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Education Loan Finance Review

Reviews 2,138
Education Loan Finance
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Education Loan Finance
Education Loan Finance
Excellent
Reviews 2,138
Sarah Pritzker
Jan. 02, 2023
3 min read
Sarah Pritzker
Education Loan Finance Summary
Education Loan Finance refinancing lets you combine multiple loans into one simple, easy to pay, affordable loan. With some of the lowest interest rates in the industry and a simple application process it's a great option for young professionals who are struggling with repayment of their student loans.

Pros

  • Variety of plans for different budgets
  • Seamless application and verification process
  • Personal Loan Advisors provided for each applicant

Cons

  • Consolidation forfeits Federal Loan Forgiveness programs
  • Shortest available loan term is 5 years

Education Loan Finance Education Loan Finance View Rates

Education Loan Finance at a Glance

Education Loan Finance (ELFI) is a consolidated loan repayment program offered by SouthEast Bank, which is located in Tennessee. The founders have been actively involved in shaping the finance and education loan industry for over 3 decades and have a wealth of experience in student lending, knowing what it takes to make repayment easy and affordable.

In a very broad sense, the program assists borrowers with multiple student loans by consolidating these loans into a single loan. The program allows borrowers to select from multiple repayment options for additional flexibility in term length and interest rate tyles. The mission of the program is to help student loan borrowers save in terms of interest rates for their different education loans and to make repayment hassle free and simple. ELFI also offers student loan refinancing and consolidation to parents with Parent PLUS and private student loans. 

Furthermore, ELFI's parent company, SouthEast bank offers scholarships to students, having provided more than $20 million in scholarships to date. ElFI offers a generous referral program providing over $400 for each referral. 

Suitable for?

The ELFI program is tailored toward students and young professionals who want to simplify their student loan finances. Specifically, this program is suitable for borrowers who have multiple student loans, as the program’s main feature is that it will consolidate all of your student loans into one loan with a new interest rates and repayment term. Please note that the refinancing options offered in this program are only available for borrowers that went to pre-approved post-secondary institutions for their higher education.

Loan Features*

The refinancing loan provided by Education Loan Finance makes life simpler by taking all of your education debts and combining them to form one single loan that you can manage easily. This can potentially help you save hundreds of dollars every month thanks to some of the lowest interest rates and easy payment options.  In an effort to simplify the process further ELFI provides Personal Loan Advisors to assist applicants with refinancing

Some of the main features refinancing with ELFI include:

  • APR rates from:
    5.28% APR (variable)* 
    5.48% APR (fixed)*
  • No maximum loan amount restriction or limitation
  • No prepayment penalty
  • No application processing fees
  • No origination fees
  • Repayment terms that can range from 5 years to 20 years

Pros and Cons

Pros

  • Very flexible – Several different plans for different needs and different budgets.
  • Ease – From a seamless application and verification process to a simple single loan payment, ELFI makes life easier.
  • Rate calculator – Even before starting with the application, you can use the find my rate calculator to get an idea of what you could be saving when you refinance your student loan. 
  • Refer and win – It’s a win-win situation for both you and your friend. Have a friend sign up for the program using your referral link and receive $400 as a bonus and your friend will also receive $100 for using the link.**
  • Personal Loan Advisors – ELFI provides personal loan advisors or a single point of contact who can walk you through the loan process and answer any questions you might have.
  • If you previously had a loan with a cosigner they can be removed by refinancing assuming you qualify on your own for a loan. 

Cons

If you happen to combine multiple federal loans and decide to refinance them, you will lose out on other federal repayment options that are otherwise available to you. However, this is the case with any refinancing program.

The Application Process*

Applying is a speedy, three-step process.

  1. Create a profile on the ELFI website and with just a few questions find out your rate.
  2. Upload ID and other requested documents relevant to your student loans, finances, and education.
  3. Electronically sign your new loan agreement and auto debits will be charged to your account every month.

