E-LOAN, Inc. is a nationwide financial services company that offers high yield savings accounts and certificates of deposit (CDs) through Banco Popular North America (BPNA), a New York state chartered bank that is the direct parent company of E-LOAN (i.e. E-LOAN is a wholly-owned subsidiary of BPNA). BPNA is a member of the FDIC (Federal Deposit Insurance Corporation) which insures bank deposits up to $250,000. It is also a wholly owned subsidiary of Puerto Rico-based Popular Financial Holdings, Inc.

E-LOAN also provides access to several lending partners that may be able to assist customers in obtaining home purchase loans, mortgage refinance, home equity loans, car loans, student loans, business financing, unsecured loans, and free credit reports. Headquartered in Pleasanton, California, the company has been operating since 1997.

Important Dates in E-LOAN’s history:

• 1997: E-Loan, Inc. was founded by Janina Pawlowski and Chris Larsen to provide customers with access to mortgage loans over the Internet.

• 1998: E-LOAN received venture capital funding from Sequoia Capital.

• 1999: In June 1999, along with Larsen, Pawlowski led E-LOAN to a successful IPO. E-LOAN added car loans, credit cards, and small business loans to its product line in September 1999.

• 2000: E-LOAN became the first company to provide consumers with free access to their credit scores, allowing customers to check for possible incidents of identity theft or erroneous entries of credit debt. This was introduced at a time when many financial companies were reluctant to release this information.

• 2003: Larsen helped form “Californians for Privacy Now” to lead the fight for stricter financial privacy protection. After collecting over 600,000 signatures, the measure was placed on the California ballot and passed into law in 2003.

• 2005: Ownership of the company changed when Popular, Inc. acquired E-LOAN, Inc for $300 million.

• 2006: E-LOAN branched out into online Savings Accounts and CDs.

• 2007: E-LOAN cut 500 jobs as part of a restructuring plan in November 2007

E-LOAN Bank frequently tops BankVibe’s top CD rates list. Here are E-LOAN’s current CD rates:

E-LOAN Bank’s 6 month CD rates: 2.20% APY

E-LOAN Bank’s 12 month CD rates: 2.76% APY

E-LOAN Bank’s 5 year CD rates: 3.31% APY

Please share your banking experience with E-LOAN Bank by submitting a comment to this post. Thanks!

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