By : 
Mr Credit Card
Mr Credit CardKey Features
- Borrow Up to $35,000
- Up to 2 Year Maturity
- Minimum Credit Score of 540
- Minimum Employment Income of $800
- See Cash in your account as soon as the next business day
Who Is Red Arrow Loans?
Like all loan aggregators, Red Arrow Loans allows you to shop for lenders by just filling in one form. This saves you time from filling in multiple application forms with different lenders and makes it convenient for you. They do have a few criteria for applicants so read on to find out if Red Arrow Loans is for you.
Typical Loan that Red Arrow Loan Offers
Requirements and Qualifications
- 18 Years Old - You have to be at least 18 years old to apply for a loan through Red Arrow Loans
- US Citizen - You have to be a US citizen to apply. So you are out of luck even if you are a legal resident on a working Visa or a Green Card holder.
- Currently Employed with $800 income a month (min) - Red Arrow Loans requires that you are presently employed and have a minimum income of $800 a month. You are less likely to get approved for a loan if your income comes mainly from benefits.
- Does Not Accept Application from Military Personel - Lenders in the Red Arrow Loans network do not accept applications from Military members.
- Checking Account - Like all loan aggregators, you need a checking account to apply for a loan because that is how lenders will deposit your loan should you pull the trigger.
- Minimum 540 Credit Score - The lenders on Red Arrow Loans network require a minimum of 540 credit score in order to get approved.
Comparison With Other Loan Aggregators
| Loan Co | Amount | Excluded States | Not Eligible | Min Income | Credit Score |
|---|---|---|---|---|---|
| Red Arrow Loans | $100-$35,000 | NY, VT, WV, AK | Non-US CitizensNo Military Personel | N.A. | >N.A |
| Lendingforbadcredit.com | $100-$40,000 | N.A. | N.A. | $1,000/m | >N.A. |
| 24/7 Loan Pros | $1,000-$35,000 | NY, VT, WV, AK | No Military Personnel | $800/m | >540 |
| 100 Lenders | $100-$40,000 | CT, NH, WA, VT | No Military Personnel | $1,000/m | N.A. |
| Zippy Loans | $100-$15,000 | NY | N.A. | N.A. | N.A. |
| Viva Loans | $100-$15,000 | NY, WV, DC | N.A. | N.A. | N.A. |
| Signature Loans | $100-$35,000 | N.A. | N.A. | N.A. | N.A. |
| Next Day Personal Loans | $100-$40,000 | CT, NH, WA, VT | No Military Personnel | N.A. | N.A. |
| Life Loans | $100-$40,000 | CT, NH, WA, VT | No Military Personnel | $1,000/m | N.A. |
| Honest Loans | $400-$50,000 | NY | No Military Personnel No Federal Employees | $8,000/m | N.A. |
| Excel Online Loans | $500-$20,000 | NY, DC, WV | N.A. | N.A. | N.A. |
| Bad Credit Loans | $100-$10,000 | N.A. | N.A. | N.A. | N.A. |
As you can see from the table above, there are many loan aggregators available to consumers in the market. They are quite typical in that they exclude certain states like NY, VT, WV and AK. However, only US citizens can apply for loans from Red Arrow Loans and military personel will not be accepted. The maximum loan maturity of loans from Red Arrow Loans is 2 years. There are other aggregators like say Zippy Loan that allows you to have a term maturity of up to 6 years.
Pros and Cons
Pros
- Large range of loan amounts - Red Arrow Loans allows you to borrow between $100 and $35,000.
- Can Use Benefits As Income - Some lenders do not accept benefits as income. But there are lenders in Red Arrow Loans that accept benefits as a source of income.
- Process is Fast - The application process is fast, easy and relatively painless.
Cons
- Only US Citizens Can Apply - There are other lenders or loan aggregators that accept legal alien residents or green card holders as applicants. Red Arrow Loans do not.
- Loan Maturity Up to 2 years Only - You can choose a loan maturity of up to 2 years. If you are looking for a longer term installment loan, this network is not for you.
Our Take
The one thing you have to remember is that lenders from the Red Arrow Loans network only accept applications from US citizens. Furthermore, the longest maturity of loans they give out is 2 years. If you are a permanent resident and if you want a loan that has a longer term, then you might want to consider a loan aggregator like Zippy Loans.
But if the type of loans offer by Red Arrow Loans fit what you are looking for, then you should give them a shot to help you find the right lender for yourself.
Loan Application Process
There is one thing I want to highlight about the web application form. Unlike other websites has maybe two page where you fill in all your information, Red Arrow Loans makes you fill in one piece of information and then move on to the next page. Altogether I counted 32 pieces of information. So to be thorough, here are all the information that you need to supply them.
How much you need? How long you need to pay it back? Address, Name, email address, Phone number, contact time, birthday, Do you more than $10,000 in credit card debt? Do you have $10,000 more in other unsecured debt? Can you afford to pay $250 in monthly payments? Are you an active-duty military member? Do you rent or own your current residence? Do you have a car registered in your name? Is the car paid off? How long have you lived in your current residence? Your income source - employment or benefits? Time employed? Pay Frequency? Monthly Gross Income? Next Pay Date? Employer Name and phone number? Drivers License? Social Security Number? Credit Score? Loan Reason? Bank Account Type? Length of Bank Account? Do You Have Direct Deposit? Banking Information - Routing Number and Account Number?
When I went through the application process, I found it interesting that Red Arrow Loans asked a few questions other lenders do not ask - like if you have more than $10,000 in either credit card debt or other unsecured debt. They also asked the length of your residence, bank account and current employment.
The whole process took about 4 minutes to fill. Below are screen shots of a couple of the application pages.
FAQS 
