Red Arrow Loans Review – High Interest Loans

Red Arrow Loans is a loan aggregator that specifically caters to the needs of the citizens of the United States. They are operational for little over 3 years at the time of publishing this piece of content.

Update (November 28, 2022): Check out these newer Red Arrow Loans Reviews.

Owners are unknown, but thankfully their process is straightforward and they do try to maintain a very transparent operational model. Dedicated support team is not present and for the most part communication is a bit one sided with them.

The loan amount offered by them ranges from $100 to $35,000. As you can tell by now, the range is quite huge and it is above par with most payday loan providers. People who want to proceed with this platform have to be aware of the requirements and we have discussed them in great detail in the second half of this report.

Just like every other loan aggregator platform, this one also directs people towards lenders that charge high interest rates. Whether the additional fees are worth it or not completely depends upon your needs and situation.

Nonetheless, it is always a good idea to know about the terms and conditions beforehand. Read the following paragraphs carefully and it will reveal everything you need to know before proceeding with this firm.

Preliminary Checks

As Red Arrow Loans is a service provider that is involved with the financial sector, we need to take a look at a few things before visiting their platform. Ahrefs tools reveal that this platform has not earned any kind of domain authority yet.

However, more than 60 websites link out to them and over 190 plus websites provide them with the backlink. The trust scores are decent, but not extra ordinary by any means.

Their domain is privately registered and nothing much about the founders is available on the internet. SSL layer is present and any information shared via their website is encrypted.

Just to be on the safer side, enable the 2FA method to all of your banking apps and websites. After all, no one has lost anything by being too safe in their approach.

Red Arrow Loans Application Process

Red Arrow Loans offers personal loans. People can use it for any emergency they might face or for other uses like home enhancement, to buy cars, etc.. The upper limit is $35,000 which is more than what other competitors offer in this sector.

Higher loan amounts might be enticing, but be very careful before accepting the terms and if you do not get the answers you are looking for, take the help of the professionals. ScamFinance has reviewed many loan aggregators over the years.

Most firms usually have delayed processing times, comparatively high interest rates for people with bad credit scores and a tedious application process. This one takes a different approach towards the market.

For starters, they do not charge any rates, dictate any terms. Their services are free and it is the lenders who ultimately decide the terms, conditions and interest rates.

The only job of this platform is to bring lenders and borrowers together. To get started with them, you just have to visit their official website, select the amount you need, choose the repayment period and method, and provide your contact details.

Of course, you need to submit other confidential information as well. Sadly, it is not clear whether using their service has any impact on your credit score.

Once they have received all your information, they will assess the situation and match you with a lender. If the conditions are okay to both the parties, then the loan will be approved and the amount will be transferred to the intended bank account.

Requirements

Requirements of red Arrow loans are pretty standard and they are as follows.

• At least 18 years of age
• Must be a citizen of the United States.
• Currently employed or have a stable source of income.
• Maintain a bank account to receive the money, preferably one that accepts direct deposit.

Fees and Charges

Note that the interest rate is always correlated with your credit score. For example, a person who has got over 700 credit score will always get a lower interest rate compared to the one that has got around 500.

Red Arrow Loans do not have a say in the terms or the interest rates. They have mentioned that 540 should be the minimum credit score a candidate should have in order to proceed with them.

Lenders will assess other things such as whether one lives in a rented place or owns a home, other loans taken, etc.. After the assessment is done, other associated charges will be revealed.

Lenders may charge fees for late payments, prepayment penalty. Make sure to check all the small details beforehand and if you have any queries, demand for an explanation before proceeding.

Also, the kind of fees mentioned above varies from one lender to another. In other words, never assume anything and always double check the number to avoid any miscalculations.

Red Arrow Loans Community and Feedback

Loan aggregators usually receive a lot of word of mouth marketing. Nowadays, information about popular platforms is relatively easy to find because of the niche forums.

Red Arrow Loans has not got any attention or top spots on any of the forums which is a bit odd. Even on social media platforms, the details about them are extremely scarce. Moreover, employee details are hard to find.

Customer support also appears to be inadequate. The scary thing is, once you have provided the details to them, only they can choose to contact you. As the communication is not two way, it may be frustrating for a lot of people.

Lack of customer feedback with inadequate support means this firm has a long way to go. Their platform is user-friendly. However, if you run into any kind of problem, it may take a while to get it resolved.

Verdict

Red Arrow Loans has been around for more than 3 years, but still has not received any recognition from the top blogs or channels of this sector. They have very few customer reviews and their ratings are not large enough to reach any firm conclusion.

Owners are maintaining anonymous profiles and they do not have much control over the terms as well. Our advice is to tread carefully with them.

In case you feel like you are being taken advantage of, then reach out to our experts using the links below. We will assist you in navigating this realm for free.

Red Arrow Loans is very similar to PayDay loans, as they charge high interest, be cautious while employing their services.