Installment Loan FAQ
The information below provides answers to some of the most frequently asked questions about installment loans. If you cannot find the answer or information you are looking for help, please don't hesitate to contact us at 1-866-731-7530 or via email at
Is this a "payday" loan?
No, this is not a payday loan. Payday loans need to be paid in full on your next pay date. Our loans are installment loans meaning payments are spread out over 6, 9 or 12 months. However, we do encourage you to pay off your loan as quickly as possible to save on interest.
What's the catch?
There isn't any! If approved, you'll be asked to review and accept the loan terms by electronic signature before we can send the funds. Your finance charge and APR will be fully disclosed to you in your loan agreement. We want you to know every detail of the loan before committing yourself to it.
What if I have bad or no credit?
With Arrow Credit, you may be able to qualify for a loan with bad credit, or even no credit at all.

To see if you qualify, simply fill out our online application form. Once we verify your personal information and you meet our underwriting requirements, you may be approved for an installment loan in a matter of minutes! There's no risk to you! Apply NOW to see if you qualify.
How much will the loan end up costing?
The total cost differs for every loan. Our finance charge is based on your creditworthiness, our proprietary scoring method, the amount you chose to borrow and the length of time you chose to keep your loan outstanding. Your finance charge and APR will be fully disclosed to you in your loan agreement. Apply today to see if you're qualified, speak to one of our loan agents and review your loan agreement for your specific costs. There's no risk in applying! Apply NOW to see what you qualify for.
What do I need to qualify?
  • To qualify for a loan with Arrow Credit, we require:
  • You are at least 18 years of age
  • You are a citizen of the United States of America
  • You are not a member of the military
  • You are not a spouse or dependent of a member of the military
  • You have a source of regular income that meets our minimum monthly net income requirement
  • You have a checking account that is ACH (Automatic Clearing House) accessible. If you are unsure if your bank account is ACH accessible please contact your financial institution
What states are currently NOT serviced by Arrow Credit?
Arizona, Arkansas, Colorado, Connecticut, District of Columbia, Georgia, Maine, Maryland, Massachusetts, Montana, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Oregon, Pennsylvania, South Dakota, Vermont, Virginia, Washington, Wisconsin, West Virginia
Can I get a loan from Arrow Credit if I am a member of the military?
Military personnel and their dependents are NOT eligible for an Arrow Credit loan.
How do I know if this loan is a good fit for my situation?
  • This type of loan is NOT a good fit if:
  • Your intention is to use your loan as a long term solution for your financial needs
  • You plan to use your loan to consolidate other debts
  • You are not confident that you'll be able to repay your loan by the due date
How is an Arrow Credit loan different from other types of loans?
Arrow Credit loans, also referred to as personal loans, or installment loans, are a means for consumers to get quicker access to a relatively small amount of money at a time to help with short-term needs. The loan amount is generally less than a typical bank loan, between $300 and $1500, and there is a quicker approval process to receive your money. The entire process is handled online and over the phone.
How much money can I borrow?
Loan amounts are determined by the information provided on your application and any available payment history.
What is my minimum loan term?
Terms vary depending on your loan amount and your ability to make a specific payment amount each due date. You are able to make additional payments, as well as pay off your loan at any time without penalty by contacting Customer Care at least 3 business days prior to your next due date.
What is the APR on the loan?
The annual percentage rate (APR) varies depending on the terms of your loan as well as your payment history. The maximum APR of any Arrow Credit loan is 699% and it is important to note that these loans are not intended to be used as a long-term financial solution or to supplement limited income. These loans can offer emergency relief if you are short on money and need funds to cover an urgent expense until you receive your next paycheck. For more information on finance fees and APR, please see our Rates and Terms page.
How do I apply for a loan?
New customers must go to the Apply Now page and fill out our online application. After you press submit you will be notified if your application has been conditionally approved within a few seconds.
When will I know if I've been approved?
You will receive a notice indicating if you have been conditionally approved for a loan within seconds of submitting your application. If you do not receive this message, please contact Customer Care at 1-866-731-7530
Why do you need my bank account information?
Arrow Credit requires your banking information in order to deposit your funds directly into your account as soon as the next business day through Automatic Clearing House (ACH).
When and how will I receive my loan?
After finalizing your loan, the funds are generally direct deposited into the bank account listed on your application by the next business day or sooner, depending on your banking requirements.
Can I have more than one loan simultaneously?
Arrow Credit only permits one active loan at a time. You are, however, eligible to borrow again following your repayment of your current loan.
When I pay off my Arrow Credit loan, how soon can I borrow another?
You'll be eligible for a new loan as soon as your last payment clears - which could take your bank up to five business days to confirm. Borrowing a second time, you'll enjoy an even simpler loan process when you login as a returning customer.
My spouse and I share a bank account, can we each take out a loan?
Each bank account, whether an individual or a joint account, is only able to have one active loan at a time.
How do I cancel a loan request?
In certain circumstances you may be able to cancel your loan agreement with us without incurring costs or finance charges. To do so, please call us at 1-866-731-7530, and provide us written notice of your wish to cancel your loan agreement by email at
When is my loan payment due?
All payments will be processed on the due dates as set out in the terms of your loan agreement. If the situation arises that funds will not be available in your account, please contact us three business days prior to the due date at 1-866-731-7530. A late fee of any payment not received within 5 calendar days of its due date will be processed; you may also be subject to additional fees.
What happens if my due date falls on a holiday?
By default, our system will take your payment on the business day before a holiday.
How can I view my payment history, access my current balance or make changes to my account?
Our Customer Care Team is available at 1-866-731-7530 for any inquiries into your balance, payment history or to make changes to your account or loan.

In order to process changes to your next payment, we require at least 3 business day notice prior to your next due date.

Please note that Arrow Credit is not able to process change requests online, however you are able to view your current loan agreement online.
How do I update my Arrow Credit account information?

Alternatively, our Customer Care Team can be reached at 1-866-731-7530 to update your account information, or you can email us to update non-confidential information at
How do I repay my loan?
Automatic withdrawal from your checking account using an Automatic Clearing House (ACH) direct debit system each due date. Please be advised that if you don't have enough in your account to cover the full payment amount owed, you will be charged a $30 Refused Instrument Charge. If your payment is late, a late fee of 10% of any payment not received within 5 calendar days of its due date will be applied to your account.
How do I contact Arrow Credit?
Our Customer Care team is available Monday to Friday 8AM to 5PM CT and you can reach us at 1-866-731-7530, by email at or through our Contact Us page where you will find additional information
What if I have a complaint?
If you are not completely satisfied with your experience, please let us know. You can contact us by phone at 1-866-731-7530, by email at or by mail at the address below:
  • Attn Arrow Credit Customer Support:
  • Arrow Credit
  • P.O. Box 1145
  • Mission, SD 57555