Need fast cash but have bad credit? eLoanWarehouse’s payday loans offer quick funding, but is it the right choice for you? Owned by a Native American tribe, eLoanWarehouse operates under tribal law, offering loans up to $3,000 with same-day funding.
Read on to learn more about
- eLoanWarehouse’s loan types
- Eligibility
- Application process
- The potential risks involved
- Alternatives
before making your decision.
What is eLoanWarehouse
eLoanWarehouse is a tribal lender that offers installment loans. Installment loans loans that are paid back over time with a set schedule of payments. Each payment is usually the same amount. This payment includes both the amount you borrowed (the principal) and the cost of borrowing (the interest).
The company is owned by the Lac Courte Oreilles Band of Lake Superior Chippewa Indians, a federally recognized Native American tribe with its own government and laws. The tribe owns a company called Lac Courte Oreilles Financial Services II, LLC. This company, in turn, owns Opichi Funds, LLC, which does business as eLoanWarehouse.
Tribal lenders, like eLoanWarehouse, are different from regular lenders because they are owned by Native American tribes. This ownership gives them a special legal status, meaning they follow tribal laws, not state laws, for their loans.
This distinction is important for borrowers to understand because state laws often provide more protections, such as capping interest rates or requiring lenders to be licensed. Tribal lenders are not obligated to follow these rules, so their loans can be more expensive and riskier.
Additionally, if borrowers encounter problems with their loans, it can be more difficult to get help. Tribal lenders are not subject to state courts, so borrowers may have to go through tribal courts or arbitration to resolve disputes, which can be a lengthy and complex process.
eLoanWarehouse is transparent about its tribal affiliation and the implications for borrowers, explaining this information on its website and in its loan agreements. However, it is crucial for borrowers to fully comprehend these implications before taking out a loan.
Contact Details
Types of loans offered
eLoanWarehouse offers installment loans to its customers. These loans range from $300 to $3,000. The amount you can borrow depends on your income and credit history.
eLoanWarehouse has a special program called the Loyalty Tiers. This program rewards customers who borrow and repay their loans on time. There are four tiers: New, Silver, Gold, and Platinum.
- New: This is the starting level for first-time borrowers. You can borrow up to $1,000 with a repayment term of up to nine months.
- Silver: To reach this level, you need to make seven on-time payments and fully repay one loan. Silver members can borrow up to $1,750, also with a nine-month repayment term.
- Gold: This level requires 15 on-time payments and two fully repaid loans. Gold members can borrow up to $2,000, and they still have nine months to repay.
- Platinum: This is the highest level, and it requires 24 on-time payments and three fully repaid loans. Platinum members can borrow up to $3,000, and they get a longer repayment term of 12 months.
The Loyalty Tiers program is a way for eLoanWarehouse to thank its responsible borrowers. By moving up the tiers, borrowers can access larger loan amounts and longer repayment terms.
Who Are eLoanWarehouse Loans for
eLoanWarehouse loans are designed for people who need quick cash and have less-than-perfect credit, making them a good option for those who can’t get loans from traditional banks or credit unions. The company takes pride in helping people who need money and have limited alternatives, aiming to help borrowers improve their financial situation in the long run.
However, it’s important to note that these loans are not for everyone. They come with high interest rates and should only be used as a last resort. If you’re struggling financially, consider exploring other options, like credit counseling or financial assistance programs, before opting for a loan from eLoanWarehouse.
Eligibility Criteria
To get a loan from eLoanWarehouse, you need to meet a few requirements:
- You must be 18 years old or older.
- You must live in the United States.
- You must have a bank account that gets direct deposits.
- Your bank account must have been open for a certain amount of time.
- Your take-home pay must be enough to meet their minimum income rules.
- You can’t be in a bankruptcy case or planning to file for bankruptcy.
- You or your family members cannot be in the military.
These requirements are in place to make sure borrowers can repay their loans responsibly. eLoanWarehouse wants to make sure you have a steady income and a bank account to receive the loan and make payments. They also want to avoid lending to people who are already struggling financially.
How Do eLoanWarehouse Loans Work
eLoanWarehouse loans work like this:
- Apply: You start by filling out an online application. You share your personal and financial information, like your income and bank account details.
- Verification: After you apply, an eLoanWarehouse representative will call you. They will check your information to make sure it’s correct.
