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Arrow Loans Reviews [Read Our Expert Opinion]

Jane Wardle

Written by Jane Wardle on

Updated

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Overall Rated: 4.0 / 5

Summary

Working as a direct loan lender as opposed to a broker means that Arrow Loans deal directly with their customers and do not charge any additional commission or broker fees. However, they do charge an arrangement fee of up to £495 which is added to the loan amount and will vary depending on a case by case basis.

Arrow Loans are providing a reasonable service to their customers, that includes an easy application process, average interest rates and simple repayment terms. They are clear and concise in presenting borrowers with all the relevant information before applying for a loan and have a comprehensive website as well as direct contact details to contact their team seven days a week.

Arrow Loans provide an online system which is convenient, straightforward and hassle-free. There is no obligation to make an online enquiry, and their application form is quick and easy to complete. Overall, they are providing an ideal solution for individuals looking for a secured homeowner loan. Repayment options are flexible and vary depending on the borrower’s needs and circumstances, loan amounts can range between £2,500 and £25,000, and the representative APR is 19.9%.

Trust & Reputation

Rated 4.0/5

Arrow Loans are authorised and regulated by the Financial Conduct Authority and have held a consumer credit license or equivalent since 1957; this shows that they follow all industry best practices and abide by all laws and regulations.

They are also registered under the Data Protection Act which demonstrates that they follow strict data protection principles. Arrow Loans have a current rating of 2.5 out of on smartmoneypeople.com. However, this is only based on two reviews. Reviews comment on the firm being friendly and provides the service as advertised, but there are not enough reviews to form a solid opinion of the company.

Expertise & knowledge

Rated 4.0/5

As a direct lender as opposed to a broker, Arrow Loans can recommend and tailor their loans to a customer’s specific needs and circumstances. They operate as a trading name of Burts (Hull) Limited who have a track record of arranging consumer credit since 1957. This shows they have stood the test of time and that the firm has a wealth of information and expertise in the industry.

As they specialise in homeowner loans and secured personal loans, their staff will be focused and knowledgeable on this one specific subject.

Customer Service

Rated 4.0/5

Arrow Loans provide a range of methods for contacting their customer service team, including phone, email, online contact form, postal address and social media. They invite their customers to reach out with any questions or further information they may require, and they are available seven days a week.

Their online application form makes it simple for borrowers to apply for a loan, and their website provides a lot of useful information. This is extremely helpful to many busy customers as they do not need to contact the customer services team regularly and can find solutions to their questions online.

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Rating: 4.0 / 4.0 with 1 votes

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