By : 
Mr Credit Card
Mr Credit CardWho Is True American Loan?
Typical Loan that True American Loan Offers
Requirements and Qualifications
- 18 Years Old - You have to be at least 18 years old to apply for a loan through True American Loans
- US Citizen - You have to be a US citizen to apply. Those of you who are legal residents or even green card holders cannot apply..
- Currently Employed with $800 income a month (min) - True American Loan requires that you are employed to qualify. They do not accept folks who are on benefit income.
- Does Not Accept Application from Military Personnel - Lenders in True American Loan network unfortunately does not extend loans to military personnel.
- 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 minimum credit score required is 540 though you have have more lenders offering you better terms if you score is higher (in the 600 region).
Comparison With Other Loan Aggregators
| Loan Co | Amount | Excluded States | Not Eligible | Min Income | Credit Score |
|---|---|---|---|---|---|
| True American Loans | $500-$35,000 | NY, CT, VT, WV, AK, GA | Non-US CitizensNo Military Personnel | $800. | >540 |
| 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. |
| 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. |
You can see from the table above that there are many loan aggregators available to consumers. True American Loan very similar to other loan aggregators that offer short terms loans and also installment loans with medium term maturities.
Like some of the other loan aggregators, True America Loan restricts residents from certain states from applying through their network. They also restrict military personal, non-US citizens and those with no employment from applying. If you come from one of the restricted states and/or do not meet their other criteria, there are other loan aggregators that will be better suited for you.
Pros and Cons
pros
- Large range of loan amounts - True American Loans allows you to borrow between $500 and $35,000.
- 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.
- Certain States are excluded - Residents from the state of NY, CT, VT, WV, AK, GA cannot apply.
- Military Personal, Non-US Citizens and Those on Benefit Income cannot apply - True American Loan does not allow military personnel, non-US Citizens (even if you are a legal resident or green card holder) to apply. You also to be employed so those of you on benefits also cannot apply.
Our Take
If you are looking for longer term loans, you ideally want a credit score of at least mid 600s and a decent monthly income to get the best rates and loan amounts. You also have to be aware of the states which their lenders will not lend to. These include NY, CT, VT, WV, AK and GA. If you are from these states and if you are a military member, you might want to consider loan networks like Personalloans.com or lendingforbadcredit.com, which accepts application from all states and also military members.
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 True American 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.
FREQUENTLY ASKED QUESTIONS
Can I use my loan for any purpose?
Can I use my loan for any purpose?
Yes, you can use it for any purpose.
How can I increase my chances of getting approved?
How can I increase my chances of getting approved?
Firstly, make sure you fill in your information correctly. You also need a checking account and if you do not have one, go open an online bank account. Also pay off any existing short term loans.
What are my loan renewal policies?
What are my loan renewal policies?
They depend on your lender. Please read the terms and conditions of your loan offer.