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.
Eagle is a traditional consumer finance company. The business model (and rates) of traditional finance companies have fundamentally not changed in over 130 years. 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-$10,000 and paid off in 8-24 months. People use Eagle for things as necessary and immediate as paying bills, or as discretionary as taking a dream vacation. Some other examples are: repairing a vehicle, buying furniture, home repair, moving expenses, and rebuilding personal credit.
In short, Middle America. Most of our customers have good paying jobs. Some of our customers have a low FICO credit score because of a previous life situation: unexpected medical expense, job loss, divorce, sudden income decrease, or maybe even just simple poor financial planning. These individuals may not be able to borrow money at a traditional bank or credit card company.
Other customers simply 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.
Eagle makes credit available to middle America at traditional finance company rates. This does not mean we are able to help everyone with a loan.
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 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.