Is eLoanWarehouse legit?
The company claims to be a tribal lender — Opichi Funds d/b/a eLoanWarehouse, a sovereign enterprise wholly owned and controlled by the Lac Courte Oreilles Band of Chippewa Indians. And it appears to offer installment loans. But there are multiple lawsuits against it, alleging that it’s involved in a “rent-a-tribe” scheme where it pays a fee to a tribe to use its name to get around state laws regarding maximum interest rates it can charge. If you need a fast, short-term loan, you’re better off exploring other options.
Compare these better borrowing options to eLoanWarehouse
What is the Finder Score?
The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product’s interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate – this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you’re comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.
Read the full Finder Score breakdown
Is eLoanWarehouse the same as Eloan?
No, despite the similar names, Eloan is a separate company. Eloan is a registered trademark of Popular Inc., and it was a provider of personal loans, but it stopped in 2022. If you have an existing loan with Eloan, your loan is now being serviced by System & Services Technologies, Inc., according to Eloan’s website.
Where eLoanWarehouse falls short
The company lacks transparency about its rates and fees, making it difficult to trust. Customers complain about rates over 600% and being misled about how much the loan would cost. While some of that could be the customer’s failure to read the loan agreements carefully, legitimate lenders are up front about their rates and fees without having to scan through pages of fine print.
What makes eLoanWarehouse shine?
Other than the fact that eLoans Warehouse offers fast funding and doesn’t charge prepayment penalties — two features that are extremely common with almost all installment loans — nothing about this company stands out.
If your credit isn’t great, look around for borrowers that specialize in loans for bad credit and are transparent about rates and fees. Another option — especially if you only need a small loan — is cash advance apps, which don’t check your credit and have lenient requirements to qualify for advances up to $500 or more.
eLoanWarehouse personal loan details
| Minimum credit score/credit range | No minimum stated |
| APR | 300% to 600%+ (based on customer reviews) |
| Loan amount | Up to $3,000 |
| Terms | Up to 12 months |
| Approval turnaround | As soon as the same day |
| Fees | Late fees NSF penalties |
| Other fees | Unknown |
eLoanWarehouse contact info
| Phone number | 855-650-6641 |
| Customer service hours | Weekdays: 8 a.m. to 5 p.m. CT |
| info@eloanwarehouse.com | |
| X, formerly Twitter | N/A |
| N/A |
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| Principal | $ |
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| Interest | $ |
| Total Cost | $ |
How to qualify for eLoanWarehouse
These are the qualifications listed on the eLoanWarehouse website:
- Verifiable source of direct deposit income
- Valid checking account
- Meet minimum (undisclosed) income requirements
- Not a debtor in a bankruptcy case or planning to file for bankruptcy
- At least 18 and a US resident
How to apply
If you decide to apply, these are the steps you’ll follow:
- Complete the online application.
- Speak with a representative who will call to verify your information.
- Review and e-sign your agreement if approved.
- Receive loan funds within one business day.
A customer service representative says the company doesn’t require a credit check. If you meet its minimum qualifications, you should be approved for a loan, although it doesn’t disclose its income requirements.
eLoanWarehouse reviews and complaints
| BBB accredited |
Yes |
|---|---|
| BBB rating |
A+ |
| BBB customer reviews |
1.03 out of 5 stars, based on 34 customer reviews |
| Customer reviews verified as of |
27 March 2025 |
There are no reviews on Trustpilot for eLoanWarehouse. In fact, on Truspilot’s eLoan Warehouse page, it states: “it’s not possible to leave a review here anymore because the company’s website has closed.”
The company is accredited on BBB with an A+ rating, but it has only poor reviews. Customers complain about rates over 600%, the company taking multiple unauthorized payments and harassing phone calls and emails when they fell behind on payments. Many reviewers also called it a scam, with some saying they were told they were approved for a loan but were then denied.
What do people on Reddit say?
There was a thread on Reddit that had a video review of eLoanWarehouse from about a year ago, but the link no longer works.