- Approval and Funding: If you’re approved, you’ll sign the loan agreement electronically. Then, the money will be deposited into your bank account. This can happen as quickly as one business day.
- Repayment: You’ll pay back the loan over time, usually on your paydays. Each payment includes both the amount you borrowed and the interest. You can choose to pay off the loan early without any extra fees.
eLoanWarehouse also has a mobile app. You can use the app to make payments, update your information, and check your loan details. This makes it easy to manage your loan on the go.
Download the eLoanWarehouse app here via Google Play ; Apple App Store or Amazon.
Interest Rate and Other Applicable Fees
Interest Rate
eLoanWarehouse doesn’t share its interest rates directly on its website. The interest rate you get depends on a few things, like your credit history and how much money you make.
However, eLoanWarehouse does say that its loans have higher annual percentage rates (APRs) than regular banks or credit unions. APR is the total cost of borrowing money over a year, including interest and fees. So, you’ll likely pay more in interest with an eLoanWarehouse loan than with a loan from a bank.
Early Payment Fees
eLoanWarehouse allows borrowers to pay off their loans early without any penalties. This means you can pay off the loan before the due date without extra charges. Paying off your loan early can also save you money on interest.
If you can’t pay off the whole loan early, you can still make extra payments on your scheduled payment dates. These extra payments will go towards the principal amount, which is the original amount you borrowed. By paying more towards the principal, you can reduce the total amount of interest you pay and shorten the length of your loan.
Other Applicable Fees
Even though eLoanWarehouse doesn’t charge fees for paying off your loan early, there might be other fees. These could include:
- Late payment fees: If you don’t make a payment on time.
- Non-sufficient funds fees: If you don’t have enough money in your bank account for a payment.
It’s really important to read the loan agreement carefully before you borrow money. This way, you’ll know exactly what fees you might have to pay and how much the loan will cost you in total.
Is eLoanWarehouse Legit
eLoanWarehouse is a real company that gives out loans. It is owned by a Native American tribe called the Lac Courte Oreilles Band of Lake Superior Chippewa Indians. Because it is owned by a tribe, it doesn’t have to follow the same rules as other lenders. This means it can charge a lot of interest on its loans, even if the state says lenders can’t charge that much. Some people think this is not fair.
Very High Interest Rates
eLoanWarehouse’s interest rates have been a significant source of complaints. The company’s tribal lender status allows them to bypass state-imposed interest rate caps, resulting in APRs that can reach as high as 678.15%.
This means that borrowers could end up paying back several times the original loan amount due to the accumulated interest. For example, a $1,000 loan could balloon to a total repayment of over $3,000. These exorbitant rates are a major concern for consumer advocates and borrowers alike, as they can trap individuals in a cycle of debt.
Aggressive Collection Practices
eLoanWarehouse has been criticized for how it tries to get back money from people who miss payments. Customers say the company calls and emails them too much, and even contacts their friends or family. This can be scary and stressful, especially for people who are already having money problems.
- Frequency of Contact: eLoanWarehouse has been criticized for how often they contact borrowers who miss payments. Some people say they get many calls a day, even when they’ve already made a plan to pay. This can be overwhelming and stressful.
- Contacting Personal References: In some cases, eLoanWarehouse has even called the borrower’s family or friends to try to get them to pay. This can be embarrassing and hurt relationships.
- Lack of Empathy: Borrowers have also said that eLoanWarehouse representatives are not very understanding or helpful when they call about missed payments. This can make an already stressful situation even worse.
Misleading Information
eLoanWarehouse has been accused of not being clear with customers about loan terms and fees. This includes:
- Interest Rate Calculations: Some customers have said they were confused about how interest is calculated on their loans. This led to them owing more money than they expected.
- Payment Schedules: Sometimes, borrowers weren’t told clearly how often they needed to make payments and how much each payment would be. This caused them to miss payments and get charged extra fees.
- Line of Credit vs. Loan: Some customers were told to get a line of credit instead of a regular loan. They thought this would be easier to manage, but it ended up costing them more in interest and fees.
- Promotional Offers: A few reviews said that the special offers eLoanWarehouse advertised were different from the real loan terms. This made borrowers unhappy and frustrated.
Difficulty Communicating
eLoanWarehouse has faced criticism for its poor communication with customers. Borrowers have reported that it’s hard to get in touch with customer service by phone or email. They often experience long wait times, unanswered messages, and dropped calls.
