E-Loan, a wholly-owned subsidiary of Poplar, Inc (NASDAQ: BPOP), offers personal banking accounts such as certificates of deposit (CDs) and savings accounts. The company, headquartered in Rosemont, Illinois, also helps connect consumers to mortgage lenders, auto loan lenders, credit reporting services, and more. E-Loan's banking products are all FDIC insured through Poplar, Inc.
E-Loan was created in 1997 by Chris Larson and Janina Pawlowski with the vision to provide discount mortgage loans to customers over the Internet. Larson and Pawlowski sold the company to Poplar, the parent company of Banco Poplar and Poplar Community Bank, in 2005, and Poplar ended ELoan's mortgage lending division in 2005. So, although E-Loan is best known as a mortgage website, the company is in fact no longer a mortgage lender.
Today, ELoan offers competitive CD rates, savings account, and comparison shopping for mortgage and refinancing rates. The company's CDs are available in 3 month, 2 year, and 5 year maturities, and E-Loan's Savings Plus account pays a higher yield than most traditional banks. As for other financial products, E-Loan partners with third party vendors to deliver information to its visitors. The mortgage platform is powered by LendingTree, another comparison shopping website, the credit report platform is powered by Credit Karma, and so forth.
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