Red Arrow Loans
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| Community Rating |
Rating not yet determined |
| 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 are 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. If approved, you can sometimes 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
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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?
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.
| 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 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
- Government issued photo ID
- Proof of citizenship or residence permit
| Minimum Age | 18 |
| Bank Account Required? | Yes |
| Application Types Accepted |
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| 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 23 years.
Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.
Availability
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- Washington, DC
- West Virginia
- Wisconsin
- Wyoming
Feature Breakdown
| Accepts Savings Accounts | |
| Checking Account Required | |
| Employment Statuses Considered |
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| Immigration Status Considered |
|
| Joint Loan Applications Accepted |
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| Military Status |
|
| Minimum Age | 18 |
| Minimum Annual Income | $1,000 |
| Supported Income Types |
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| Verification Documents Required |
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| Credit Score Range | 300 - 850 |
Red Arrow Loans Community Reviews
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