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E-LOAN, Inc. Announces $5 Million Financing From Schwab

Schwab Continues to Support E-LOAN's Vision, Execution and Future

DUBLIN, Calif., July 13 /PRNewswire/ -- E-LOAN, Inc. (Nasdaq: EELN), (http://www.eloan.com), a leading online lending company, today announced that the Charles Schwab Corporation has committed to provide the company with $5 million in new financing through the purchase of a convertible note. The convertible note bears interest of 8% per annum, expires on January 19, 2003, and is convertible into common stock at $1.06 per share.

"We're very pleased to see Schwab continue to support E-LOAN's vision, execution and future," said Chris Larsen, E-LOAN's Chairman and CEO. "The ongoing support we've received from their top leadership has played a major role in helping us continue to grow as a company. Like Schwab, we are committed to helping consumers manage their finances by providing customers with unbiased choice and trusted, quality service."

"We have been pleased with E-LOAN's progress since the start of our strategic alliance a year ago," said Steve Scheid, Vice Chairman of Charles Schwab & Co., Inc. "This new round of financing is intended to allow E-LOAN to continue to grow and execute its vision."

This convertible note will offset $5 million of the $7.5 million general line of credit provided by Chris Larsen, E-LOAN's Chairman and CEO, on April 3, 2001. Therefore, the general line of credit provided by Larsen is currently $2.5 million.

In a separate transaction, E-LOAN and Schwab have agreed to exchange 1,389,000 warrants on E-LOAN's common stock with a strike price of $5.00 in place of 6,600,000 warrants at a strike price of $15.00 that had previously been issued at the start of the strategic alliance.

MortgageDaily.com
About E-LOAN, Inc.
E-LOAN, Inc., a leading online lending company, offers consumer loans and debt management services online at http://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 first quarter of 2001, E-LOAN originated over $4.6 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'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. products. These and other risk factors are detailed in E-LOAN's periodic filings with the Securities and Exchange Commission.

CONTACT:
Matt Roberts, Chief Financial Officer
E-LOAN, Inc.
925.241.2400
[email protected]

Tiffany Kelley, Public Relations Manager
E-LOAN, Inc.
925.560.2614
[email protected]

SOURCE:
E-LOAN, Inc.
www.eloan.com

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