Is Red Arrow Loans A Legitimate Company –Is Red Arrow Loans a Legitimate Company? When it comes to borrowing money, it’s important to choose a lender that is trustworthy and reputable. With so many lenders to choose from, it can be difficult to determine which ones are legitimate and which ones are scams. One lender that has been causing some concern in recent years is Red Arrow Loans. In this article, we’ll take a closer look at the company and answer the question: is Red Arrow Loans a legitimate company? What is Red Arrow Loans? Red Arrow Loans is a lending platform that offers personal loans to consumers. The company claims to provide loans with no hidden fees, flexible repayment terms, and fast funding. According to the company’s website, Red Arrow Loans is a member of the Online Lenders Alliance (OLA) and complies with all federal and state regulations. Red Flags Despite the company’s claims of legitimacy, there are several red flags that have been raised by consumers and industry experts. One of the biggest concerns is the high interest rates charged by Red Arrow Loans. According to the company’s website, interest rates can range from 35% to 299%. These rates are significantly higher than those charged by traditional lenders and can put borrowers in a difficult financial situation. Another red flag is the lack of information available about the company. While Red Arrow Loans claims to be a member of the OLA, there is no information available on the OLA’s website about the company. Additionally, the company’s website does not provide any information about its history, ownership, or management team. This lack of transparency is concerning and can make it difficult for consumers to make informed decisions about borrowing from Red Arrow Loans. Customer Complaints One of the best ways to determine if a company is legitimate is to look at customer complaints. In the case of Red Arrow Loans, there are numerous complaints from customers who have had negative experiences with the company. Many of these complaints relate to the high interest rates charged by the company, as well as the aggressive collection tactics used by its debt collectors. In addition to customer complaints, there have been several regulatory actions taken against Red Arrow Loans. In 2019, the New York Department of Financial Services issued a cease and desist order against the company for violating state lending laws. The order required the company to stop making loans to New York residents and pay a fine of $1.5 million. Conclusion Based on the red flags and customer complaints surrounding Red Arrow Loans, it is difficult to recommend the company as a legitimate lender. While the company claims to be compliant with federal and state regulations, its high interest rates and lack of transparency are concerning. If you are in need of a personal loan, it is recommended that you explore other options before considering Red Arrow Loans. FAQs 1. What is Red Arrow Loans? Red Arrow Loans is a lending platform that offers personal loans to consumers. 2. Is Red Arrow Loans a legitimate company? Based on the red flags and customer complaints surrounding Red Arrow Loans, it is difficult to recommend the company as a legitimate lender. 3. What are some red flags associated with Red Arrow Loans? Red flags associated with Red Arrow Loans include high interest rates, lack of transparency, and customer complaints. 4. What are some alternative options to Red Arrow Loans? Alternative options to Red Arrow Loans include traditional lenders, credit unions, and online lenders with more favorable terms and rates. 5. What should I do if I have already borrowed from Red Arrow Loans? If you have already borrowed from Red Arrow Loans and are experiencing financial difficulties, it is recommended that you seek assistance from a financial counselor or debt relief agency.