Eagle Financial Reviews 2024: Must Read Before Apply
Hi there! I have worked in the lending business for many years, so I am aware of how difficult and perplexing it may be to choose the correct lender. I wanted to give you the whole rundown on Eagle Financial Reviews because of this. Since I’ve dealt with them frequently over the years, I’ll be honest with you about their benefits, drawbacks, costs, and other details. Sounds good? Now let’s get started!
Table of Contents Eagle Financial Reviews
A Brief Background on Eagle Financial Reviews
Eagle Financial is a direct lender that offers loans in the US for commercial real estate, SBA loans, personal loans, and more. They were founded more than 15 years ago and have their headquarters in California. It’s evident from their experience, I must say! In terms of lending, the team is really knowledgeable.
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Eagle Financial’s Loan Options
Now, let’s review the many lending options that Eagle provides. These are the company’s principal offerings:
Personal Loans
Their personal loans have interest rates ranging from 5.99% to 35.99% and range from $1,000 to $10,000. Almost any personal expense, including debt consolidation, home improvements, medical bills, and more, can be covered by them. Eight to twenty-four months are the terms. That there are no prepayment penalties is fantastic!
Business Loans
They offer term loans and credit lines up to $500,000 to small business owners. Payroll, inventory, equipment, renovations, and other expenses can all be very well covered by this. The starting rate is 7.99%.
Commercial Real Estate Loans
They provide competitive rates on nationwide loans up to $25 million if you’re in the market for a commercial mortgage. It can be applied to the purchase, refinancing, or remodeling of commercial real estate.
SBA Loans
Eagle is a 7(a) and 504 loan approved SBA lender. Therefore, this can be a wise course of action if you’re trying to launch, grow, or expand your small business. Longer periods, cheaper rates, and little down payments are features of SBA loans.
The Pros of Using Eagle Financial
Now that we understand the fundamentals, let’s look at some benefits I’ve observed Eagle offers over the years:
Fast Funding
Now that we understand the fundamentals, let’s look at some benefits I’ve observed Eagle offers over the years:
Great for Bad Credit
Don’t worry if your credit score isn’t the best. Eagle is actually a negative credit lending specialist. Compared to large banks, they have more lenient credit standards. Just be sure to offer credible evidence of your income.
Responsive Customer Service
Their customer service representatives are very informed and reachable via phone or email six days a week. I was never left waiting on a response to one of my inquiries.
Low Rates for Debt Consolidation
Their rates are highly reasonable, with as low as 5.99% APR if you want to consolidate high-interest credit card debt into a single monthly payment. Much superior to most credit cards’ 15–25% interest rate!
No Prepayment Penalties
Paying up your loan early can result in penalties from some lenders. not Eagle. There are no penalties if you make additional payments or pay off the entire amount owed. Good to have some flexibility.
What to Look Out For with Eagle Financial
After discussing a few advantages, let’s discuss a few possible drawbacks to be aware of:
Origination Fees
On their loans, origination fees range from 1 to 6%. This is deducted from the total amount of the loan. It’s important to compare origination fees because some lenders don’t charge them.
High APRs for Bad Credit
As previously stated, Eagle provides loans to borrowers with bad credit. That being said, their maximum annual percentage rates can reach an extremely high 35.99%. When tackling these, proceed with caution.
No Joint Applications
At Eagle, it is not feasible to apply with a spouse or partner. Each of you must apply independently. Joint applications are accepted by other lenders.
Limited Loan Terms
Their competitors offer longer terms (6–10 years) on their personal loans, whereas theirs are shorter (8–24 months). Just something to keep in mind.
Difficult to Reach for Issues
Although Eagle offers excellent customer service overall, some previous clients have claimed that it has been difficult to contact them when problems arose. Something to be aware of!
Eagle Financial Rates and Fees
Now, you’re undoubtedly curious about the various prices and fees that Eagle imposes. This is a synopsis:
- Interest rates: Rates might vary from 5.99% to 35.99% APR based on the loan type, income, and creditworthiness.
- Origination fees: As previously stated, a 1-6% origination fee is to be expected. This is subtracted from the amount of the accepted loan.
- Late fees: Eagle levies late fees for missed payments, just like the majority of lenders. Usually, this is a percentage of your monthly payment or a flat price of about $25.
