RedArrowLoans Review: Personal Loans of Up To $35,000
RedArrow Loans (former Fast 5k Loans) is a loan aggregator with an extensive network of authorized lenders. They specialize in short-term loans that are available almost in all 50 states (currently, there are no offers available to residents of AR, CT, GA, NY, VT, and WV).
RedArrowLoans is operated by Sincerely, LLC, a financial services company founded in 2014 and based in Boca Raton, FL.
RedArrowLoans Typical Loan Offers
Specific terms of your personal loan will vary depending on several factors, like your state of residence, the lender you choose to apply with, and your specific circumstances. Still, there are some standard personal loan terms. Thus, personal loans from RedArrowLoans range from 2 months to 6 years and you can choose to pay once or twice a month. Loan amounts can be anywhere from $500 and up to $35,000. The APR varies by lender but will ultimately depend on your credit score, repayment history, and other factors.
Basic Loan Requirements and qualifications
Since RedArrow Loans is a loan aggregator, there is no way to provide all the specifics and nuances of each lender’s lending policy. However, there are some basic requirements to get approved for any loan offered through RedArrowLoans.
– 18 years of age: The minimum age requirement for all applicants applying through RedArrowLoans is to be at least 18 years old.
– US citizenship: You have to be a US citizen to apply. Legal residents on a working visa or green card holders are out of luck.
– State restrictions: While the service operates in most states, you cannot apply for a loan through RedArrowLoans if you live in Arkansas, Connecticut, Georgia, New York, Vermont, and West Virginia.
– Employment: You have to be currently employed or receive a steady income and have a minimum income of $1,800 a month.
– Bank account: Like with all loan aggregators, you will need a bank account (preferably – a checking account) to apply for a loan because that is how lenders will deposit your loan when you apply and get approved.
Personal Loan Costs and APR
RedArrowLoans have a network of many lenders that have different lending methods. This means you have a high chance of approval, and that the eventual cost of a personal loan will vary a great deal. However, lenders’ policies are not the only factor that will contribute to the cost of a loan. Your state of residence, your credit score, amount of money that is borrowed, term of the loan, repayment plan, specific interest rates also matter and are taken into consideration when you apply for a personal loan through RedArrowLoans.
The Annual Percentage Rate (APR) will also vary from lender to lender and will be based on your credit score, income, the period of the loan, and the repayment plan. If the APR is not as low as you expected, you can always quit the application process and shop for other options.
Bottom line
RedArrow Loans is a solid loan aggregator that can appeal to those who want to shop efficiently for a loan. The range of loan amounts and loan terms can fit many consumers. The only thing to remember is that RedArrowLoans do not accept residents of AR, CT, GA, NY, VT, and WV states. If RedArrowLoans offers fit what you are looking for, then you should give them a shot to help you find the right lender for you.
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