Loan Terms *

There are, of course, some eligibility requirements that you will need to meet to be considered for the refinancing loan. The main eligibility requirements are as follows:

  • A minimum loan amount of $10,000 (can be from multiple education loans) to refinance.
  • A bachelor’s degree, at least, and it should be from an approved post-secondary institution.
  • Must be a U.S. citizen or permanent resident alien without conditions and with proper evidence of eligibility. 
  • Must be aged 18+ at the time of the loan application.
  • All loans are subject to credit approval.

Repayment Terms*

Repayment can range anywhere between 5 years to 20 years, with a 5 year high fixed rate of 5.48%. This depends on your specific loan amount and payback timeframe. It could be different from one applicant to the next. 

How Safe is It?

The security of your information is very important to ELFI. ELFI takes all the required steps and uses the most up-to-date software to ensure that your data is safe. 

Help & Support

The Personal Loan Advisors at ELFI are helpful, well trained, and respond in a timely manner. You can reach out to them either via email, phone call, or even text.

Summary

ELFI refinancing helps graduates with multiple student loans by combining their loans into one simple, easy to pay, affordable loan. The application process involves signing up and uploading documents, and the interest rates are some of the lowest you will find in the industry.

Physical Address

SouthEast Bank

104 N. Seven Oaks Dr.

Knoxville, TN 37922

Education Loan Finance Education Loan Finance View Rates

Disclaimers

Subject to credit approval.  Terms and conditions apply.

*This offer is subject to credit approval and additional requirements, including verification of attendance at an approved post-secondary institution and fulfillment of a Bachelor’s Degree or higher. Complete details, including a list of eligible schools, are available online at www.elfi.com. The interest rate and monthly payment for variable rate loans may increase after closing. Your actual interest rate may be different from the rates shown above and will be based on the term of your loan, your financial history, and other factors, including your cosigner’s (if any) financial history. For example, a 10 year loan with a fixed rate of 6% would have 120 payments of $1,100 per $1,000 borrowed. To qualify for refinancing or student loan consolidation through Education Loan Finance, you must have at least $10,000 in qualified student loan debt and must have earned a bachelor’s degree or higher from an approved post-secondary Education Loan Finance institution. Electronic payment is required. Other restrictions may apply. See elfi.com/terms for details. 

**Referral Bonus:  Limit one $400 cash bonus per referral. Offer available to anyone who refers new customers who refinance their education loans with Education Loan Finance. The new customer will be mailed a $100 cash bonus via check and the referring party will be mailed a $400 cash bonus via check within 6-8 weeks of loan disbursement. A new customer is defined as an individual without an existing Education Loan Finance loan account and who has not held an Education Loan Finance loan account within the past 24 months. The new customer is required to register online at www.elfi.com and refinance a student loan with Education Loan Finance within 90 days of registration. The minimum refinance balance required to refinance with Education Loan Finance and obtain the bonus is $10,000. Offer is subject to change without notice. Employees of SouthEast Bank and its affiliates are not eligible.  Taxes are the responsibility of the recipient.