This lack of communication is especially frustrating when customers have urgent questions or concerns about their loans, need help with payments, or want to discuss repayment options.
Not being able to easily talk to the company can make financial difficulties even more stressful, leaving borrowers feeling unsupported and frustrated.Sources and related content
Lawsuit Against Opichi Funds LLC et al.
Tricia Janetzke is suing a group of companies (Opichi Funds LLC, Cane Bay Partners VI, LLLP, etc.) and individuals (David Johnson, Kirk Michael Chewning, etc.) involved in the online lending platform eLoanWarehouse.com.
The Accusation:
Janetzke claims these companies and individuals are running an illegal “rent-a-tribe” scheme. This means they are pretending to be associated with a Native American tribe to avoid state laws against very high interest rates (usury laws). In reality, they are allegedly operating the business themselves and making huge profits from loans with interest rates exceeding 500%.
Specific Complaints:
- Predatory Lending: The lawsuit claims the lenders targeted people in Illinois with these high-interest loans, which is illegal under Illinois’ Predatory Loan Prevention Act.
- Illegal Business Practices: The lenders are accused of violating several laws, including the Illinois Consumer Fraud Act and the federal Racketeer Influenced and Corrupt Organizations Act (RICO).
- Misrepresentation: The lawsuit alleges the lenders misled borrowers by making it seem like the loans were coming from a Native American tribe, when in fact, they were not.
What Janetzke Wants:
- Loan Cancellation: She wants the court to declare her loan and similar loans made to others in Illinois void.
- Money Back: She is seeking to get back the money she and others paid in interest and fees on these loans.
- Punishment: She wants the court to award damages to punish the lenders for their illegal actions.
Class Action:
Janetzke is not just suing for herself. She is asking the court to certify a “class action.” This means she wants to represent everyone in Illinois who took out these high-interest loans from eLoanWarehouse.com. If the lawsuit is successful, it could help many people who were affected by these lending practices.
Final Verdict – Should You Take a Loan From eLoanWarehouse
The bottom line is that while eLoanWarehouse is a legal tribal lender, it is not a recommended option for borrowers. The high interest rates, aggressive collection practices, and reports of misleading information raise significant ethical concerns and financial risks. The ongoing lawsuit further highlights the potential legal and financial consequences associated with borrowing from eLoanWarehouse.
It’s crucial to explore alternative lending options with lower interest rates and transparent terms before considering a loan from eLoanWarehouse. If you’re facing financial difficulties, consider seeking assistance from credit counseling agencies or non-profit organizations that can offer guidance and support in managing your finances.
Alternatives to Payday Loans at eLoanWarehouse
1. Low Credit Finance
Features
- Loan: $100 – $50,000
- APR: 5.99% – 35.99%
- Minimum 61 days repayment period
- All credit types welcome
- No paperwork, no hidden fees
- Large network of lenders & alternative options
How to Register
- Visit Low Credit Finance website.
- Select the loan amount.
- Complete the application form and submit.
- Wait for approval; approval within 1 business day.
Eligibility
- Be at least 18 years of age
- Have a consistent income source of at least $1,000 per month
- Have a valid U.S. bank account
2. Jungle Finance
Features
- Loan: $100 – $5,000
- APR: 5.99% – 35.99%
- Minimum 61 days repayment period
- All credit types welcome
- No paperwork, no hidden fees
- Large network of lenders & alternative options
How to Register
- Visit Jungle Finance website.
- Select the loan amount.
- Complete the application form and submit.
- Wait for approval; approval within 1 business day.
Eligibility
- Be at least 18 years of age
- Have a consistent income source of at least $1,000 per month
- Have a valid U.S. bank account
3. Big Buck Loans
Features
- Loan: $100 – $5,000
- APR: 5.99% – 35.99%
- 3 to 24 months repayment period
- All FICO scores welcome
- No footprint left on your credit file
How to Register
- Visit Big Buck Loans website.
- Select the loan amount.
- Complete the application form and submit.
- Wait 2 minutes for an outcome
- Finalize the loan contract and get the loan amount with 15 minutes to 1 hour
Eligibility
- Must be at least 18 years old
- Must be a legal US citizen or resident with your own US bank account
- Must earn at least $1000 per month and be able to prove it
- Must be able to afford the loan
4. Viva Payday Loans
Features
- Loan: $100 – $5,000
- APR: 5.99% – 35.99%
- 2 to 24 months repayment period
- All FICO scores welcome
- No footprint left on your credit file
- No upfront fees or costs
How to Register
- Visit Viva Payday Loans website.
