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Red arrow loans – Eligibility, terms and interest rate

Red Arrow Loans is a loan facility given out by a broker based in all 50 states and the District of Columbia (Washington DC) and has requisite license since 2000.

In this article, we take a critical look at what Read Arrow has on offer, the terms that govern loans they give out, the applicable interest rate structure and how you can be eligible to receive red arrow loans. Kindly keep reading to know more.

Red arrow loans review

You can have access to a personal loan of up to $5000 from Red Arrow with up to 12 months repayment period. While the highest amount on offer may not be as huge as other personal loan providers are willing to give, it is still substantial to handle issues such as minor repairs and maintenance, bills and gas.

Regardless of your use for the money, Red Arrow can get you the amount within a short time, sometimes as fast as 1 business day.

The Loan you get from red arrow is on variable APR basis. This means the interest rate is not static and will change if interest rates go up or down. Interest rates heavily depend on the following factors:

  • your credit history,
  • credit score,
  • your debt-to-income ratio,
  • income,
  • the amount you borrow, and
  • the term of your loan.

Eligibility for Red arrow loans

To qualify for a Red Arrow Loan, applicants must meet certain eligibility criteria. These include:

  • Minimum of $1000 annual income – Red arrow only lends to people who are employed and earns a minimum annual income of $1000. This makes it easy for most people to qualify for a loan. Comparatively, the income requirement is quite low compared to other lenders.
  • Minimum of fair credit score – To be eligible, you credit score needs to be at least rate fair. Effectively, people with low or bad credit score are exempt from getting the red arrow loans.
  • An active and valid savings or checking account is required.
  • Applicants must also show proof of income to be eligible.
  • Proof of permanent residence or Citizenship – Red arrow only lends to citizens and permanent residents and hence, applicants are required to show proof of their status.
  • Government issued photo ID and driver’s license.
  • Age eligibility – Applicant must be 18 years or the stated state minimum age requirement.
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How long does it take red arrow to approve loan?

Red arrow personal loans are approved within 24 hours or 1 business day. Obviously if you apply on a weekend, you may hear from them regarding approval or denial on the next business day which will be Monday.

How to apply for Red Arrow payday Loan

The whole process, from application to getting the money is categorized in three simple and quick steps. Application is completely online.

1. Fill out the form

All paperwork is gone! The whole process is completely online. Just fill in a few details about yourself and hit “Get Started

2. Check the offers

If the lender’s offer meets your needs. And you accept all terms — simply e-sign the deal and get ready to enjoy the money

3. Money directly deposited in your account

Once you submit your request, get your offer, and e-sign it, you’ll be able to get the funds to your bank account in no time!

Does red arrow report loan activity to credit bureaus?

Yes, your account activity with Red arrow loans will be reported to credit bureaus such as Transunion, Experian, and Equifax. This means prompt payments can help improve your credit scores and shore up your credit worthiness.

Is Red Arrow loans a legit loan company?

Yes, red arrow loans, formerly known as 5k Loans has been operational for 22 years (Since 2000).

Conclusion

Red arrow loans, formerly known as 5k Loans is a lender you can turn to for a quick loan of up to five thousand US dollars to sort out your emergencies. Application is pretty straightforward, and you get funds within 24hours following approval. If you’re looking for a business loan, you can check out Commercial loan Truerate services.

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