You can get up to $35,000 in loans easily with Red Arrow Loans. The application and approval process is easy and very fast. But before you get excited, it is important to know if this company is legit or a scam. It is also a wise decision to know what others are saying about it by going through its reviews. Interestingly, this article has answered all of the questions that you will be asking. So read to the end to get every piece of information that you need to know about this loan scheme.
Getting a loan is one of the best ways to tackle your urgent financial needs. However, the quest of getting this loan could be a pain in the neck, especially with the proliferation of loan companies these days. Also, many of them have very difficult eligibility criteria that make it hard to get a loan. But the greatest challenge seems to be the inability to differentiate scammers from legit loan platforms. And this is very important so that you would be sure that you aren’t giving out your funds or information to fraudsters.
So in this article, we will be looking at Red Arrow Loans reviews. This will help to determine whether it is a legit platform or a scam. You will also get to see its eligibility criteria, how to apply for it as well as its pros and cons. So let’s get started.
What Is Red Arrow Loans All About?
Let us begin by seeing a quick overview of what this company does and what it stands for. Red Arrow Loans is a loan aggregator with its own network of lenders that provides personal loans to individuals in need of quick cash. It is available in about 50 states of the United States and specializes in short-term loans. With this loan scheme, you can borrow between $500 and $35,000.
When you fill out an application with them, you are presented with a variety of lenders to choose from. Interestingly, you would not be required to fill out multiple forms as just one form covers any lender that you will be going with on the platform. Seeing its beautiful offer, let us move ahead to see if it is legit or a scam.
Is Red Arrow Loans Legit?
Red Arrow Loans is legit and not a scam. Here is how we came to this conclusion. According to research, this company has been in existence since 2000. This is to say, it was registered 23 years ago and has been in the business of giving personal loans all these years. Scammers do not stay for such a long time. Most scam companies show up for just a few years and shut down.
To further strengthen our stand that Red Arrow Loans is legit and also it’s license. From the time of its operation till now, it has opened new centers in almost all states of the United States including Washington DC. And it is duly licensed by the governing bodies of those states to operate in line with the regulations of the state. It is also a registered member of the Online lenders Alliance (OLA). Scam companies do not operate with licenses and they have no physical locations.
Furthermore, this lending platform does not require you to pay any amount of money upfront before getting a loan. This is an act that is common with scammers who are interested in doing away with your money.
Additionally, Red Arrow Loans is not a scam because it has a professional website that has all the details of the company. Its application process and requirements are transparent. The interest rates are also clearly stated. However, it will be best to know what Customers are saying about it by looking at reviews. Continue reading to see them.
Red Arrow Loans Reviews
It is rather unfortunate that this platform seems to be unpopular on the internet. Many review platforms like BBB, Trustpilot, Indeed, etc are silent about it. However, a quick look at SuperMoney shows that a few people have good reports to give about the company as they have gotten stress-free loans from it.
On Quora, a few people also commended the Red Arrow Loans. They were not only happy that the loan application process was simple and the approval was fast but were also pleased with the user interface of the website.
However, there were some negative reviews about it and most of them are about the short repayment time as well as stringent eligibility criteria (credit score). With all of these, I know you will agree with my conclusion that Red Arrow Loans is legit and not a scam.
Is Red Arrow Loans Safe?
Yes, Red Arrow Loans is safe and secure. The platform uses 256-bit encryption to make sure that your personal and financial information is safe from hackers and scammers. It is also a member of the Online Lenders Association which is an association that protects the online activities of lenders.
Eligibility Criteria For Red Arrow Loans
The following are some of the eligibility criteria that qualified you to get a loan with Red Arrow Loans.
- Must be a citizen of the United States.
- You must be at least 18 years of age to apply for a loan here.
- Must have a valid Checking account.
- Must be employed with a stable source of income.
- Must have a minimum of 540 credit score to apply. You must not be a military personnel to apply.
How To Apply For Red Arrow Loans
The application process is simple but quite lengthy. So you must be patient to go through all of it. You will be required to enter about 32 pieces of information while filling out the form.
The application is done online and by filling out one application, you will get offers from different members of the loan network. Go through their terms and agree with anyone of your choice to proceed. If everything goes well, you will get the loan disbursed to your checking account the next business day.
Pros And Cons Of Red Arrow Loans
See some of the benefits and cons of using this loan platform below.
Pros
- Fast loan processing
- Large loan amount.
- Accepts benefits as income
- No hidden fees
- Competitive interest rates
Cons.
- High credit score requirement.
- Available to only US citizens.
- Short loan repayment time of only 2 years.
Summary
From The Red Arrow Loans Reviews, you will find out that it is a legit platform that is duly registered. Therefore it is safe to give out your personal and financial information while applying for a loan. However, it is encouraged to thoroughly read its loan terms and interest rates before accepting a loan offer.