- Select the loan amount and term.
- Complete the application form and submit.
- Get a decision in just 2 minutes.
- Read loan contract and sign.
- Funds will be in your account within 24 hours.
Eligibility
- Valid ID
- 18 years of age or older
- Active bank account
- Proof of your regular income (you must earn at least $1,000 per month)
- Proof of residential address
5. Green Dollar Loans
Features
- Loan: Differs from state to state
- APR: Differs from state to state
- 24/7 access to loans
- All credit types accepted
How to Register
- Visit Green Dollar Loans website.
- Select the loan amount.
- Complete the application form and submit.
- If the borrower is a good match, the application is forwarded to the lender.
- If the lender makes an offer, the borrower is typically contacted by phone or email.
- If the borrower accepts the offer, the funds are typically deposited within 1 business day.
Eligibility
- Be at least 18 years of age or older
- Be a legal resident of the United States
- Have a valid email address and phone number
- Have a verifiable source of income
- Have an active checking account in your name
- Meet any additional eligibility requirements of the lender in their network
6. LendGeeks.com
Features
- Loan: $100 – $5,000
- APR: Not specified
- No hidden fees
- No prepayment penalties
- No origination fees
How to Register
- Visit LendGeeks.com website.
- Select the loan amount.
- Complete the application form and submit.
- Pick a loan offer from multiple offers and accept the terms
- Receive funds within 24 to 48 hours.
Eligibility
- Be employed at your present job for at least 90 days.
- Be a US citizen or a permanent resident
- Be over the age of 18.
- Have an income of around $1,000 per month after tax deductions.
- Have a checking account in your name.
- Provide a working telephone number for your home and work.
- Provide a valid email address.
7. AnyDayCash.com
Features
- Loan: $100 – $5,000
- APR: Not specified
- No hidden fees
- No prepayment penalties
- No origination fees
How to Register
- Visit AnyDayCash.com website.
- Select the loan amount.
- Complete the application form and submit.
- Pick a loan offer from multiple offers and accept the terms
- Receive funds within 24 to 48 hours.
Eligibility
- Be employed at your present job for at least 90 days.
- Be a US citizen or a permanent resident
- Be over the age of 18.
- Have an income of around $1,000 per month after tax deductions.
- Have a checking account in your name.
- Provide a working telephone number for your home and work.
- Provide a valid email address.
8. My Personal Advance
Features
- Loan: $500 – $5,000
- APR: Not specified
- No hidden fees
- No prepayment penalties
- No origination fees
How to Register
- Visit My Personal Advance website.
- Select the loan amount.
- Complete the application form and submit.
- Pick a loan offer from multiple offers and accept the terms
- Receive funds within 24 to 48 hours.
Eligibility
- Be employed at your present job for at least 90 days.
- Be a US citizen or a permanent resident.
- Be over the age of 18.
- Have an income of around $1,000 per month after tax deductions.
- Have a checking account in your name.
- Provide a working telephone number for your home and work.
- Provide a valid email address.
9. MountainLending.com
Features
- Loan: $500 – $5,000
- APR: Not specified
- No hidden fees
- No prepayment penalties
- No origination fees
How to Register
- Visit MountainLending.com website.
- Select the loan amount.
- Complete the application form and submit.
- Pick a loan offer from multiple offers and accept the terms
- Receive funds within 24 to 48 hours.
Eligibility
- Be employed at your present job for at least 90 days.
- Be a US citizen or a permanent resident.
- Be over the age of 18.
- Have an income of around $1,000 per month after tax deductions.
- Have a checking account in your name.
- Provide a working telephone number for your home and work.
- Provide a valid email address.
10. HEART PAYDAYS
Features
- Loan: $100 – $5,000
- APR: 5.99% – 35.99%
- Minimum 61 days repayment period
- Quick online approval
- All FICO scores welcome
How to Register
- Visit HEART PAYDAYS website.
- Select the loan amount and term.
- Complete the application form and submit.
- Get a decision in just 2 minutes.
- Read loan contract and sign.
- Funds will be in your account within 24 hours.
