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E-LOAN's Top Five Year-End Debt Management Tips
Managing Debt More Effectively Can Generate Funds for the Holiday Season and
Beyond
PLEASANTON, Calif., Dec. 13 /PRNewswire-FirstCall/ -- E-LOAN(R) (NASDAQ:EELN),
an online consumer direct lender, today announced its "Top Five Year-End Debt
Management Tips" to help consumers make the most of their money as the holiday
cash crunch approaches. For many, the holiday time is stressful enough without
taking on overtime shifts just to earn a few extra dollars to pay for all those
gifts. In fact, one of the easiest ways for consumers to make extra money is
simply to manage their debt more effectively. This season, consumers can take
advantage of E-LOAN's debt management tips to navigate the confusing process of
year end financial planning and save themselves money well into 2005.
1. Put a little something extra in your stocking by refinancing your auto loan
By refinancing their car now, consumers can generate some extra spending money
in time for the holiday season. Many consumers know it's possible to save
money by refinancing their home loan, but most don't realize that they can also
save by refinancing their car loan. For example, consumers who have refinanced
their auto at E-LOAN have saved an average of $1500.
2. Stop paying private mortgage insurance (PMI) and save in 2005
Many homeowners who pay PMI assume that the home equity they're gaining from
today's rapidly appreciating home values will lead to PMI automatically being
dropped as a requirement by their lender. The reality is that PMI is based on
the value of the home at the time the mortgage was funded; therefore, PMI won't
go away automatically unless the borrower attains 20 percent of the equity in
their home based on the original property value. In other words, if a consumer
is stuck paying PMI, which isn't tax deductible, it makes sense for them to see
if they can eliminate it by refinancing their mortgage. Online tools, like the
E-LOAN Loan Advisor can help consumers determine if they can use this strategy
to save money in 2005 and beyond.
3. Establish a new holiday tradition to help fight identity theft -- check your
credit reports!
Why not make it an annual tradition to check your credit reports every
December? It's important for all individuals to stay on top of their credit
reports to combat mistakes and to catch and resolve an identity theft situation
as soon as possible - especially because it can take up to six months to
correct a mistake. This is particularly true for those consumers who are
planning to make a significant purchase - like a new home or car - within the
next few months. The information that makes up your credit report is used to
determine your credit score, which is considered by most lenders to be the
factor most indicative of a consumer's credit worthiness. By checking your
credit reports annually, you're also making sure that you monitor and manage
your all-important credit score! At E-LOAN, the first to provide credit score
access to consumers, you can quickly and easily check your credit score - for
free. And, thanks to new legislation being rolled out in phases, consumers
nationwide will have access to a free credit report from each of the three
credit reporting bureaus. Check out http://www.annualcreditreport.com/ for
more information about when free reports will be available in your home state
and how to order your free copies.
4. Make your January mortgage payment in December and save money at tax time
Even though it sounds daunting, homeowners can save money at tax time by making
an extra mortgage payment in December. By making an extra mortgage payment by
December 31, you get a greater mortgage interest deduction for this tax year.
The drop in federal income tax rates next year means that many individuals can
save even more by making an extra payment in 2004.*
5. Save money all year long by making it one of your New Year's Resolutions to
assess your debt and identify three ways to reduce costs
By making the time now to take an inventory of your current debt, consumers can
find easy -- and often painless -- ways to significantly trim down their
existing debt and save money throughout the year. First, collect information
on each outstanding debt - including its balance, regular payments, interest
rate and credit line amount - to better understand your situation. Next,
prioritize high-interest loans so that you can pay them off first. Consider
consolidating your high-interest credit card debt into a lower rate home equity
loan, which may be tax-advantaged.* Then, update your debt inventory each
month so you can eliminate surprises and maintain spending discipline. And
last but not least, identify three ways that you can cut costs each month. No
matter how small, every little bit helps - and you'll likely be surprised this
time next year when you see just how that tiny amount measured up to a huge
lump sum of savings.
About E-LOAN, Inc.
E-LOAN is an online consumer direct lender dedicated to providing borrowers
across the credit spectrum with a more enjoyable and affordable way to obtain
mortgage, auto and home equity loans. By making credit scores freely available
to consumers and integrating them with a suite of sophisticated advice tools,
E-LOAN is pioneering the nascent debt management advice category -- helping
consumers proactively manage their loan portfolios to lower their overall
borrowing costs. The company relentlessly advocates eliminating the unnecessary
processes, fees, hassle, haggle and lack of transparency traditionally
associated with the consumer loan experience. Protecting consumers' financial
privacy is a paramount concern, prompting E-LOAN to implement industry leading
privacy practices and advocate strong consumer financial privacy protection
laws. In June 2004, an independent study conducted by TRUSTe and The Ponemon
Institute ranked E-LOAN as one of the top 20 most trusted companies for privacy
in America. E-LOAN was the highest ranked online financial services company to
make the top 20.
Consumers can log onto http://www.eloan.com/ or call 1-888-E-LOAN-22 to access
E-LOAN's products, services and team of dedicated loan and debt advice
professionals. E-LOAN is publicly traded on the Nasdaq National Market under
the symbol EELN. From inception through September 2004, E-LOAN has originated
and sold over $22.8 billion in consumer loans.
This news release contains forward-looking statements based on current
expectations that involve risks and uncertainties. E-LOAN's actual results may
differ from the results described in the forward-looking statements. Factors
that could cause actual results to differ include, but are not limited to,
general conditions in the mortgage and auto industries, interest rate
fluctuations, and the impact of competitive products. These and other risk
factors are detailed in E-LOAN's periodic filings with the Securities and
Exchange Commission.
* Consult your tax advisor regarding the deductibility of interest
payments.
DATASOURCE: E-LOAN, Inc.
CONTACT: press, Laurie Azzano of Cosmo Public Relations,
+1-504-296-1349, or , for E-LOAN; or Tiffany Fox,
Public/Investor Relations of E-LOAN, +1-925-847-6314, or
Web site: http://www.eloan.com/