Last Updated: 04/18/2025
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Highlights
APR (Variable APR)
N/A(Verified 02/09/2024)
Amount Range
Up to $5,000
Loan Term (Months)
12
Red Arrow Loans Review
Red Arrow Loans is offered by Red Arrow Loans, a licensed broker founded in 2000 and based in Centennial, IL. Red Arrow Loans are available in 50 states and Washington, DC.
Congrats on doing your due diligence and checking the terms and rates of Red Arrow Loans. But, don't stop there. Check your rates with dozens of providers before you make a decision. It won't hurt your credit score and you could save thousands of dollars on interest and unnecessary fees. Unfortunately, most borrowers only check one or two lenders before getting a loan. That can be an expensive mistake. Get personalized rates with leading lenders. It only takes a couple of minutes and will not hurt your credit. |
Key Takeaways
- Uses a variable APR. This is uncommon for personal loans. If interest rates rise in the future it could make the monthly payments more challenging.
- Fast access to funds. If approved, you can sometimes get your money within 1 business day*.
Red Arrow Loans Pros & Cons
| Pros | Cons |
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Red Arrow Loans FAQ
What interest rates and personal loan terms does Red Arrow Loans offer?
Red Arrow Loans has lower than average interest rates for lenders reviewed on SuperMoney.
What interest rates does Red Arrow Loans offer?
Red Arrow Loans offers a variable APR personal loan product but they do not disclose their interest rates.
What is the maximum loan term you can get with Red Arrow Loans?
Red Arrow Loans offers loans with terms of 12 months.
| Personal Loan Amount | up to $5000 |
| Loan Term | 12 months |
| APR | N/A |
What fees does Red Arrow Loans charge?
Does Red Arrow Loans charge an origination fee?
Red Arrow Loans may charge a personal loan origination fee .
Does Red Arrow Loans charge a late fee?
No, Red Arrow Loans will not charge you a late fee if you miss one of the monthly payments .
Does Red Arrow Loans charge prepayment fees?
Yes, Red Arrow Loans may charge additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a personal loan early.
| Origination Fee | No |
| Prepayment Fee | Yes |
| Late Payment Fee | No |
What do you need to qualify for Red Arrow Loans?
When it comes to credit scores, Red Arrow Loans doesn't have a set minimum or maximum. People with all types of credit scores can apply. The minimum age to be eligible is 18 or the state minimum, whichever is higher.
Red Arrow Loans does not have or does not disclose a minimum annual income eligibility requirement.
U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Red Arrow Loans.
To qualify, applicants may need to provide the following documentation:
- Applicants must have an active and valid personal checking or savings account
- Proof of income
- Driver's license or other government photo ID
- Government issued photo ID
- Proof of citizenship or residence permit
| Minimum Age | 18 |
| Bank Account Required? | Yes |
| Credit Score | 300 - 850 |
What is the estimated funding time for a personal loan via Red Arrow Loans?
Red Arrow Loans will typically fund loans within 1 business day of approval.
Does Red Arrow Loans report your account activity to credit bureaus?
Yes, Red Arrow Loans reports to the following credit bureaus:
- Equifax
- Experian
- TransUnion
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help build your credit.
Does Red Arrow Loans perform a hard credit pull?
Yes, Red Arrow Loans performs a hard credit pull when you apply for a loan. Additionally, it doesn't provide the option to check your rates using a soft credit pull, a feature that many lenders offer.
Click here to get prequalified rates from multiple leading lenders without a hard credit pull. However, if you accept a loan offer, a hard credit pull will likely be performed.
Are Red Arrow Loans legit?
Red Arrow Loans was founded in 2000, it is a well-established company that has been in business for 26 years.
Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
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