Is Red Arrow Loans Legit: Red Arrow loans are valid loan services done mostly as online services. They mostly offer personal loans for individuals who have poor or zero credit. Red Arrow services are not a scam, but one must research every online lender before applying for any services.
Before applying to any online loan program, complete research should be done as there are multiple scam services around the internet. Always be cautious before submitting your personal information to these services.
Also Read: What is a cup loan?
Table of Contents
Is Red Arrow loans legit?
Red Arrow loans are really trustworthy. They are most useful for those individuals having zero or poor credits. However there are some mixed reviews about the services, some individuals rate negative and some rate positive.
| Reasons Red Arrow Loans is Considered Trustworthy | Negative Reports About Red Arrow Loans |
|---|---|
| Licensed and registered lender operating in multiple states | Some borrowers reported being charged hidden fees, like origination and late payment fees |
| Positive reputation on third-party review sites (SuperMoney: 4.3/5, Trustpilot: 3.8/5) | Difficulty in contacting customer service reported by some borrowers |
| Transparent loan application process, disclosing all fees and terms beforehand | Approval for loans not qualified for, leading to high interest rates and late fees reported by some borrowers |
Pros & Cons of Red Arrow Loans
| Pros of Red Arrow Loans | Cons of Red Arrow Loans |
|---|---|
| Easy and fast application process | Hidden fees like origination and late payment fees |
| Flexible repayment options | Unfriendly customer service |
| Lower interest rates compared to others | Some borrowers have given negative reviews |
How do you know if a loan offer is legit?
If you are unaware of whether the loan is legitimate, you should always be cautious while processing loan requests. One should not provide any personal details to the lender. You can also report suspected scams to the Federal Trade Commission (FTC).
The below table will describe whether your lender is offering legit loans or not.
| Signs of Legitimate Loan Offers | Red Flags for Potential Loan Scams |
|---|---|
| The offer seems too good to be true – If it sounds too good, it’s likely a scam | Guarantees of loan approval – Reputable lenders cannot guarantee approval |
| Physical address and phone number provided; caution with only a P.O. box | Demands upfront payment – Legitimate lenders don’t require upfront payment before approval |
| Website with clear, concise information; watch for poorly designed sites | Pressure to act quickly – Scammers may rush you into decisions without time for consideration |
| Positive reputation on third-party review sites (e.g., Trustpilot, BBB) | Offer seems too good to be true – If it sounds too good, it’s likely a scam |
Red Arrow Loans Interest Rates
Red Arrows loans usually range from 14.99% to 449% APR. These interest rates depend on the creditworthiness and the loan amount. Your credit score is directly proportional to the interest rates, as the higher your credit score lower your interest rates.
| Credit Score Range | APR Range |
|---|---|
| 670 to 719 | 14.99% to 24.99% |
| 640 to 669 | 24.99% to 34.99% |
| 620 to 639 | 34.99% to 44.99% |
| 580 to 619 | 44.99% to 49.99% |
| Below 580 | 49.99% to 449% |
Factors that can affect your interest rates:
- Interest rates are dependent on loan amount, the higher the loan amount higher be interest rates.
- Also the longer the loan term leads to higher interest rates.
- Your interest rates will be lower if you offer collateral such as a car or a home.
Note: Red Arrow Loans will consider your credit score, income, debt-to-income ratio, and other factors when determining your interest rate.
FAQ
Is Red Arrow Loans a legitimate lender?
Yes, Red Arrow Loans is a legitimate online lender that is licensed to operate in multiple states.
What are the interest rates for Red Arrow Loans?
Interest rates for Red Arrow Loans range from 14.99% to 449% APR, depending on your creditworthiness and the loan amount.
Are there any hidden fees associated with Red Arrow Loans?
There have been some reports of hidden fees associated with Red Arrow Loans, such as origination fees and late payment fees.
What is the customer service like for Red Arrow Loans?
There have been some mixed reports about Red Arrow Loans’ customer service, with some borrowers reporting positive experiences and others reporting negative experiences.
Conclusion
On the whole, Red Arrow Loans are legit loans providing services to individuals having poor or zero credit scores. They received mostly positive reviews from the borrowers for their transparent loan application process. However, they have high interest rates depending on the loan application which also includes hidden fees.