Eagle Financial personal loan review: Loans for bad credit

Pros

• Small loans availablenMight qualify with bad credit

Cons

• Not transparent about rates and feesnMay have to put up collateralnNot available in most states

What you need to know about an Eagle Financial personal loan

Founded in 1994, Eagle Financial is a personal loans lender operating in Indiana, Kentucky and Ohio.

Eagle Finance markets itself as an alternative to payday and title loans. This means that the loans it offers are relatively small — ranging from $1,000 to $10,000 — and have a short payoff term. In Eagle’s case, you’ll have between eight and 24 months to repay your loan depending on how much you borrowed and the strength of your credit.

Like other lenders focusing on loans for people with bad credit, Eagle says it will try to work with you even if you have a history of bankruptcy. But it’s important to know that not everyone will qualify for a loan, even with this type of lender. And if you do qualify, the cost in interest and fees may be high, which could ultimately set your finances back further.

Not transparent about rates and fees

Speaking of fees, you won’t know the potential cost of a loan from Eagle Finance, or whether you’re likely to qualify at all, until you apply. That’s because Eagle doesn’t reveal its range of rates and fees on its website, and it doesn’t appear to provide an opportunity to apply for prequalification.

The result is a double-whammy: When you apply with Eagle, you could be offered a high APR and fees  — and your credit scores will likely take a hit because your application will trigger a hard credit inquiry.

May have to put up collateral

Depending on your credit profile, Eagle may require you to put up collateral for a loan. This can be risky — for example, putting your car up as collateral means Eagle Finance may take the vehicle if you default on your loan.

Must complete application process in person

Even though you can begin an application for an Eagle Finance loan online, if you’re approved you’ll have to visit a local branch to sign your loan documents and get your check. This may be an issue if you prefer an entirely online process.

A closer look at Eagle Financial personal loans  

Here are a few more details to keep in mind if you’re interested in an Eagle Finance personal loan.

• Few states, multiple locations — Eagle Finance is only available in three states. But if you happen to be a resident in one of those states, you’ll have access to quite a few local branches.
• Three ways to apply — You can apply online, by phone or in-person at a local branch, but you’ll have to close your loan in person at a branch if you’re approved.
• Co-applicants accepted — Eagle Finance accepts co-applicants. If you’re concerned that your credit may prevent you from qualifying alone, applying with a co-applicant who has solid credit might bolster your application.
• Fast decisions — Eagle Finance aims to process loan decisions within 24 hours. But keep in mind that it may take longer to actually receive your check because you’ll have to go to a local branch to accept and sign for your loan.
• Possible credit-building opportunity — Eagle Financial says it may report payments to credit bureaus. This could give you an opportunity to improve your credit as long as you make your loan payments on time.

Who is an Eagle Financial loan good for?

Applying for an Eagle Finance loan is a risky bet. Its rates and fees are unclear, so you won’t know the potential costs of your loan until you apply and submit to a hard credit inquiry — which will affect your credit scores.

We always encourage working with lenders that are upfront about loan costs. If you have a rough credit history, you may assume you don’t have that choice. But before you accept an offer from Eagle, you can try to compare it with those of other bad credit lenders that do give cost ranges upfront or opportunities to prequalify without a hard credit inquiry.

If you decide Eagle’s offer is your best choice or the only way of avoiding a payday loan, title loan or other, higher-cost loan with even shorter repayment terms — just keep your eyes open. Make sure you’re aware of all potential fees and repayment terms as you keep working on your overall financial situation and pay the loan off.

You may also want to explore a low-cost payday alternative loan from a federal credit union or loan app — some of which have no mandatory fees.

How to apply with Eagle Financial

To apply for an Eagle Finance personal loan, you can fill out the online application, call the lender or visit a local branch. If you do go the online or phone route, note that you’ll need to close the loan in-person.

Eagle Finance may ask you for these documents when you apply.

• Recent pay stub
• Utility bill or bank statement
• ID like a driver’s license or passport
• Checking account statement

If you back your loan with collateral like your car, you may need to show your car title.

Not sure if Eagle Financial is right for you? Consider these alternatives.

• Possible Finance: Possible has high APRs — in the triple digits — and the lender isn’t very upfront about its terms. But there’s no hard credit check when you apply, and you don’t have to finalize your loan in person.
• Brigit: Brigit can be a good choice if you need a small-dollar advance on your paycheck but prefer to pay a monthly fee rather than interest charges.

*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.