- Returned payment fees: Eagle charges $25 to $35 if you pay with a check that fails or an account that doesn’t have enough money in it.
- Prepayment penalties: The good news is that if you make extra payments or pay off your loan early, Eagle does not impose this fee. Cheers to adaptability!
Eagle Financial Reviews: What Past Borrowers Say
You now possess all the specific loan information. But what are the opinions of Eagle’s real clients? This is a summary of what customers have to say:
- Positive Reviews give Eagle credit for its quick financing, simple application procedure, attentive customer support, and affordable prices. Those that were authorized despite having poor credit have left many favorable evaluations.
- Negative reviews discuss higher than anticipated APRs, trouble contacting personnel over the phone, and problems with customer assistance when problems occur.
- Average rating: Eagle Financial typically receives ratings of three out of five stars on lending comparison websites. There doesn’t seem to be much room for middle ground—the majority of evaluations are either very positive or very negative.
Eagle Financial’s Application Process
Are you prepared to begin? Below is a brief overview of what to anticipate from the application and approval process:
- Prequalification form: Provide your essential information on a brief prequalification form. Your score won’t be impacted by this soft credit check.
- Loan options: Eagle will provide you with financing alternatives and a rate quote if you are prequalified. Select the loan type and conditions that best suit your needs.
- Application: Fill out the entire application, including your personal data, assets, debts, income, and employment details. Here, a hard credit check is required.
- Underwriting: Your application is reviewed by the underwriting department, which checks all of your supporting documents and figures. Issues would surface here if more documents were required.
- Approval: An offer including your rate, fees, and loan agreement details will be sent to you if you are approved. If all appears correct, accept the e-signature.
- Funding: Eagle transfers money straight to your bank account in as little as two days after it is signed. Then it’s time to make excellent use of that money!
Is Eagle Financial Legit?
Given the abundance of predatory lenders in the market, one may naturally ask, “Is this company legitimate or a scam?” Eagle Financial is entirely legitimate, I’m delighted to say. For the following reasons,
- Authorized lender – The SBA has authorized and regulated them to provide government-backed small business loans, subject to a stringent approval procedure.
- Positive BBB rating – Eagle is accredited by the Better Business Bureau (BBB) and has maintained an A+ rating for more than a decade. Incredible longevity!
- Member of the ALPFA – They belong to a trade group with a stringent code of conduct called the American League of Financial Advisors.
- No major lawsuits or complaints – Eagle Financial has been in operation for more than 15 years and has not had any significant legal troubles or regulatory problems. A positive indication!
In conclusion, considering their involvement in industry organizations, BBB rating, SBA status, operational history, and lack of significant complaints, you may be sure that they are a legitimate lender.
Eagle Financial Reviews FAQs:
Thus far, we’ve covered a ton. To conclude, however, I would want to address some of the most common queries regarding Eagle Financial Reviews:
How long does Eagle Financial take to approve a loan?
According to their website, loan decisions are completed within minutes. Customer reviews indicate that you should receive a decision regarding clearance in less than a day if you submit the necessary documentation up front.
Does Eagle Financial do credit checks?
Yes, a hard credit search is required when applying for an Eagle loan, and this can temporarily reduce your score by a few points. Prequalification is available, so you may assess your possibilities before applying, which is fantastic news.
How does Eagle Financial verify income?
Eagle may request copies of your most recent paystubs, bank statements, W2s and 1099s, or employment letters from your employer to validate your employment and income.
Can Eagle Financial loans be prepaid?
Luckily, the answer is yes! Eagle does not impose early repayment penalties or fees on any loans that are prepaid. You can reduce interest by paying off part or all of the sum early.
How does Eagle Financial deposit loan funds?
Your loan funds can be directly placed into your savings or checking account as soon as the following business day after your offer is accepted, if it is approved.
Can I apply for an Eagle Financial loan in person?
There aren’t any physical stores owned by Eagle. For a quick and easy experience, the application process is completed entirely online on their website.
That concludes our discussion of all there is to know about Eagle Financial Reviews! I hope you now have a thorough understanding of their loan options, benefits and drawbacks, costs, evaluations, approval procedure, and frequently asked questions. Please contact me with any more inquiries. I will be pleased to assist you in determining whether Eagle is the best lender for your loan requirements.
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