E-LOAN, Ltd. Launches Home Loan Website in the United Kingdom; E-LOAN, Ltd. Launches UK's First Multi-Lender Mortgage Company Site

Business Wire, Jan 24, 2000

Business Editors &High-Tech Writers

DUBLIN, Calif.--(BUSINESS WIRE)--Jan. 24, 2000

E-LOAN, Ltd. (UK) (www.eloan.com/uk) today announced the launch of the first multi-lender, pro-consumer online mortgage company in the United Kingdom.

With over 35 lenders and over 10,000 products, E-LOAN, Ltd. offers British consumers the largest selection of mortgage products and providers available online. E-LOAN, Ltd. is a joint venture between E-LOAN, Inc. (Nasdaq:EELN) (www.eloan.com), a leading online lending company, and eVentures, a SOFTBANK and epartners (News Corp.) joint venture.

&uot;In the wake of months of public debate over misleading selling scandals within the United Kingdom's traditional mortgage industry, the launch of E-LOAN.com/uk comes at a time when the British people are seeking a simple, unbiased and understandable process for financing their homes,&uot; said Andrew Armishaw, CEO of E-LOAN, Ltd. and former CEO of First Direct, Britain's leading branchless bank. &uot;By bringing the pro-consumer orientation -- emphasizing choice, service and no sales commissions -- that E-LOAN, Inc. has successfully pioneered in the United States, we're poised to completely revolutionize the mortgage process for people in the UK.&uot;

&uot;We've seen that the Internet can radically improve the consumer experience of obtaining loans,&uot; said Chris Larsen, CEO of E-LOAN, Inc. &uot;The Internet shifts the power to the consumer, providing access to information that gives the customer control of these important financial decisions. The launch of E-LOAN in the UK marks another major milestone in making this a reality for people around the world.&uot;

E-LOAN, Inc.'s joint venture, E-LOAN Japan, launched auto lending operations in December 1999, and E-LOAN's joint ventures in Australia and continental Europe are scheduled to launch in 2000.

&uot;With the UK government considering how to reform the mortgage market, we believe the answer lies with empowering the consumer rather than simply regulating the mortgage provider,&uot; said Armishaw. &uot;If consumers are given all the right information and tools with which to understand mortgages, many consumers could make better financial decisions than a broker. This is the route to reform and the standard E-LOAN has now set for others to follow.&uot;

E-LOAN, Ltd. customers can access instant rate quotes from a database of more than 35 lenders and 10,000 loan products. At the click of a button, borrowers can then compare loans and obtain recommendations to determine which loan offers more savings and best fits their individual needs.

After choosing the loan that's right for them, borrowers fill out a simple application form, submit it online, and proceed through the loan process with the help of a dedicated Loan Consultant. From there, their personal Loan Consultant will serve each customer throughout the entire mortgage process.

About E-LOAN, Inc.

Founded in 1996, E-LOAN, Inc., a leading online lending company, offers mortgages, car loans, credit cards and small business loans. At www.eloan.com, borrowers can compare, apply for and obtain loans from many nationally recognized lenders. After closing a loan, E-LOAN, Inc., provides ongoing monitoring services, helping consumers manage their debt to lower their overall cost of capital.

E-LOAN, Inc. has strategic partnerships with leading Internet companies, including Yahoo!, E*Trade, H& Block, Wingspanbank.com, Kelley Blue Book, AutoTrader.com and Car &Driver Online. The company's loan processing center is located in Dublin, Calif. E-LOAN, Inc. is publicly traded on the Nasdaq system under the symbol EELN. E-LOAN, Inc. has announced joint ventures in Japan, Australia, the United Kingdom and Europe.

About eVentures

eVentures is a joint venture, half-owned by SOFTBANK Corp., and half-owned by epartners of the UK. eVentures launches existing US web businesses in the UK market, bringing category leaders to the UK. The process includes recruiting top executives to run the newly-formed UK companies, and providing marketing, communications and technical support through the launch phase to expedite start-up of the UK company.

epartners is the $400m Internet, e-commerce and new media venture capital fund founded by News Corporation and of which Mark Booth, former Chief Executive Officer of BSkyB, is the CEO.

This news release contains forward-looking statements based on current expectations that involve risks and uncertainties. E-LOAN, Inc. 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 industry, interest rate fluctuations, and the impact of competitive products. These and other risk factors are detailed in E-LOAN Inc.'s periodic reports and registration statements filed with the Securities and Exchange Commission.