E-LOAN And United Airlines Partner to Provide Unlimited Mileage Rewards for Online Borrowers

    DUBLIN, Calif.--Feb. 28, 2001--E-LOAN, Inc. (www.eloan.com), a leading online lending company, today announced a partnership with United Airlines to provide United's Mileage Plus members 1,250 miles for every $10,000 financed for a mortgage or home equity loan, and 3,500 miles for any size auto loan financed through E-LOAN. For example, the partnership allows members completing a $200,000 mortgage through E-LOAN to earn 25,000 Mileage Plus miles. By financing a loan through E-LOAN, Mileage Plus members can earn miles for worldwide travel on United and any of its travel partners.
    "This partnership makes financing a home, auto or home equity loan E-LOAN even more rewarding for United Airlines Mileage Plus members," said Joe Kennedy, E-LOAN's president and COO. "And from a business perspective, it allows us to expand our customer base by reaching a highly attractive target demographic."
    Mileage Plus members can log onto www.united.com and click on Mileage Plus partners or go to www.eloan.com/united for more information. Members can also call 1-887/E-LOAN-YES to speak to an E-LOAN representative.
    "As one of the best frequent flyer programs in the country, we look to partner with leaders in other industries who share our dedication to providing high quality products and superior customer service," said Scott Praven, president of United Networks.
    At E-LOAN, consumers can begin by shopping for a loan without entering any personal information. When they're ready to apply, they can quickly and easily complete an application and receive a decision within an hour for auto or mortgage loans, and within seconds for home equity loans. Borrowers can take advantage of E-LOAN home buying related services such as No Lender Fee Mortgage Loans and E-LOAN Express, a faster, easier mortgage product that dramatically improves the customer experience by eliminating unnecessary steps, costs and documentation requirements. And E-LOAN's online decisioning and mobile notary service for home equity loans, provides customers with a faster and more convenient loan process. E-LOAN also offers an easier, more affordable way for people to get credit cards and small business loans.

    About E-LOAN, Inc.

    E-LOAN, Inc., a leading online lending company, offers consumer loans and debt management services online at www.eloan.com. E-LOAN has reinvented the consumer loan process by offering a broad choice of products from many lenders for mortgages, home equity loans, auto loans, credit cards and small business loans in a secure online environment, combined with comprehensive personal service from dedicated loan consultants. Through the fourth quarter of 2000, E-LOAN originated over $3.7 billion in consumer loans. The company's loan processing centers are located in Dublin, Calif. and Jacksonville, Fla. E-LOAN, Inc. is publicly traded on the Nasdaq system under the symbol EELN.

    About United Airlines

    United Airlines offers nearly 2,300 flights a day to 134 destinations in 27 countries and two U.S. territories. United.com, the official web site for United Airlines, allows passengers to research flight, schedule and fare information and purchase travel on over 500 airlines worldwide. United.com users can access real-time flight and gate information from the site's home page or take advantage of United's customer paging service, which notifies them of changes to their flight via pager, WAP-enabled cell phone, PC or handheld device. Members of Mileage Plus, United's frequent flyer program, can check their mileage and upgrade balance and redeem their miles for award travel and request as well as purchase upgrades on the site. Mileage Plus, with more than 40 million enrolled members, has been named the best frequent flyer program by Business Traveler International magazine in 1996, 1997, 1998, 1999 and 2000. More information and a complete list of available services and functions can be found at www.united.com.

    This news release contains forward-looking statements based on current expectations that involve risks and uncertainties. E-LOAN 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.