Red Arrow Loans Review 2024 | Is Red Arrow Legit?

Suchi Goswami
January 16, 2024
Fact checked by
Sunny

Key Points
Red Arrow Loans is an online aggregator providing payday, PPP, cash advances, and other types of loans.
It reports to three major credit bureaus: TransUnion, Equifax, and Experian.
Service Fees: $0
APR: Depends on the lender.
Tenure: 12 Months
Amount: Up to $5000.

Gone are the days when you had to wait for days to apply and qualify for bank loans. Technological advancements have given rise to many online loan platforms that surpass all the benefits of the traditional route.

Today, we will talk about one such platform, i.e., Red Arrow Loans. So if you are looking for credit, you have to read this Red Arrow Loan Review to calculate your personal loan and find the best credit advances.

Table of Contents:

What is Red Arrow Loans?
Requirements to Qualify For Red Arrow Loans
Red Arrow Loan Reviews: Loan Application Process
Redarrowloans Review: Rates and Fees
Pros and Cons
Is Red Arrow Loans Legitimate?
How to Contact Red Arrow Loans Customer Support?
Red Arrow Loans vs. Other Loans
Frequently Asked Questions

What is Red Arrow Loans?

Red Arrow Loans is an online loan aggregator that has a pool of lenders and investors. Customers can easily apply for, and borrow money from these lenders. You can take between $500 to $35,000 with a repayment tenure of a maximum of 2 years.

Please keep in mind that this platform only connects lenders and borrowers and does not charge any fees for its services. Furthermore, the loan application, fees, interest rates, and APR are solely determined by the lender.

How Does It Work?

This loan aggregator platform offers free and straightforward online services without any hidden charges. It has a solid system that protects user’s data. Because these platforms are relatively new, they are frequently referred to as lenders. However, a loan aggregator is just a middleman that connects borrowers and lenders.

You can get money deposited in your account with just 3 steps:

Fill out the application form with all the details required.
Check the loan options and if the offer suits you, accept and e-sign the deal.
The money will be deposited in your bank account after submitting the request.

Now that you know how the platform works in this Loan review. Let’s go ahead and look at the requirements to get loan approvals.

Requirements to Qualify for Red Arrow Loans

Every lender has different eligibility criteria, so before you begin the application process, you should be aware of the documents needed and the criteria to qualify.

Here are some common prerequisites that you need to fulfill:

The applicant must be 18 years and above.
The person applying must be a US citizen.
You must be currently employed with a minimum salary of $800 per month.
The minimum credit score must be 540 and higher in case of large amounts.
You should have an active personal checking or savings bank account.

Documents required:

Proof of Income.
Government-issued photo ID.
Driver’s license.
Proof of citizenship.

Once the applicant has gathered all the necessary documents and meets all the criteria, they can begin the application process for various loan options such as PPP (Paycheck Protection Program) loans and payday loans.

Red Arrow Loan Reviews: Loan Application Process

The platform has a very interactive interface and great functionalities. It offers a straightforward and streamlined process of application.

Here is how you can apply and check your eligibility:

First, go to the official platform through your device’s browser.
On the homepage, tap on the Get Started button, and you’ll be redirected to a new page.

Choose the amount from the given options and tap on the Next button.

Enter your email address in the given field and tap on Next Step.

Now, fill in your cell phone number and click on the Next Step button.

Follow the on-screen prompts and enter your details in the given field.

After this, you will see different loan options. You can look around, go through each one carefully, and read the application criteria to see if you are eligible.

Application Process for New Customer

If this is your first time using the platform, please follow the steps outlined below to complete the application process:

First, open the official site on your device.
Click on the New Customer button on the homepage.

Select the amount you want to borrow by tapping the drop-down bar and then click on the Next button.

Enter your email address in the given field and tap on the Next button.

Fill in your full legal name in the given space and tap on Next.

Enter your cell phone number, tap on next, and follow the on-screen prompts.

Fill in your details on the new page and apply.

You can read and see all the loan options available on the platform. You can even find secured loans to build your credit score.

Redarrowloans Review: Rates and Fees

Before you jump right into the application process, it is important to know about the rates and charges. Let’s discuss it here.

