E-LOAN, Inc. launched My E-LOAN, the first account available to help people manage their loans as easily and intuitively as they manage their investments.
By setting up a customized My E-LOAN account, people can track and monitor their loans and receive alerts advising them how to save money by refinancing or switching loan products. In addition, people who set up their customized My E-LOAN account can instantly receive their FICO® credit score — one of the most important factors lenders use in determining credit worthiness.
FICO® scores have never been readily available to consumers online or off-line before today. The release of My E-LOAN is the foundation of E-LOAN’s vision of providing comprehensive debt management.
“The vision of E-LOAN is to make getting a loan easier and to help consumers manage their debt like they manage their investments,” said Janina Pawlowski, chairman and co-founder of E-LOAN. “We’re excited about My E-LOAN because this is a major step toward fulfilling our vision.
“My E-LOAN makes the concept of loan management much simpler and more intuitive for people by helping them understand and realize the benefits of treating their debt like a portfolio to be managed, instead of a single transaction at a given point in time.”
Unlike the concept of managing an overall equity portfolio — which has been embraced by millions of Americans — the power of debt management is not as well understood. And until now, no company has focused on helping people minimize the cost of financing their purchases, even though doing so can have a profound impact on an individual’s overall net worth.
For instance, a homeowner might set up a My E-LOAN account to track their $200,000 mortgage. They would be alerted when switching to a different loan product with a lower rate could save them money. Then the money they save could be directed into other investment vehicles such as stocks, if desired. My E-LOAN helps people understand the opportunities they have to manage their debt to maximize returns.
“As we have found with My Yahoo!(R), people are eager to customize information for maximum benefit, and quick to adopt unique tools that let them do new and innovative things online,” said Tim Koogle, chairman and CEO, Yahoo! and E-LOAN board member.
“Allowing people to customize a loan management page through E-LOAN, a company they have come to know and trust for their lending needs, is a very powerful way to leverage the E-LOAN brand and build its business.”
One of the most powerful ways to minimize their cost of borrowing money is for people to know and understand their FICO®(SM) credit score, which is one of the major factors considered by lenders in determining loan approval.
That’s why a key component of My E-LOAN is the FICO®(SM) credit score feature, designed to let borrowers obtain their credit score to help them interpret the rating, understand how it is calculated, and determine how the score may affect their loan rates and term.
“When people are getting a loan, the first thing they need to know is ‘how good is my credit?'” said Pawlowski. “By showing people their FICO®(SM) credit score, we can break open the black box surrounding the credit scoring process to help people understand and manage their credit to get the best loan rates available to them.”
While many people who have gotten a loan are familiar with credit reports, many don’t know how lenders will interpret the information in their report. Credit scores summarize a consumer’s credit profile in one number and play a powerful role in determining loan approval and the rate and credit limit a person can get.
My E-LOAN provides:
— Customized alerts: Rate Watch alerts notify consumers when market rates reach their desired interest rate. Customers are also alerted when E-LOAN identifies a money saving opportunity for them.
— Free credit scores: Consumers can find out, for the first time ever, how lenders view their credit worthiness. People can now obtain their FICO®(SM) credit score, information on how their score was determined and what the rating means.
— Information about the current interest environment: The Daily Market Outlook provides an overview of the factors affecting interest rates.
— Personalized rate chart: Consumers can customize their rate table to display the loans that best meet their needs. Graphs let people easily track interest rate trends and see when market rates are getting close to their desired rate.
— Access to tools and advice: People have easy access to E-LOAN’s full range of tools, calculators, advice and educational content.
— Access to E-Track(TM): E-Track(TM) online loan status provides 24 hour loan tracking for customers with loans in process.
Founded in 1996, E-LOAN, Inc., a leading online lending company, offers mortgages, car loans, credit cards and small business loans. At [www.eloan.com], borrowers can compare, apply for and obtain loans from many nationally recognized lenders. After closing a loan, E-LOAN, Inc., provides ongoing monitoring services, helping consumers manage their debt to lower their overall their overall borrowing costs.
E-LOAN, Inc. has strategic partnerships with leading financial services, automotive and real estate companies, including Yahoo!, E*Trade, H&R Block, RE/MAX, Wingspanbank.com, Kelley Blue Book, AutoTrader.com and Car & Driver Online. The company’s loan processing center is located in Dublin. E-LOAN, Inc. is publicly traded on the Nasdaq system under the symbol EELN.
E-LOAN, Inc. participates in joint ventures in Japan, Australia, the United Kingdom and Europe.