s maximum loan size is smaller than most other places we’ve seen. The maximum loan iLoan will offer you is dependent on your credit history as well. Finally, borrowers living in states where iLoan is not yet available will need to look elsewhere to satisfy their personal lending needs.
In order to take out a loan with iLoan, you must meet the requirements below:
|Minimum Criteria||Recommended Criteria|
iLoan Personal Loan Terms and Requirements
iLoan offers unsecured personal loans that go up to $25,000. Variable APR’s for the company range from 17.6% to 35.99%.
|Loan Amount Range||$2,550 - $25,000|
|APR Range||17.60% - 35.99%|
|Loan Terms||2 to 5 years|
|Direct Payment to Creditors||No|
You can apply online for your loan. Keep in mind that unlike other online lenders, iLoan does not allow you to perform a soft credit check to get your rate first. You must apply directly to obtain this information, which will result in a hard credit check. The application will ask you for your state of residence, requested loan amount and loan purpose. You will then need to create an account by entering your email and a password. Finally, you will need to fill out personal information that includes your name, birth date, Social Security Number, address and other housing details, phone number and income information. iLoan will then conduct a hard credit check and within an hour, you will receive information regarding your fee schedule and loan rate. If you accept the loan conditions, you can receive your funds by the next business day.
|Time to Get Funds||1+ business days|
|Credit Check||Hard credit check when you apply|
|Cosigners/Co-borrowers Allowed?||No (except in California)|
How Does iLoan Compare to Other Lenders?
For comparison purposes, we’ve included some other unsecured loan options for borrowers who don’t have the best credit scores.
iLoan vs. OneMain Financial
Borrowers might want to consider taking out loans with OneMain Financial, iLoan’s parent division instead. While upper rate limits are at 36% for both companies, OneMain Financial’s lowest rates are over 7% less than iLoan’s starting rates. However, bear in mind that OneMain Financial may require lenders with borrowers with poor enough credit scores to secure their loans with their car. If you do end up securing your vehicle as collateral, you may lose your car if you fail to make payments. Some other added benefits from taking out a loan with OneMain are that you’ll have the option of paying off your loan over a longer period of time, and that you might qualify participate in a rewards program and earn points to redeem for gift cards at national stores and restaurants. Most loan applications with OneMain will require a visit to a physical branch however, unlike the complete online experience offered by iLoan.
- APRs: 9.99% - 36.00%
- Terms: 3 to 6 years
- Amounts: $1,500 - $25,000
- Origination fee: Varies by state
iLoan vs. BorrowersFirst
Customers who manage to snag invite codes for BorrowersFirst should consider taking out loans with BorrowersFirst instead. We found that for BorrowersFirst’s minimum rates are over 10% lower than iLoan’s and its maximum rates are 6% less. Furthermore BorrowersFirst allows customers to take out larger loans as well. However, BorrowersFirst only offers a select number of five year loans, so if you really want more time to pay off your loans, iLoan may be better for you.
- APRs: 7.22% - 29.99%
- Terms: 3 or 5 years
- Amounts: $2,500 - $35,000
- Origination fee: 0% - 6%
iLoan vs. Avant
Avant is another personal loan provider geared towards customers with lower credit scores and borrowers should see if they can take out loans with them instead of iLoan. Avant’s starting interest rates are over 7% less than iLoans. Both companies offer the same maximum rate however. Borrowers with Avant can also choose to take out larger loans, up to $10,000 more, than iLoan allows its customers. Furthermore, Avant operates in 47 states, which is almost four times as many states as iLoan operates in. This means that customers have a greater chance of being able to take out loans with Avant over iLoan.
- APRs: 9.95% - 35.99%
- Terms: 2 to 5 years
- Amounts: $1,000 - $35,000
- Origination fee: 0.95% - 4.75%