Eagle Financial Reviews 2024: Must Read Before Apply

Eagle Financial Reviews

It’s confusing and stressful to find the right loan company. That’s why I wanted to provide you with the full scoop on Eagle Financial Reviews. I will give you my honest take on their pros, cons, rates, and more. Sound good? Alright, let’s dive in!

A Brief Background on Eagle Financial

Eagle Financial is a direct lender that provides personal loans, SBA loans, commercial real estate loans, and more throughout the US. They’re headquartered in California and have been around for over 15 years. I gotta say, their experience shows! The team knows their stuff inside and out when it comes to lending.

Learn more:

Eagle Financial’s Loan Options

Alright, let’s start by going over the different types of loans Eagle offers. Here are their main products:

Personal Loans

Their personal loans range from $1,000 – $10,000 with APRs from 5.99% – 35.99%. You can use them for pretty much any personal expense like debt consolidation, home renovations, medical bills, and more. Terms are between 8 – 24 months. There are no prepayment penalties which is great!

Business Loans

For small biz owners, they provide term loans and lines of credit up to $500,000. This can be super helpful to cover payroll, inventory, equipment, renovations, etc. Rates start as low as 7.99%.

Commercial Real Estate Loans

If you’re in the market for a commercial mortgage, they offer nationwide lending up to $25 million with competitive rates. You can use it to buy, refinance, or renovate your commercial property.

SBA Loans

Eagle is an authorized SBA lender for 7(a) and 504 loans. So if you’re looking to start, expand, or grow your small business, this could be a good route. SBA loans come with low down payments, lower rates, and longer terms.

The Pros of Using Eagle Financial

Alright, now that we’ve got the basics down, here are some of the advantages I’ve noticed about Eagle over the years:

Fast Funding

When you need access to cash quickly, Eagle delivers. They say loans are usually funded in as fast as 2 days which has proved true in my experience. The application only takes about 5 minutes too.

Great for Bad Credit

If your credit score isn’t the strongest, don’t sweat it. Eagle specializes in bad credit lending. They have more flexible credit requirements than big banks. Just make sure to provide strong income proof.

Responsive Customer Service

Their customer service reps are super knowledgeable and available 6 days a week by phone or email. I never had to wait long for an answer to any of my questions.

Low Rates for Debt Consolidation

If you want to combine high-interest credit card debt into one monthly payment, their rates are very competitive starting at just 5.99% APR. Way better than the 15-25% on most credit cards!

No Prepayment Penalties

Some lenders penalize you for paying your loan off early. Not Eagle. You can pay off the full balance or make extra payments without any fees. Nice flexibility to have.

What to Look Out For with Eagle Financial

Now that we’ve gone over some of the positives, let’s talk about a few potential downsides to keep in mind:

Origination Fees

There are origination fees from 1-6% on their loans. This gets taken out of the total loan amount. Some lenders don’t charge origination fees so that’s worth comparing.

High APRs for Bad Credit

As I mentioned, Eagle does lend to those with poor credit. But that means their highest APRs can reach 35.99% which is very high. Be cautious about taking these on.

No Joint Applications

If you want to apply with a partner or spouse, that’s not possible at Eagle. You’ll each need to apply separately. Other lenders allow joint applications.

Limited Loan Terms

The terms on their personal loans are shorter (8-24 months) than some competitors who offer more flexibility such as 6-10 years. Just something to keep in mind.

Difficult to Reach for Issues

While their customer service is great in general, some past customers have complained if they had issues or complications, Eagle has been difficult to get in contact with. Something to be aware of!

Eagle Financial Rates and Fees

Alright, so you’re probably wondering what types of rates and fees Eagle charges. Here’s an overview:

  • Interest rates: Rates range from 5.99% – 35.99% APR depending on your creditworthiness, income, and the loan product.
  • Origination fees: As I mentioned, expect to pay an origination fee of 1-6%. This gets deducted from the approved loan amount.
  • Late fees: Like most lenders, Eagle charges late fees if you miss a payment. This is usually a flat fee of around $25 or a percentage of your monthly payment.
  • Returned payment fees: If you pay with a check that bounces or with an account that has insufficient funds, Eagle charges $25-$35.
  • Prepayment penalties: The good news is Eagle does not charge this fee if you pay off your loan early or make extra payments. Hooray for flexibility!

