Eagle Financial is a direct lender that provides personal, SBA, and commercial real estate loans in the United States. I have many years of experience in the loan industry, so I know how challenging and confusing it may be to select the right lender. Because of this, I wanted to give you the full lowdown on Eagle Financial Reviews. I’ll be open and honest with you regarding their advantages, disadvantages, expenses, and other information because I’ve worked with them a lot over the years.
A Brief Overview of Eagle Financial’s Past
Eagle Financial is a direct lender that provides personal, SBA, and commercial real estate loans in the United States. Their head office is in California, and they are established over 15 years ago. Their experience demonstrates it, I have to say! The staff has expertise when it comes to loans.
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Options for Loans Provid by Eagle Financial
Alright, let’s begin by talking about the many loan alternatives that Eagle offers. These are the main things they have:
Personal Loans
The APRs on these loans, which range from $1,000 to $10,000, are 5.99% to 35.99%. Almost any type of personal expense, such as debt consolidation, home renovations, medical bills, and more, can be covered by them. Terms range from eight to twenty-four months. The fact that there is no prepayment penalty is wonderful!
Commercial Credit
They provide small business owners with credit lines and term loans up to $500,000. This can be useful to pay for payroll, inventory, equipment, remodeling, etc. The starting interest rate is 7.99%.
Commercial Real Estate Loans
If you’re looking for a commercial mortgage, they provide low rates on national loans up to $25 million. It applies to commercial real estate purchases, refinancings, and remodels.
SBA Credit Eagle is an approved SBA lender for 504 and 7(a) loans. Thus, if you’re looking to start, grow, or expand your small business, this can be a smart move. SBA loans provide longer terms, lower interest rates, and lower down payments.
Eagle Financial’s Benefits
After learning the basics, let’s examine some advantages I’ve seen Eagle provide over the years:
Swift Loan
Eagle is a fantastic choice if you require income right now. They say that loans are funded in as little as two days on average, and my experience confirms this. The application just takes five minutes, too.
Outstanding Despite Bad Credit
If your credit score isn’t the best, don’t stress. Eagle specializes on lending to those with bad credit. They have more forgiving credit requirements than big banks. Just make sure you provide reliable proof of your income.
Responsive customer service
Their customer support agents are available via phone or email six days a week and are highly knowledgeable. Never once did I have to wait for an answer to one of my questions.
Lower Debt Settlement Fees
They have extremely low rates if you want to pay off high-interest credit card debt in full each month, with rates as low as 5.99% APR. Far superior to the average 15–25% credit card rate.
No Fines for Paying in Advance
Some lenders penalize you if you pay off your loan ahead of schedule. Not Eagle. If you make more installments or pay the whole amount outstanding, there are no penalties. It feels good to be adaptable.
Alerts and Red Flags for Eagle Financial User
Let’s talk about a few potential disadvantages to be mindful of after going over a few benefits:
Origination Charges: Origination fees can range from 1 to 6%, depending on the type of loan. This is subtracted from the loan. Because some lenders don’t charge origination costs, it’s critical to compare them.
High-Interest Rates for Bad Credit
As mentioned earlier, Eagle offers loans to customers with poor credit. Nevertheless, their highest yearly percentage rates—35.99%—can be achieved. Use caution when dealing with these.
Not concurrently with further applications
It is not possible to apply to Eagle alongside a partner or spouse. You all have to apply on your own. Other lenders accept joint applications.
Limited Loan Terms
Their competitors’ loans have longer terms (6–10 years), while theirs have shorter terms (8–24 months). Just something to think about.
Not Able to Reach for Issues
While Eagle provides overall very good customer service, some former customers have said that it has been challenging to get in touch with them when issues occur.
Tariffs & Charges for Eagle Finance
You must now be wondering about the many charges that Eagle levies. Here’s a summary:
Interest rates:
Rates may range from 5.99% to 35.99% APR, contingent on creditworthiness, income, and type of loan.
origination fees: An origination cost of one to six percent is reasonable, as was previously said. This is deducted from the loan amount that was approved.
Like most lenders, Eagle charges late fees for overdue payments. Usually, this is a fixed fee of roughly $25 or a portion of your monthly payment.
Returned payment fees: If you pay with a check that bounces or an account that isn’t sufficiently funded, Eagle charges $25 to $35.
Fees associated with early payments: The good news is that Eagle does not charge you this amount if you pay off your loan early or make additional payments. Let’s celebrate being flexible!
