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Red Arrow Loans
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Red Arrow Loans

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in Personal Loans from Red Arrow Loans
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Highlights
APR N/A
Loan Amount Up to $5,000
Loan Term (Months) 12 months

Red Arrow Loans Review

Red Arrow Loans is offered by Red Arrow Loans, a licensed broker founded in 2000 and based in , . Red Arrow Loans is available in 50 states (and Washington, DC).

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. In some cases, you can get your money within 1 business day*.
  • Charges a prepayment fee. This is rare for personal loans. It means you will have to pay a fee if you pay off your Red Arrow Loans early.
  • Minimum income of $1,000. You will need an annual income of at least $1,000 to apply for Red Arrow Loans, which is below average for the lenders in our database

Red Arrow Loans Pros & Cons

Pros Cons
  • Considers applicants with fair credit.
  • Funding available within 1 business day.
  • Charges an origination fee.
  • Short loan terms (maximum of 12 months).
  • Do not offer pre-approval with soft credit pull.
  • Charges prepayment fees.
  • Charges a late fee.

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.

Red Arrow Loans Interest Rates & Loan Terms
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?

No, Red Arrow Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.

Red Arrow Loans Fees
Origination Fee No
Prepayment Fee N/A
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.

To qualify for personal loans with Red Arrow Loans, applicants need a minimum annual income of $1,000 or higher. Red Arrow Loans only considers borrowers who are employed and meet the minimum income requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Red Arrow Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Red Arrow Loans. Permanent resident / green card holders are also eligible to apply.

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
  • Government issued photo ID
  • Proof of citizenship or residence permit
Red Arrow Loans Eligibility Criteria
Minimum Age 18
Bank Account Required? Yes
Application Types Accepted
  • Individual Applications
  • Credit Score 300 - 850 FICO

    What is the estimated funding time for a personal loan via Red Arrow Loans?

    Red Arrow Loans will typically approve (or deny) a loan application within 24 hours and fund loans within 1 business day of approval.

    Does Red Arrow Loans report your account activity to credit bureaus?

    Yes, Red Arrow Loans reports your account activity to the following credit reporting agencies:

    • 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 improve your credit.

    Is Red Arrow Loans a legit company?

    Red Arrow Loans was founded in 2000, it is a well-established company that has been in business for 22 years.

    Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.

    SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
    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.

    Contact

    Hours of Operation

    • Sunday All Day
    • Monday All Day
    • Tuesday All Day
    • Wednesday All Day
    • Thursday All Day
    • Friday All Day
    • Saturday All Day

    About Red Arrow Loans

    Availability

      Available in 50 states and Washington, D.C.
    • Alaska
    • Alabama
    • Arkansas
    • Arizona
    • California
    • Colorado
    • Connecticut
    • Washington, DC
    • Delaware
    • Florida
    • Georgia
    • Hawaii
    • Iowa
    • Idaho
    • Illinois
    • Indiana
    • Kansas
    • Kentucky
    • Louisiana
    • Massachusetts
    • Maryland
    • Maine
    • Michigan
    • Minnesota
    • Missouri
    • Mississippi
    • Montana
    • North Carolina
    • North Dakota
    • Nebraska
    • New Hampshire
    • New Jersey
    • New Mexico
    • Nevada
    • New York
    • Ohio
    • Oklahoma
    • Oregon
    • Pennsylvania
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Virginia
    • Vermont
    • Washington
    • Wisconsin
    • West Virginia
    • Wyoming

    Feature Breakdown

    Accepts Savings Accounts
    Checking Account Required
    Employment Statuses Considered
    • Other
    • Employed Full-Time
    • Employed Part-Time
    • Self-Employed
    • Retired
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    Joint Loan Applications Accepted
    • Individual Applications
    Military Status
    • Active Duty Military
    • Non-Military
    • Veterans
    • Military Dependent
    Minimum Age 18
    Minimum Annual Income $1,000
    Supported Income Types
    • Direct Deposit (W2, SSA, SSDI)
    • Cash
    • Payroll Check or Prepaid Card
    • 1099 Misc. Income
    • Tax Returns
    Verification Documents Required
    • Driver License (or other photo ID)
    • Proof of citizenship/residence (Green Card)
    • Proof of Income
    • Government Issued Photo ID
    • Employer Identification Number
    Credit Score Range 300 - 850
    Approval Speed 24 hours
    Credit Bureau Reporting
    • Experian
    • Equifax
    • TransUnion
    Customizable Payment Dates
    Funding Time Range 1 day
    Payment Options
    • Automatic Payments
    • Credit/Debit Card
    • Bank Transfer
    Loan Amount Up to $5,000
    Loan Term 12 months

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