WHO IS EAGLE LOAN/ EAGLE FINANCE COMPANY (“EAGLE”)?

It may be easier to start by saying, who Eagle is NOT. We are not a cash advance operation, “payday lender” or a “title” lender. Those businesses continue to be under government scrutiny currently and sometimes consumer finance companies like Eagle are incorrectly rolled into that same category. This is likely because we are both not traditional banks, but both still lend money. However, the similarities end there. But enough about who we are not, who is Eagle?

Eagle is a traditional consumer finance company, whose business model (and rates), have fundamentally not changed in over 130 years. Our slogan sums up Eagle best- We Make Loans to People, Not Credit Scores®. With Eagle, you avoid the typical red-tape that banks subject you to in order to get a small loan.

Our primary business is simple- personal loans to individuals. Typically loans are $1,000-$3,000 and usually paid off in 8-24 months. People use Eagle for things as necessary and immediate as paying bills, to a purchase as discretionary as taking a dream vacation. Some other examples are: repairing a vehicle, buying furniture, home repair, moving expenses, and rebuilding personal credit.

Being a traditional finance company, Eagle also buys point of sale and portfolio loans from other companies. Sometimes in the finance industry it’s called “buying paper”. We buy loans from car dealerships, furniture stores, and other companies who offer financing to their customers. We do not purchase “delinquent” or “charged-off” accounts…only performing receivables.

WHO IS A “TYPICAL” EAGLE CUSTOMER?

Middle Americans. Lots of our customers have good paying jobs, but were previously hit with a life situation: unexpected medical expense, job loss, divorce, sudden income decrease, or maybe even just simple poor financial planning. Likely, this person’s FICO credit score suffered as a result of this life event and they are not able to borrow money at a traditional bank or credit card company. We make credit available to middle America at traditional finance company rates. So that’s what we mean when we say, ‘loans to people’. A credit score to us is just a 3 digit number. This does NOT mean we are able to help everyone with a loan…, we simply don’t include a credit score as a part of our underwriting. Our customers are much more than a number.

In other situations, our customers have adequate credit and could borrow money elsewhere, but they like the ease and convenience of doing business with Eagle. As such, many of our existing customers are repeat customers and use Eagle in the same fashion many Americans responsibly use credit cards today.

WHY WAS I TURNED DOWN FOR A LOAN BY EAGLE?

While we try hard to accommodate most situations, we are not able to make loans to everyone. For example, sometimes if you are not current on other debts, do not have sufficient income or collateral (a vehicle for example), we may not have been able to extend credit. If you are turned down for a loan with Eagle, you will be notified in writing the reason(s) why you were denied credit. We encourage you to check back with us once that particular situation is remedied.

HOW DO I APPLY FOR A PERSONAL LOAN WITH EAGLE?

We encourage you to call your nearest Eagle office, stop by, or apply online. The majority of the time we will have a loan decision for you within 24 hours and many times, the very same day.

HOW DOES A PERSONAL LOAN WITH EAGLE WORK?

After applying online, by phone or in person, you will be informed of our loan decision and any required documentation we may need. Typical documentation includes:

    1.    Recent pay stub
    2.    Proof of address, such as utility bill
    3.    If pledging a vehicle as collateral, the car title
    4.    Driver’s License
    5.    Checking account statement or actual Debit Card

If you are approved for a loan with Eagle, we close the loan in one of our private closing rooms and hand you a check. If you do not have a bank account, we will provide instructions for which local bank where you can cash the check at no cost to you.

Regular loan payments consisting of Principal and Interest (P&I) are due monthly and are most times, automatically deducted from your checking account or your debit card. We report all payment history to equifax.

If you are denied for a loan with Eagle, trust that we try to offer financing to everyone, but that some situations do not meet our lending criteria. The bottom line is that we don’t make money on turn-downs. We do our best to approve you.

CAN I REPAIR MY PERSONAL CREDIT SCORE WITH EAGLE?

While FICO credit scores are the backbone of many financial decisions throughout the U.S.A., Eagle makes no claim that we are “experts” in rebuilding credit; primarily because every situation is unique. We do however, report all loan payment history to equifax. This is a double-edge sword, though. If you are serious about rebuilding credit and make all your loan payments with Eagle on time (and other creditors for that matter), your score should improve. If you do not make loan payments with Eagle on time, it is likely this will negatively impact your credit score.

DOES EAGLE PROTECT MY PRIVACY? IS A LOAN WITH EAGLE SAFE?

In a word, Yes! Not only would we never discuss, disclose or sell our customer’s very private information, we employ some of the latest technology services to ensure your sensitive data is kept safe guarded utilizing similar technology and safeguards you will find at a bank or your doctor’s office. We take your privacy very seriously at Eagle.