E-Loan lives up to its "Radically Simple" slogan, certainly when it comes to its deposit products. It offers only two: an online savings account and a CD.
E-Loan is a major player in the lending business. Founded in 1997, by 2010 it had lent over $32 billion to consumers. Since November 2005, the company traces its ownership to Popular Inc., a full-service financial services provider headquartered in Puerto Rico, which in the second quarter of 2010 had total assets of $42.4 billion.
Much of E-Loan's lending is in the form of purchase and refinance mortgages, but it offers a broad range of consumer products, including home equity lines of credit, debt consolidation, auto loans, student loans and personal loans. It largely funds these through "warehouse lines of credit" (which bridge the period between the granting of a loan, and its sale to a permanent investor), but it also attracts deposits through its savings accounts and CD rates.
E-Loan's slogan is "Radically Simple", and this philosophy is clearly reflected in its product portfolio. It offers no checking accounts nor money market accounts, only a single savings account and a selection of CD terms. The latter provides a dozen term deposit options ranging from one month up to six years.
As the "E" in E-Loan suggests, both the savings account and CD are online products. However, this need not put off even those who are generally technophobic or paranoid about online security. Since 2005, E-Loan has won many accolades for its site, including:
All E-Loan deposits are insured up to prevailing limits through FDIC. Accounts are opened through E-Loan's immediate parent company, Banco Popular North America (BPNA), which is a New York state chartered bank.