Eagle Financial Reviews: What Past Borrowers Say

So now you’ve got all the nitty gritty loan details. But what do actual customers think of Eagle? Here’s an overview of customer reviews:

  • Positive reviews praise Eagle’s fast funding, easy application process, responsive customer service, and reasonable rates. Many positive reviews come from those with bad credit who were approved.
  • Negative reviews mention issues with customer service if problems arise, higher than expected APRs, and difficulty getting a hold of representatives on the phone. Some thought the origination fees were too high as well.
  • Average rating: On lending comparison sites, Eagle Financial has average ratings of around 3/5 stars. Most reviews seem to be either highly positive or highly negative without a ton of middle ground.

Eagle Financial’s Application Process

Ready to get the ball rolling? Here’s a quick run-through of what to expect during the application and approval process:

  • Prequalification form: Fill out a quick prequalification form with your basic info. This is a soft credit check that won’t affect your score.
  • Loan options: If prequalified, Eagle will present you with financing options and a rate quote. Pick the loan product and terms that work for your situation.
  • Application: Complete the full application with your employment details, income, assets, debts, and personal information. This involves a hard credit check.
  • Underwriting: The underwriting department reviews your application to verify all your documentation and numbers. This is where any issues would arise if additional docs are needed.
  • Approval: If approved, you’ll get an offer detailing your rate, fees, and loan agreement terms. Accept e-sign if everything looks good.
  • Funding: Once signed, Eagle sends funds directly to your bank account in as fast as 2 days. Then it’s time to put that cash to good use!

Is Eagle Financial Legit?

Eagle Financial Reviews

With so many predatory lenders out there, it’s normal to wonder “Is this company legit or a scam?” I’m happy to report that Eagle Financial is 100% legit. Here are a few reasons why:

  • Authorized lender – They are authorized and regulated by the SBA to offer government-backed small business loans which require a rigorous approval process.
  • Positive BBB rating – Eagle has an A+ rating from the Better Business Bureau and has been BBB accredited for over 10 years now. Impressive longevity!
  • Member of the ALPFA – They are a member of the American League of Financial Advisors, a trade association with a strict code of conduct.
  • No major lawsuits or complaints – After being in business for over 15 years, there are no major regulatory issues or lawsuits in Eagle Financial’s history. A good sign!

So in summary, you can feel confident they are a valid loan company given their SBA status, BBB rating, industry organization membership, history of operation, and lack of serious complaints.

Eagle Financial Reviews FAQs:

We’ve covered a ton so far. But I want to wrap up by answering some of the most frequently asked questions about Eagle Financial Reviews:

How long does Eagle Financial take to approve a loan?

Their website says loan decisions are made in minutes. Based on customer reviews, if you submit all required documents upfront, you can expect to hear back with an approval decision within 24 hours.

Does Eagle Financial do credit checks?

Yes, applying for a loan with Eagle involves a hard credit inquiry which can temporarily lower your score by a few points. The good news is they provide prequalification first so you can see your chances before applying.

How does Eagle Financial verify income?

To verify your employment and income, Eagle will ask for items like recent paystubs, bank statements, W2s/1099s, or verification of employment letters from your company.

Can Eagle Financial loans be prepaid?

Fortunately, yes! Eagle allows prepayment on all their loans without any fees or early repayment penalties. You can pay some or all of the balance early to save on interest.

How does Eagle Financial deposit loan funds?

Once approved, your loan money can be deposited directly into your checking or savings account as soon as the next business day after accepting your offer.

Can I apply for an Eagle Financial loan in person?

No, Eagle doesn’t have any brick-and-mortar locations. The application process is done fully online through their website for a quick and convenient experience.

And there you have it- everything you could want to know about Eagle Financial Reviews. Let me know if any other questions come up. I’m happy to help you figure out if Eagle is the right lender for your borrowing needs.

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Ellie

I'm Ellie, a freelance writer with years of experience in the loan industry. Based in the United States, I founded cuploan.net, a loan finance blog providing expert advice and insights. I specialize in creating high-quality content promoting financial literacy and consumer rights to ensure fair and transparent lending access.

One comment

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