E-Loan secures $540 mln credit line for car loans

Newswire

DUBLIN, Calif., June 24 (Reuters) - Online lender E-Loan Inc. said on Monday it secured a $540 million credit facility with Merrill Lynch to help finance car loans to borrowers with strong credit ratings. The new credit structure gives it greater control over the pricing, underwriting and operational processes tied to its prime car loan business, while providing a better return for the company and cheaper car loan rates for customers, E-LOAN said. "We benefit from greater revenue per ...

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