Sarah Pritzker
Written by
Sarah Pritzker
Sarah Pritzker is a content writer with years of experience and a keen interest in the vast world of online consumer products. She writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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Trustpilot reviews
See what some customers are saying about Education Loan Finance
Education Loan Finance
Excellent
Reviews 2,138
on
Excellent
93%
Great
5%
Average
1%
Bad
1%
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shannon keane
a month ago
The process was so easy and my contact…
The process was so easy and my contact (Stan) was so helpful in guiding me through the process.
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trevor chenoweth
2 days ago
This company will drag out the process…
This company will drag out the process of applying for your loan. Over the course of a month, they proceeded to send me on a scavenger hunt for information. Back and forth interactions were in place over the course of that month each time requesting another document or further information. All of this back and forth, just to inform me my application cannot be approved without a co-signer. This could have been concluded with the initial application information I provided regarding my DTI, and saved a lot of time in the process. They were great with that communication, but the process could have been expedited with my initial application since none of the additional information I provided was needed to determine need for a co-signer.
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rachel mcclennen
a month ago
The process was so easy
The process was so easy. Refinancing was something I have been avoiding because I thought it would be complicated, but this was so simple. Anytime I had a question someone got back to me immediately. I have no complaints!
S
shannon mattes
a month ago
Great communication
Great communication. Easy to follow instructions.
K
kyra mcmillin
a month ago
Process was pretty easy and painless
The process was easy and the person I worked with was very helpful and always answered my questions quickly.
A
adam greene
2 months ago
Highly recommended
The entire process has been smooth and hassle free. I had support every step of the way, and quick responses when needed. In less than a week, I had my approval, and I'm saving quite a bit on my student loans.
N
nathan mccord
2 months ago
Great experience
Great experience. Straight forward process and quick response time on all parties involved.
C
christine s.
2 months ago
Very happy with service received.
Excellent and personalized communication, fast decision.
P
pejman azami
2 months ago
If you are not white don’t even try to get loan from this company
This loan company is one of the worst after 3-4 days getting all information on good credits above 730 income above 15k declined for no reason. They are just pick white people.
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dale holub
2 months ago
HORRIBLE CUSTOMER SERVICE!!
HORRIBLE CUSTOMER SERVICE!! What a waste of time trying to use this company. My wife and I tried to refinance a student loan, and this worthless company made it impossible. Both my wife and I have credit scores of near 800, full time jobs, no late payments in over 5 years. Yet this company denies our application because we told 1 CSR (Samuel Watson) that the process is horrible. He is terrible at his job, and truly has no care for customer experience. It is very clear he hates his job (and I have emails to prove it). BUYER BEWARE of this company.
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louis nikiforidis
2 months ago
Easy navigation on web
Easy navigation on web. One to one contact via email and phone with loan officer. Clear as to what documents needed to process loan.
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l g
2 months ago
Quick and efficient!
Quick and efficient!
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michael hayes
2 months ago
Ease of Process
They have a representative reach out to you for any questions and to walk you through their process. Stan was very responsive and helpful in explaining what information I needed to provide for them in order for the underwriting process to be complete. Great experience.
R
ray smith
3 months ago
Exceptional service
Great, professional, and prompt service. Thank you!
S
shea barry
3 months ago
Great Rates
Quick and simple process with great rates.
M
michelle metallo
3 months ago
Very responsive to my questions and…
Very responsive to my questions and kept in communcication as to what I needed to submit.
M
michael hilton
3 months ago
Did not provide service in customers best interest
Did not provide services in the best interest of the client. Proceeded to refinance debt at a higher interest rate.
N
nicole lee
3 months ago
Great!
Stan Mitchell was very helpful as my loan advisor. The application process was very straightforward and I’m so thankful to be using ELFI to refinance my student loans.
J
jake swauger
3 months ago
Very easy application process and the…
Very easy application process and the service was great. Only company I know that has customer service representatives available around the clock via text messaging to assist with any questions you may have!
A
alexanda amicone
3 months ago
Easy process with helpful staff.
Easy process with helpful staff.
M
marykay nasby
3 months ago
My experience was so easy and extremely…
