ELLOC stands for "Ease2Lease Line of Credit". There are two ELLOC types:
Unsecured ELLOC:
These are Lines of Credit that DO NOT required a financial collateral from the applicant to be approved. For these type of ELLOCs, the applicant is required to complete a short online application thru our website. Once the application is submitted, our system will perform multiple aggregated data cross-examinations on each applicant to get a holistic view of their financial status, including (but not limited to) credit score review, and other evaluating factors, and provide qualification results in minutes.
Secured ELLOC:
These are Lines of Credit that required a financial collateral from the applicant. The secured ELLOC face value is equivalent to the amount of money received by the renter/applicant.