Red Panda Loans – Have you ever found yourself in a tight financial situation where you do not have enough funds to cover an emergency expense or bill? You’re not alone – we’ve all been there at some point. When cash gets low and you need money quickly, a short-term loan can seem like an appealing option.
Companies like Red Panda Loans market fast cash loans and easy online approvals. But you may ask if they are the right choice for your situation.
In this article, we’ll walk you through what you should know before considering a loan offer from Red Panda Loans. We’ll outline the types of loans they provide, eligibility criteria, interest rates and fees, the application process, repayment terms and the pros and cons.
About Red Panda Loans
Getting a loan can provide fast access to funds when you need them, but not all lending companies are created equal. Red Panda Loans markets quick and easy loan approvals online.
Red Panda Loans is an online lending company that offers a range of loan products directly to consumers.
Based in California, they market “fast and flexible loans with great rates” that you can apply for and manage entirely online. Red Panda provides loans to borrowers across most states. It is also a convenient financial service provider.
Let’s take a look at what they offer.
Types of Loans Offered by Red Panda
Red Panda provides an array of personal and business lending options, including:
1. Personal loans
They provide installment loans from $500-$15,000 with terms from 3 months to 5 years. This can be used for any purpose.
2. Payday loans
They provide small short-term loans of up to $500. Very high interest, must be repaid by your next payday.
3. Auto loans
They fund up to $50,000 for purchasing a new or used car. Terms up to 72 months.
4. Title loans
They provide short-term loans using your vehicle title as collateral. There is a chance of car repossession if unpaid.
5. Mortgages
They provide home loans and refinancing options. Conventional, FHA, VA and USDA programs are available.
6. Business loans
They provide lines of credit, term loans and merchant cash advances for businesses.
Benefits of Using Red Panda Loans
Red Panda touts several benefits to their loan products:
1. Fast online applications
You can apply on your desktop or mobile in minutes. It offers prequalification with no impact on credit score.
2. Quick access to funds
If approved, loan funds can be deposited as soon as the next day.
3. Flexible requirements
May accept applicants with bad credit or no credit history.
4. Multiple repayment options
You can choose terms from 3 months to 6 years. Select your payment due date.
5. Customer support
Customer service agents are available 7 days a week by phone, email and chat.
However, these conveniences often come with a cost – namely higher interest rates, fees, and predatory lending practices.
Pros and Cons of Red Panda Loans
Before applying, think carefully about the pros and cons:
Pros
- You receive fast approvals and funding in hours or days
- There are minimal eligibility requirements beyond ID, income, and contact info
- The entire application process is handled online
Cons
- Their interest rates can be extraordinarily high, sometimes exceeding 400% APR
- Predatory lending practices like endless loan renewal fees
- Their approvals are based on ability to repay, not borrower protection
- There is a risk of falling into debt traps and aggressive collection practices.
How to Apply and Qualify for Lendesca Loans
Step-by-Step Loan Application Process
Qualifying for a Red Panda Loan
To qualify for a Red Panda Loan, requirements include:
1. Credit score
Each product sets a minimum credit score ranging from 550 to 700. Without a credit history you may still qualify.
2. Income
You will need to have a minimum monthly gross income ranging from $1,200 to $4,000 depending on the loan size. Paystubs or tax returns are required as proof.
3. Debt-to-income ratio
Your total monthly debt payments, including the new loan, must not exceed 40-50% of your gross monthly income.
4. Collateral
For secured loans, collateral like a vehicle title may be required that can be repossessed if you default.
Meeting eligibility does not guarantee approval. Red Panda examines factors like your creditworthiness and income versus loan amount requested. Their rates and fees vary based on your state, credit, income, loan type and other factors.
Pheabs Loan Reviews: What You Need to Know
Applying Online
You can complete the entire application process online at RedPandaLoans.com in the following steps:
- Enter your personal information like name, address, income, employment.
- eSign loan agreement after reviewing terms.
- Provide bank account information for deposit.
- Approval decision made in minutes.
In-Store Applications
Red Panda also has in-person locations in over 30 states where you can apply and get funds the same day if approved.
Bring ID, income documentation, and banking info to a store near you.
The approval process is fast. You will get a decision in minutes after completing the application. If approved, funds can be in your account in as soon as one business day.
Interest Rates & Fees
Interest Rates
Red Panda does not disclose interest rates publicly. From customer reviews, APRs appear to range from about 36% to 60%. Lower rates go to more qualified borrowers. Your final rate will depend on your creditworthiness.
Fees
You will be charged an origination fee of 2% to 6% deducted from the approved loan amount. For a $2,000 loan with a 5% fee, $100 will be deducted so you receive $1,900.
The only other fee is a late payment fee. This is a $15 flat fee if your payment is more than 15 days late.
No Prepayment Penalties
Red Panda states there are no prepayment penalties if you pay off your loan early. You can pay extra each month to pay down principal faster without fees.
Credit Reporting
On-time monthly payments are reported to the major credit bureaus, allowing you to build your credit history. However, late payments will also be reported and damage your credit score.
Repaying Your Red Panda Loan
There are a few options for making your scheduled loan payments each month:
- Automatic bank debit – This is the easiest method as payments are automatically withdrawn from your account on the due date.
- Online – You can make one-time payments via the Red Panda website each month.
- By phone – Call Red Panda’s automated service line to make debit or credit card payments.
- In person – Take a payment to a store location near you.
- By mail – Send a check or money order to Red Panda’s payment address.
If you are struggling to make payments, it’s important to contact Red Panda immediately to discuss hardship options. Communication is key, as defaulting can damage your credit significantly.
Is a Red Panda Loan Right for You?
In summary, Red Panda installment loans can provide quick access to funds for borrowers with low credit scores. Just make sure to compare interest rates and fees to alternatives.
The fast and easy online application process makes them convenient. On-time payments are reported to help rebuild your credit. Customer service reviews are positive overall as well.
But if you can qualify for lower rates elsewhere, pursue those options first. Only use Red Panda as a last resort if you have bad credit and need funds quickly. Entering a high interest loan is risky if you are not certain you can repay on time each month.
Conclusion
Red Panda Loans provides the convenience of quick funding, easy online applications, and flexible approval requirements. You will have to approach offers from Red Panda with extreme caution.
We hope this article provided useful facts to empower you to make the most prudent borrowing choice for your needs.