My experience was so easy and extremely fast. My contact at ELFI, Kait, answered so quickly and gave me easy instructions each time.
M
meredith
3 months ago
efficiency and processing
It was really quick process and they were very responsive to all of our questions.
N
neil collins
3 months ago
Very frustrating process
Was asked to submit additional information 4 or 5 times. Process was very frustrating. Person of contact could have been more clear with what he wanted.
T
tori
3 months ago
Great Experience
The process of refinancing my loan was made super easy with the help of Stan Mitchell! I significantly lowered my interest rate and monthly payments plus will finish off paying my loan even sooner now. So grateful for Elfi!
M
michael langford
3 months ago
Grateful for my liaison
The quickness of my loan liaison made the process less painful.
E
eibhlin kelly
3 months ago
Ongoing communication and timely updates
Ongoing communication and timely updates
M
mackenzie ashburn
3 months ago
Quick and helpful communication
There was relatively no wait times to speak to a real person and get help when trying to refinance my student loans. Everyone we spoke to was very kind and eager to help
C
christopher bolton
3 months ago
Pretty simple
Pretty simple, anything I missed was pointed out via email quickly. Lowered my interest rates by about 4% and saving about 100 a month with a similar payoff date.
J
john-vincent quiao
4 months ago
Samuel Watson was an amazing…
Samuel Watson was an amazing representative. I was so happy with my loan experience due to his fast efficient work. Thank you so much again!
C
collin vermilyea
4 months ago
Good customer sevice
Agent was quick to respond and helpful.
K
kevin h.
4 months ago
Great approval
No one else would approve me, and especially not at an interest rate this low. My previous variable rate was 60% higher than what ELVI gave me at a fixed rate. Very appreciated.
C
ciana miles
4 months ago
Great Customer Service
My customer service rep, Dylan, was extremely quick to answer any questions I had and was very helpful throughout the application process.
J
jordan stoy
4 months ago
Kati helped us get everything we needed…
Kati helped us get everything we needed to refinance. Couldn't be happier with the experience. Elfi was straightforward and easy to work with.
V
vincent riggs
4 months ago
Easy!
Fast, easy and customer service was awesome. Communication was superb
A
am
4 months ago
They were so helpful and gave me the…
They were so helpful and gave me the best rate compared to competitors. I’m soo thankful to have a loan through them
W
whitney grace
4 months ago
Process was easy and transparent
Process was easy and transparent, and I had a dedicated person to help me upload all the documents I needed and to guide me when I needed to obtain some different documentation. They were responsive and helpful and made the process easy. Thank you!
I
ivy
4 months ago
Exceptional experience
Communication was fast and uploading the documents was easy. I had a great experience.
M
morgan
4 months ago
Responsive and Attentive
Quick and helpful feedback! Easy to guide you through this process.
T
travis munyer
4 months ago
So far so good
So far so good. The Approval process was quick, and the representatives were attentive.
G
gregory houck
4 months ago
everyone was very helpful through the…
everyone was very helpful through the process and was able to answer all of my questions. My loan advisor was very quick to answer any emailed questions.
E
eric s
4 months ago
My experience was excellent
My experience was excellent. Dylan was quick to help out with all my needs to make the process go smooth.
M
michael colavito jr.
4 months ago
Easy refi Process
Stress free refinance process with a real person to talk with the whole way through.
G
gabriela dejesus
5 months ago
Very responsive and helpful
Very responsive and helpful. Everything went smoothly. Stan Mitchell, my student loan advisor, was very helpful and replied to all of emails quickly!
R
robert myers
5 months ago
Easy process and loan officer is great!
Easy process and loan officer is great!
R
ryan young
5 months ago
Great experience and customer service!
Great experience and customer service!
M
madelyn bates
5 months ago
Thank you for all of the assistance
Communication was fantastic, everything was done in a timely manner. Instructions were clear.
R
rosie ruiz
5 months ago
My experience with ELFI has been great…
My experience with ELFI has been great so far. Didier Leclaire, my student loan advisor, was very helpful with any questions I had. It was all very efficient.
R
richard clark
5 months ago
Understandable Process and Welcoming!
The entire process was simple and easy to understand! My advisor was also very knowledgeable and able to help me quickly with my questions.
M
michael hartel
5 months ago
Great Service!
Friendly & helpful staff, very quick process!
A
amanda
5 months ago
ELFI was easy to use
ELFI was easy to use, my advisor was very responsive with any questions I had. I have been kept in the loop since the beginning. This has been by far the easiest process I’ve had with loans.
D
doug
5 months ago
The loan process was fast and easy
The loan process was fast and easy. Everything went smoothly, all stages were thoroughly explained, and I received information very quickly.
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justin sohn
5 months ago
Process was smooth!