Eligibility
- The age of the borrower should be 18 or older.
- The borrower must possess a valid mobile phone connection.
- He or she must have a valid email address.
- The borrower must be a United States bank account holder.
11. Wizzay
Features
- Loan: $100—$5,000
- APR: 5.99% – 35.99%
- 12 to 30 months repayment period
- No hidden fees
- No prepayment penalties
- No origination fees
How to Register
- Visit Wizzay website.
- Select the loan amount.
- Complete the application form and submit.
- Pick a loan offer from multiple offers and accept the terms
- Receive funds within 24 to 48 hours.
Eligibility
- Be employed at your present job for at least 90 days.
- Be a US citizen or a permanent resident
- Be over the age of 18.
- Have an income of around $1,000 per month after tax deductions.
- Have a checking account in your name.
- Provide a working telephone number for your home and work.
- Provide a valid email address.
12. Blue River Lending
Features
- Loan: $100 – $1,000
- APR: Not specified
- Bad, little or no credit accepted
- Native American owned business
How to Register
- Visit Blue River Lending website.
- Select the loan amount.
- Complete the application form and submit.
- Review your loan terms and electronically sign agreement
- Receive money into your checking account within 1 business day
Eligibility
- Most recent paystub (proof of income)
- Valid/Non-expired Government issued ID
- Most recent proof of residence
- No savings account or prepaid debit account
- Current Banking Statement
- Must not be active duty in any branch of the military or dependent of someone in the military
- Must be at least 18 years of age
- Address and contact phone number
13. CashTodayAsap.com
Features
- Loan: $100 – $5,000
- APR: Not specified
- No hidden fees
- No prepayment penalties
- No origination fees
How to Register
- Visit CashTodayAsap.com website.
- Select the loan amount.
- Complete the application form and submit.
- Pick a loan offer from multiple offers and accept the terms
- Receive funds within 24 to 48 hours.
Eligibility
- Be employed at your present job for at least 90 days.
- Be a US citizen or a permanent resident, and over the age of 18.
- Have an income of around $1,000 per month after tax deductions.
- Have a checking account in your name.
- Provide a working telephone number for your home and work.
- Provide a valid email address.
Not so sure about eLoanWarehouse? There are other online lending platforms you can consider. Read these articles to know more about them.
Conclusion
eLoanWarehouse presents a mixed bag for potential borrowers. While their tribal lender status allows them to offer quick access to funds with flexible repayment options, the exorbitant interest rates and aggressive collection practices raise serious concerns. It’s essential to weigh the risks and benefits carefully before considering a loan from eLoanWarehouse.
If you’re facing a financial emergency and need quick cash, explore alternative lending options with lower interest rates and transparent terms. Consider seeking assistance from credit counseling agencies or non-profit organizations that can help you navigate your financial challenges and find sustainable solutions.
Frequently Asked Questions
What is an installment loan?
An installment loan is a loan that is repaid over time with a set number of scheduled payments. The payments are usually the same amount, and the loan amount, interest rate, and number of payments determine the payment schedule. eLoanWarehouse typically schedules loan payments on the customer’s paydays, and the payback period for new customers is usually 3 to 12 months. Borrowers can choose to pay off their loan early without penalty, and additional payments may shorten the payback period or lower the total fees paid.
Who owns eLoanWarehouse?
eLoanWarehouse is owned by the Lac Courte Oreilles Band of Lake Superior Chippewa Indians. This means it is a tribal lender, owned and operated by a Native American tribe. As a tribal lender, eLoanWarehouse follows the laws and regulations of the tribe, rather than state laws.
What will happen after I complete my application?
After you complete your application, it will be reviewed according to eLoanWarehouse’s underwriting rules. If you are approved, you will need to e-sign your loan documents and call the company during business hours for a brief conversation to verify your information. Once your loan is approved, you will also become a member of the Loyalty Program.
How soon after applying will I get my money?
Once you finalize your loan, your money will be deposited into your account as soon as one hour.
Can I pay my loan back early?
Yes, you can pay your loan back early without any penalties. Early repayment could also lower the finance charges you pay. When you pay back a loan in full with no missing or late payments, it counts towards progressing tiers in the Loyalty program.
Emily Johnson is a seasoned loan expert whose passion lies in empowering individuals to make informed financial decisions. With years of experience in the lending industry, Emily has honed her expertise in various loan products and strategies.