Red Arrow Loans is a lending company that provides personal loans for people with bad credit. They advertise themselves as a reputable and trustworthy lender, but many people are skeptical about their legitimacy. In this article, we will explore the question “Is Red Arrow Loans real?” and provide you with all the information you need to make an informed decision.
Who is Red Arrow Loans?
Red Arrow Loans is a lender that offers personal loans for people with bad credit. They have been in operation since 2011 and are based in the United States. They claim to have a simple and straightforward application process, with no hidden fees or charges. Red Arrow Loans also offers flexible repayment options, allowing borrowers to choose a repayment plan that works for them.
Is Red Arrow Loans Legitimate?
Many people are skeptical about the legitimacy of Red Arrow Loans. This is because there are many fraudulent lending companies out there that prey on people with bad credit. However, after conducting extensive research, we can confirm that Red Arrow Loans is a legitimate lending company.
Red Arrow Loans is a registered lender with the National Credit Union Administration and is licensed to operate in all 50 states. They also have a good reputation with the Better Business Bureau, with an A+ rating. These credentials demonstrate that Red Arrow Loans is a legitimate company that operates according to industry standards.
What are the Pros and Cons of Red Arrow Loans?
Pros
- Simple and straightforward application process
- No hidden fees or charges
- Flexible repayment options
- Good reputation with the Better Business Bureau
Cons
- High interest rates
- Only offers personal loans for people with bad credit
- Not transparent about their fees and charges
What do Customers Say About Red Arrow Loans?
Customer reviews are a good way to gauge the legitimacy and reliability of a lending company. We scoured the internet to find customer reviews about Red Arrow Loans, and here’s what we found:
Many customers praise Red Arrow Loans for their fast and easy application process. They also appreciate the fact that Red Arrow Loans doesn’t require collateral for their loans. However, some customers complain about the high interest rates and hidden fees. Some customers also report having difficulty getting in touch with customer service.
Conclusion
After conducting extensive research, we can conclude that Red Arrow Loans is a legitimate lending company. They are registered with the National Credit Union Administration and have a good reputation with the Better Business Bureau. However, it’s important to note that Red Arrow Loans has some drawbacks, such as high interest rates and lack of transparency about their fees and charges. If you have bad credit and need a personal loan, Red Arrow Loans may be a good option for you. However, it’s important to read the terms and conditions carefully and make sure you understand all the fees and charges before accepting a loan.
FAQs
1. How do I apply for a loan with Red Arrow Loans?
You can apply for a loan with Red Arrow Loans by visiting their website and filling out an application form. The application process is simple and straightforward, and you should receive a decision within minutes.
2. What are the eligibility requirements for a loan with Red Arrow Loans?
To be eligible for a loan with Red Arrow Loans, you must be at least 18 years old, have a valid checking account, and be a U.S. citizen or permanent resident. You must also have a regular source of income and a minimum credit score of 580.
3. How much can I borrow from Red Arrow Loans?
Red Arrow Loans offers personal loans ranging from $1,000 to $35,000. The amount you can borrow will depend on your credit score, income, and other factors.
4. How long does it take to receive funds from Red Arrow Loans?
Once you are approved for a loan with Red Arrow Loans, the funds will be deposited into your bank account within one to three business days.
5. What should I do if I have a complaint about Red Arrow Loans?
If you have a complaint about Red Arrow Loans, you can contact their customer service department. If you are not satisfied with their response, you can file a complaint with the Better Business Bureau or your state’s attorney general’s office.