Process was smooth! Everything finished without any issues and process was very smooth.
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katie comerford
5 months ago
The experience was simple and done in a…
The experience was simple and done in a timely manner. Stan was very helpful, gave very clear instructions and responded in a timely manner.
J
john magua
5 months ago
Didier Leclaire was incredibly helpful…
Didier Leclaire was incredibly helpful and made the process so much easier.
J
jessica kemper
5 months ago
Communication between my advisor and…
Communication between my advisor and myself. Quick response with clear instructions
M
matthew aguilar
5 months ago
It took so much stipulations
It took so much stipulations like come on I made almost 90k and my pops has an 820 credit score
L
liz b
5 months ago
Easy to complete
I feel like everything was very easy to fill out and get received quick feedback.
P
pat
5 months ago
Review
Overall it was easy and Samuel made the process very straight forward and answered any questions I had.
J
jennifer canaria
5 months ago
Quick processing and good communication…
Quick processing and good communication with questions
D
david h.
5 months ago
Fast and Reliable
Colene Worked with My Daughter and I to get her Student Loans Refinanced. The Process was fast and seamless. Colene was very Professional in handling all Our needs. Thanks Colene..............
S
savannah
5 months ago
Good communication with advisors
Good communication with advisors
M
mollie m..
5 months ago
Highly Recommend
Our representative, Stan, was professional, helpful, and informative. He was very quick to communicate and made the process of refinancing my student loans seamless and stressless.
R
reva payne
6 months ago
Professional, Friendly, & Efficient
Samuel was great to work with, and when I called ELFI, I spoke with Jacob; he was also excellent.
A
anon
6 months ago
It was very easy to navigate and my…
It was very easy to navigate and my questions were answered quickly by Colene.
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leah
6 months ago
Process was so fast and easy!
Didier was AMAZING. They responded to my questions and emails SO quickly. I was able to refinance my loan in record time! I refinanced with a different lender before and it took over a month to complete. Thank you to Didier for their assistance!
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kang li
6 months ago
Smooth Process
We refinanced our student loan with Education Loan Finance recently. And the process is very smooth and painless. The rate is very competitive. We'll definitely recommend them to our friends.
D
danielle hanks
6 months ago
Refinancing Made Easy
Refinancing student loans seemed like a daunting task but my loan advisor, Colene Helveston, made it such a breeze! She would frequently update me on the status of my application and was always just an email or phone call away to answer any questions. Im so glad I went with ELFI and am so thankful for Colene’s guidance along the way!
Z
zach
6 months ago
Very easy and simple process
Very easy and simple process The loan agent guided me and answered my questions quickly. Made trying to get a loan with as minimal stress as possible.
K
kdw
6 months ago
ELFI - Student Loan Refinancing
The process to refinance my son's student loans through ELFI was quick, painless and went smoothly. I would definitely recommend this company to anyone who needs to refinance their loans.
A
andrew lynett
6 months ago
Wonderful Experience
Everything was simple, direct, and easy to navigate!
A
adri w
6 months ago
I am newly refinancing with Elfi and…
I am newly refinancing with Elfi and the whole process of submissions , approval, and next steps was so smooth ! I appreciate all of Stan’s help with that as well as his availability to go all the way through in Elfis taking over my Sallie Mae / Discover loans ! He was always there to answer questions and kept me in the loop at all times . Would definitely recommended Elfi to others and will personally submit to refinance with the company again in a few more months when my own financial situation improves further .
C
caleb warner
7 months ago
ELFI was a great experience
ELFI was a great experience. They were very quick to respond and made the process painless.
D
davis ladd
7 months ago
Helpful and informative customer service
Helpful and informative customer service
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lennon sulzbach
7 months ago
Super easy process
Super easy process. Stan M. provided clear and concise information in a very timely fashion. 10/10 would refinance again.
S
sara
7 months ago
Stan is the best!
Stan was not just helpful throughout the process but also so patient in handling all my questions. Through his attentiveness, a somewhat daunting process was easy to navigate and understand next steps. Excellent service start to finish!
T
tyler garzinski
7 months ago
Thank you!!
Very thankful to ELFI for their help in getting my loan refinanced! Didier was easy and great to work with!
J
jenny warr
7 months ago
Fast turn around
Fast turn around Good communication
H
happy customer
7 months ago
The application process was very user…
The application process was very user friendly. The Loan officer was professional, knowledgeable, and responsive. Underwriting was prompt, but thorough. Very pleasant business experience. Would definitely recommend.
P
paige
7 months ago
