E-LOAN, Inc. Secures $25 Million Auto Line of Credit; Chairman and CEO, Chris Larsen, Provides the Company With Up to $7.5 Million in a General Line of Credit

    DUBLIN, Calif.--April 3, 2001--E-LOAN, Inc. , (www.eloan.com), a leading online lending company, today announced that it has secured a new $25 million auto line of credit with a major national bank. The line of credit is available for borrowings for interim financing of auto loans prior to sale to E-LOAN's lending partners. The line of credit expires April 1, 2002.
    Separately, the company announced that Chris Larsen, Chairman and CEO of E-LOAN, has provided the company with up to $7.5 million in a general line of credit. This line of credit strengthens the company's working capital access and provides additional fiscal flexibility to fully take advantage of the opportunities in front of it.
    "With the current refinance boom and burgeoning consumer adoption of online lending across all of our business lines, including auto and home equity, securing the auto and general lines of credit provides strong working capital access, which better positions E-LOAN for rapid growth," said Joe Kennedy, President and COO of E-LOAN.

    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, CA and Jacksonville, FL. E-LOAN, Inc. is publicly traded on the Nasdaq system under the symbol EELN.

    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.