Eagle Financial Reviews: Past Borrowers’ Perspectives All of the exact loan details are now in your possession. But what does Eagle’s actual clientele think?
Here is a synopsis of what clients have to say:
Positive reviews emphasize Eagle’s prompt funding, easy application process, helpful customer service, and reasonable costs. Those with bad credit who were approved nonetheless have a lot of positive reviews.
Unfavorable reviews include APRs that are greater than expected, difficulties phoning staff, and issues with customer support when issues arise. Additionally, some thought the origination fees were unduly high.
Average rating: Three stars out of five are frequently given to Eagle Financial by reputable comparison websites. It appears that there is little possibility for a middle ground—the bulk of reviews are either extremely good or quite negative.
Eagle Financial’s Application Process
Are you ready to get start?
An outline of what to expect from the application and approval procedure is provided below:
Prequalification form: Fill out a simple prequalification form with your pertinent information. This is a mild credit check; it will not affect your score.
Loan options: If you are prequalified, Eagle will give you a rate quote and other financing options. Choose the loan type and terms that best meet your requirements.
Application: Complete the form completely, including the sections about your income, assets, obligations, employment, and personal details. A severe credit check is necessary in this case.
Underwriting: The underwriting division reviews your application and verifies all of your supporting data and documentation. If more documentation is needed in this case, problems will arise.
Acceptance: An offer detailing your interest rate, expenses, and loan terms will be sent to you if your application is approved. Accept the e-signature if everything seems to be in order.
Funding: Eagle deposits money directly into your bank account as soon as two days after you sign. Then it’s time to put that money to good use!
Eagle Finance
Because there are so many predatory lenders in the market, it is sense to be concerned about whether this company is legitimate or a fraud. It gives me great pleasure to certify Eagle Financial’s complete legitimacy.
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Here are a few of the reasons why:
Authorized lender: They are subject to rigorous review procedures and have been awarded authorization and monitoring by the SBA to make government-backed small company loans.
Good BBB rating: Eagle now has an A+ rating from the Better Business Bureau, where it has been accredited for over ten years. Amazing durability.
A participant in ALPFA:
They are members of the American League of Financial Advisors, a trade association with a strict code of conduct.
Absence of major lawsuits or complaints Eagle Financial has been in business for more than 15 years without facing any serious legal issues or regulatory worries throughout that time. Good fortune!
In conclusion, you may be certain that they are a reputable lender based on their membership in trade associations, BBB rating, SBA status, operational history, and lack of serious complaints.
Reviews of Eagle Financial FAQs:
We have covered a great deal thus far. But before I go, I’d want to answer some of the most often-asked questions about Eagle Financial Reviews:
How Long Does It Take Eagle Financial to Approve a Loan?
Their website states that loan approvals are made in a matter of minutes. Based on customer feedback, you should get an acceptance decision in less than a day if you send in the required paperwork in advance.
Can Credit Reports Be Obtained by Eagle Financial?
Applying for an Eagle loan indeed triggers a hard credit investigation, which could temporarily lower your score by a few points. The benefit is that because they provide prequalification first, you can evaluate your prospects before applying.
How Is Income Verified by Eagle Financial?
To verify your work and income, Eagle will want supporting documentation from your company, such as recent paystubs, bank statements, W2s and 1099s, or letters of confirmation of employment.
Is Eagle Financial Loan Repaid?
Thank goodness, it’s a yes! On any of their loans, Eagle does not impose early repayment penalties or prepayment fees. You have the option to pay off all or part of the amount early to avoid paying interest.
How Are Loan Monies Deposite by Eagle Financial?
If approve, the money from your loan can be sent straight into your savings or checking account the next working day after your offer is accepted.
Can I Apply in Person at Eagle Financial for a Loan?
No, Eagle doesn’t run any actual retail locations. The application process is solely available on their website, which streamlines and expedites the process.
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Conclusion
At this point, you are fully informe about Eagle Financial Reviews. We trust that you now have a complete understanding of their loan products, features, costs, approval process, and commonly asked questions thanks to our tutorial. Kindly inform me if you have any other questions. I would be happy to help if you need help deciding if Eagle is the right lender for your situation.
Jack, a U.S.-based freelance writer with a wealth of experience in the loan and subsidy industry, is more than just a wordsmith. Driven by a passion for financial education and consumer empowerment, he founded cuploanprogram.online. This blog serves as a platform for his expert advice and insights, aiming to demystify loan programs and promote fair and transparent lending practices for all.