E-Loan

E-Loan, founded in 1996, was an early online direct lender that specialized in facilitating loans to consumers. The company primarily focused on mortgages, auto loans, and personal loans. E-Loan distinguished itself as one of the first online lenders to offer rate quotes and loan approvals directly to consumers via the internet, streamlining the traditionally cumbersome loan application process.

The company's business model centered around connecting borrowers directly with lenders, often without the need for physical branch visits or extensive paperwork. This approach aimed to offer more competitive interest rates and fees compared to traditional brick-and-mortar financial institutions. E-Loan's success in the early dot-com era helped pave the way for the development and proliferation of online lending platforms that are commonplace today.

E-Loan was acquired by Banco Popular in 2005, and subsequently sold to Popular, Inc. The E-Loan brand was eventually retired, though its legacy as a pioneer in online lending remains significant. The company's innovations in online loan application and approval processes profoundly impacted the financial services industry.