absolutely so helpful
absolutely so helpful. Colene H. walked us through everything and got us something when we truly felt like we were never going to be able to find something. I would absolutely use this again especially because of people like Colene that go out of their way to find something and walk customers through the process.
E
ellie
7 months ago
Colene was great!!
Colene was great!!! Quick to respond and answered any questions that we had. She guided us through the whole process. Everything was done so quickly.
J
joshua roberts
7 months ago
Very Satisfied
Dylan has been an excellent loan advisor
.
..
7 months ago
Dylan was very helpful and quick to…
Dylan was very helpful and quick to respond. The experience was overall good. The only issue was that the underwriter kept telling him that my legal document for child support was not adequate, but once Dylan reach out to a manager it all went smoothly through. Thank you, Dylan!
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lauren kemmerer
7 months ago
Our situation was unique and required…
Our situation was unique and required extensive research. The manager and team communicated often and did a thorough review which led to a positive outcome. I appreciate these individuals going above and beyond and it instilled our confidence in our decision to choose ELFI. Thank you Ivan and team!
A
alma
7 months ago
Great experience
The entire process from pre approval to accepting an offer was seamless. My student loan advisor Stan was great along the way. Always communicated quickly with me and made the process wonderful. I wish I would have refinanced my student loan sooner with ELFI.
T
travis jaworski
7 months ago
Dylan was really helpful
I had some issues securing a promissory note from my loan servicer, which took about a week to secure. Dylan Sparks was very helpful and patient with helping me get my refi figured out and all the forms submitted. He was also very good at communicating with me and made me feel like I had someone to help me with any issues that arose.
A
ashley wingfield
7 months ago
Quick and easy process!
Customer service was amazing. Process was fast and easy and my rate was better than other companies quoted me.
K
kathy
7 months ago
Student Loan refinancing
The whole experience is amazing. Everyone I talked to was very helpful and responsive.
H
hany fekry
7 months ago
Lovely is best interest rates
Lovely is best interest rates
O
olivia soja
8 months ago
My experience with ELFI was great!!
My experience with ELFI was great! I got the best interest rate, and the process was quick, clear, and very well supported by their staff. Thank you!!
H
hunter neale
8 months ago
They did their do diligence.
They did their do diligence.
K
kelly knappen
8 months ago
My loan person
My loan person, Didier, was rude and condescending.
a
anon
8 months ago
Colene helped but could have been a…
Colene helped but could have been a little more descriptive with the instructions for getting loan information. Overall, she made experience easier than expected and I appreciate her efforts in helping getting my loan refinanced!
O
olivia hartsell
9 months ago
Thank u Elfi!!
the entire team moved swiftly and communicated everything I needed! I wouldn’t have been able to apply and finalize within 48 hours without them!
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tim maatouk
9 months ago
Very simple process
Very simple process, quick responses and great rates.
T
taylor squire
9 months ago
Quick and Easy
Dylan was great! Always available to answer my questions. Quick turn around time and advisors are good at keeping you up to date with next steps
C
chad nieswender
9 months ago
Dylan was great to work with
Dylan was great to work with. Fast and easy application and approval process! Highly Recommend!
V
victoria
9 months ago
What a pleasurable experience for something not so pleasurable
Everyone I spoke with at ELFI was beyond nice, helpful, timely in response time, patient, and understanding. The employees took their time explaining my options, and wanted to make sure I understood what was going on or about to happen. I did have questions as I continued my process, and the response time and information provided (to answer my questions) was very detailed and extremely helpful. What a pleasurable experience, when doing something not so pleasurable.
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jason pogue
9 months ago
So easy to work with!
Working with ELFI was amazing. The website was clear and easy to use, I submitted my application, within an hour had an email from my loan advisor Stan Mitchell, and within three business days closed on my loan and cut my monthly payment in half. Stan was super helpful and responded quickly to any questions I had along the way. I've worked with a few online lending companies and my experience with ELFI puts all others to shame.
R
ruth b.
9 months ago
Easy application process, thorough communiciation
Easy application process, clear communication from loan specialists. After uploading necessary documents and my employer providing my employment verification (via my employer's HR communicating directly with ELFI loan specialist) it was pretty quick to get a decision. Straight forward process.
Y
yongsik jang
9 months ago
My experience with ELFI is wonderful
My experience withELFI is wonderful. I am so grateful that I have received responses in effective, accurate and a timely manner.