Hope you are searching for Red Arrow Loans Reviews because you are thinking of taking Red Arrow Loans. If you search on the internet you can find a variety of Loan companies that will give you various types of Lone. But before taking a loan some question always comes to our mind like – Is this loan company genuine? What is the interest on this loan? Can this company is not a scam? and more queries on your mind.
Don’t worry about it, we are going to discuss all of these things in detail so that you can understand your Loan company. Here are the details of Red Arrow Loans Reviews.
What Are Red Arrow Loans? Is red arrow loans legit?
Shortly Red Arrow Loans is one of the loan aggregators for which a lender provides funds to a borrower, and the borrower agrees to repay the borrowed amount with interest over a specified period of time.
They offer loans of up to $35,000 with interest rates ranging from 5.99% to 35.99%. This loan company also provides a minimum source of employment income of $800 with a credit score of 540.
If you think to take a loan you can borrow anywhere from $500 to a maximum of $35,000.
Red Arrow Loans Reviews: Types of Loans Offered
You know there are a variety types of loan lines Personal Loans, Business Loans, Auto Loans, Mortgage Loans, and more. But which type of loan does Red Arrow give you?
In one word the Red Arrow company gave you only the business loan according to their own terms.
Eligibility requirements
This is the checklist for who can apply for this loan-
- A person who is older than 18 years old
- must be a citizen of the United States or a permanent resident, and to dwell in the United States lawfully
- Maintain employment with the same employer for a period of at least ninety days.
- Following the deduction of taxes, a monthly income of around $1,000
- Ensure that you have a functional telephone number and an email account that is both professional and personal.
- Ensure that you have a checking account or a bank account under your own name.
Documentation that you need for applying to red arrow loans
- Proof of citizenship or residence permit
- Your driving license
- Active and valid personal checking or savings account
- Income proof
- Government-issued photo ID
Red Arrow Loans Application Process
Red Arrow Loans Application Process is very simple and super fast. There is one thing that you do not need a credit score to qualify for a loan.
Here are the steps to apply Red Arrow Loans –
- Fill Out Form – This is the 1st step to get your loan. Just fill out the form online and apply for it.
- Accept all terms – Before going to the next step you should carefully read their terms and conditions to Understand Financial Obligations, avoid hidden Fees, know penalties and Consequences, understand interest rates, and so on.
- Money Direct Deposited – You have done! Money directly deposited refers to the electronic transfer of funds directly into a recipient’s bank account.
Red Arrow Loans Reviews: Its Interest Rates and Terms
Here is a table of Red Arrow Loans’ interest rates and terms:
Stage 1: If you apply for $1,000 to $5,000 the APR Range will be 5.99% to 35.99% for 6 to 24 months.
Stage 2: If you apply for $5,001 to $10,000 the APR Range will be 8.99% to 35.99% and the Loan Term is 6 to 36 months
Stage 3: If you apply for $10,001 to $35,000 the APR Range will be 14.99% – 35.99% and the Loan Term is for 12 to 60 months.
Red Arrow Loans official site: Red Arrow Loans.
Pros and Cons: Red Arrow Loans Reviews
You should check this company’s Pros and Cons which can easily help you to understand better about this policy better.
Pros of Red Arrow Loans
- It is a simple and speedy application procedure.
- Within twenty-four hours, the funds are distributed.
- Not no penalty for prepayment
- In addition to being a member of the OLA, a member of the BBB
Cons of Red Arrow Loans
- Not available in all states – this company is not available in many states in the US. It is specifically available in Washington.
- High-interest rates – If you think about applying for a loan from this company you should compare its interest rate with other companies.
- To apply for this loan you do not need a credit score for qualifying for a loan.
Comparison with Competitors
OppLoans: OppLoans is another online lender that specializes in bad credit loans. They offer loans of up to $5,000 with APRs ranging from 9.99% to 35.99%. Their loan terms are shorter than Red Arrow Loans, ranging from 6 to 24 months. OppLoans also has no prepayment penalties.
LendingClub: LendingClub is a peer-to-peer lending platform that connects borrowers with investors. They offer loans of up to $36,000 with APRs ranging from 6.95% to 35.49%. Their loan terms are longer than Red Arrow Loans, ranging from 3 to 60 months. LendingClub also has no origination fees or prepayment penalties.
Avant: Avant is another online lender that offers personal loans to borrowers with fair credit or better. They offer loans of up to $35,000 with APRs ranging from 9.95% to 35.95%. Their loan terms are similar to Red Arrow Loans, ranging from 6 to 60 months. Avant also has no origination fees or prepayment penalties.
SoFi: SoFi is an online lender that offers personal loans to borrowers with good credit or better. They offer loans of up to $100,000 with APRs ranging from 7.99% to 24.99%. Their loan terms are longer than Red Arrow Loans, ranging from 2 to 7 years. SoFi also has no origination fees or prepayment penalties.
Conclusion and the Final word
This final word If you are thinking about getting a loan from Red Arrow, it is essential to evaluate their interest rates and terms in comparison to those of other lenders before making a choice. Many people think that red arrow loans scam. But it’s is not true.
But if you want to go with this company you must think twice and should create a checklist so that you can easily make the right decision.