E-LOAN Unveils 'Apply Today, Drive Off Today' Electronic Auto Loans

DUBLIN, Calif., May 7 E-LOAN, Inc., a leading online lending company, today unveiled its completely electronic loan process for auto financing: Apply Today, Drive Off Today. The new process makes the entire experience -- from application to funding -- simpler, faster and more convenient for consumers and dealers.

For car buyers, the entire process, from application to approval for financing, usually takes 30 minutes and no longer involves waiting for their check draft to arrive via regular or overnight mail. For auto dealers, E-LOAN funds the loan via electronic transfer and eliminates the hassle of dealing with paper checks. This new process signifies E-LOAN's continued leadership in the role of transforming the online lending process.

"At E-LOAN, we are constantly striving to remove dumb steps, processes, and paper from the loan transaction," said Joe Kennedy, E-LOAN's President and Chief Operating Officer. "Our 'Apply Today, Drive Off Today' auto loan is one more example of how our efforts make the transaction faster, better, and less expensive for both consumers and E-LOAN."

With E-LOAN's Apply Today, Drive Off Today, car buyers are able to log onto eloan.com, complete a brief application and, once approved, receive the loan documents online through their secure and personalized E-TRACK account. The entire process takes only a matter of minutes and is done completely electronically. Once the auto purchase is finalized, E-LOAN electronically funds the loan so that the entire financing transaction is quick and easy for the consumer and auto dealer.

About E-LOAN, Inc.

E-LOAN, Inc., a leading online provider of consumer loans, offers consumer loans and debt management services online at www.eloan.com or 1-800-E-LOAN-22. E-LOAN has reengineered the consumer loan process by offering a broad choice of products from many lenders for mortgages, home equity loans, and auto loans in a secure online environment, combined with comprehensive personal service from dedicated loan consultants. Through the first quarter of 2002, E-LOAN originated over $8.5 billion in consumer loans. The company's loan processing centers are located in Dublin, CA and Jacksonville, FL. E-LOAN, Inc. is publicly traded on the Nasdaq National Market under the symbol EELN.