Annual Percentage Rate: It is the yearly interest generated on the total sum that is paid by the borrowers to the lenders. APR for personal loans is generally between 4.99% to 450% and for cash advances, it’s between 200% to 1386%. It can also differ for installment loans.
Moreover, the APR also depends on the applicant’s CIBIL score, account history, and income statistics.

Implications and Charges: The loan lender determines the interest rate and any other charges. The online portal is just an aggregator and has no role in it. Before accepting the offer, you should carefully review the origination fees, prepayment charges, and late payment charges. If you do not agree with the terms, you are under no obligation to accept.

Implications of Non-Payments/Late Payments: Once you accept the offer, you agree to repay the borrowed money over the specified period with interest. In case of late payments, the charges may vary for different lenders. In the event of nonpayment, additional charges are levied on the borrowed amount.
You can contact the lending company directly to learn more and settle the charges. However, we would recommend you get the detailed information before the application process to avoid troubles in the future.

So this is the most crucial part that you must be aware of to begin with the application process.

Fast Fact: If you are unable to pay off a loan on time, you can resort to renewal by giving the extra charges through the platform.

Pros and Cons

After carefully going through all the aspects, this is what we liked and disliked about the platform and its service.

Pros	Cons
Simple application process.	No pre-approval with soft credit pull.
Can apply for a large range of loan amounts.	Short loan repayment tenure (maximum 12 months).
No origination fees.	Only available to US citizens.
No Prepayment fees.	Military Personnel and non-US citizens can not apply.
No late payment charges.
Fastest loan procedure within 1 day of approval.

So these are the pros and cons of this loan aggregator. If you need a loan for a longer period or are not eligible for this loan, you can look into other options.

Is Red Arrow Loans Legitimate?

Yes, it is a legitimate platform to borrow money from. They are one of the best loan aggregators from where you can take payday loans to master financial curveball and get out of your hard times. We frequently get asked, “Is Red Arrow loans legit?” because it can be difficult to trust websites that seem to be loan scams given the abundance of them on the internet.

The answer is yes, the company was founded in 2000. They have been in business for the past 23 years, providing their best services and assisting people in need. If you are looking for a loan, you can search and apply without any worries.

How to Contact Red Arrow Loans Customer Support?

Customers can reach out to the support desk in case of any query. All you need to do is fill out the Contact Us form on the official site. The representative will respond within 24 hours, and you can ask for assistance in whatever matter you are having problems with.

Red Arrow Loans vs. Other Loans

Now that we have covered every aspect of this lending platform, let us compare it to its competitors to see where it stands in the market.

Online Loan Company	Amount to be Borrowed	States Excluded	Not Eligible	Minimum Income	CIBIL Score
True American Loans	$100-$35,000	NY, CT, VT, WV, AK, GA	Non-US CitizensNo Military Personnel	$800	>540
Lendingforbadcredit.com	$100-$40,000	N.A.	N.A.	$1,000/m
24/7 Loan Pros	$1,000-$35,000	NY, VT, WV, AK	No Military Personnel	$800	>540
100 Lenders	$100-$40,000	CT, NH, WA, VT	No Military Personnel	$1,000/m
Zippy Loans	$100-$15,000	NY	N.A.	N.A.
Viva Loans	$100-$15,000	NY, WV, DC	N.A.	N.A.	–
Signature Loans	$100-$35,000	N.A.	N.A.	N.A.	–
Next Day Personal Loans	$100-$40,000	CT, NH, WA, VT	No Military Personnel	N.A.	–
Life Loans	$100-$40,000	CT, NH, WA, VT	No Military Personnel	$1000/m	–
Honest Loans	$400-$50,000	NY	No Military Personnel	$8000/m	–
Excel Online Loans	$500-$20,000	NY, DC, WV	No Military PersonnelNo Federal Employee	N.A.	–
Bad Credit Loans	$100-$10,000	N.A.	No Military Personnel	N.A.	–

You can use the table above to determine which online service you want. However, this Red Arrow Loans Review shows that it is a great online aggregator that allows you to borrow money with a hassle-free process.

Also Read: Power of Installment Loans for Businesses