E-Loan

Debt Management tips from eloan, online mortgage provider

PLEASANTON, California, Dec.13th E-LOAN (R), 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 (PHI) and save in 2005

Many homeowners who pay PHI assume that the home equity they're gaining from today's rapidly appreciating home values will lead to PHI automatically being dropped as a requirement by their lender. The reality is that PHI is based on the value of the home at the time the mortgage was funded; therefore, PHI 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 PHI, 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

CONTACT: press, Laurie Azzano of Cosmo Public Relations,+1-504-296-1349, or laurie@cosmo-pr.com, for E-LOAN; or Tiffany Fox, Public/Investor Relations of E-LOAN, +1-925-847-6314, or tiffanyf@eloan.com

Web site: http://www.eloan.com/

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