First loan reviews - How to Apply and get Approved [FAST]

First loan reviews – How to Apply and get Approved [FAST]

The first loan reviews are in, and they are promising. Many people find the loans easy to apply for, and the interest rates are very competitive. The main drawback is that some people have had trouble getting their loans approved, likely due to a limited number of lenders and not a general issue with the loans themselves. Overall, these reviews indicate that there is potential for great success with online lending, provided you choose the right lender.

What is a First Loan?

First Loan is an online, short-term installment loan provider. They admit to being a “very expensive form of borrowing” that people should only use to pay for their short-term needs. For example, people may need to cover medical emergencies, home repairs, or rent. That’s eerily similar to the excuses that payday lenders use.

That comparison would be bad for business, though, so First Loan addresses the parallels. They claim that their loans are superior because they “offer more flexible repayment options while still providing the cash when you need it.”

The truth is, there’s virtually no difference between the two types of loans in practice. Payday loans come due more quickly, but they have everything else in common. They’re both extremely costly, come in relatively small principal amounts, and exist supposedly to help with emergencies. They’re both easy to qualify for, even for applicants who probably can’t afford to pay them back.

First Loan Reviews: Is The First Loan Safe To Use?

First Loan has been around for at least a few years, so they’ve had enough time to develop a meaningful track record. It’s always wise to get a second opinion when researching a lender, and a third and fourth wouldn’t hurt either. To that end, here are some other First Loan review highlights.

The more traditional crowdsourced review sites seem to echo the issues found in their BBB profile. For example, First Loan’s Trustpilot profile shows 1.4 out of 5 stars based on a solid amount of reviews (88).

Unlike their BBB profile, First Loan has done much less to manage its image on Trustpilot. They haven’t claimed the profile, responded to complaints, or invited anyone to review it directly. That’s a good thing since organic reviews tend to paint a more accurate picture.

Just about every other First Loan review tells the same story. Thirty-six out of the 43 ratings on their Trust Mamma profile are for 1 out of 5 stars. They’ve even shown up on Scam Advisor’s radar and get a low trust score there, too.

For example, they have:

  • An application process that people can complete in just a few minutes
  • Low qualification requirements that make them available to people who struggle with creditworthiness
  • The ability to fund loans as soon as the next business day
  • Low principal balances are perfect for covering small expenses

At first glance, these loans seem like a godsend to people who need a little bit of extra cash to make it to their next paycheck. However, the fine print reveals that they’re little more than an extended payday loan and just as dangerous.

Here are the issues with First Loan:

  • Their APRs are significantly higher than any other form of credit (except for payday loans).
  • Borrowers will likely struggle to make their payments, triggering extra fees and making the problem worse.
  • If First Loan does something illegal, borrowers can’t sue First Loan like they could a traditional lender.

How do I get my first loan?

There are a few steps that you can take to get your first loan, like checking with your bank or credit union, looking for loans online, or contacting a loan specialist. Whichever route you choose, be sure to research the available options and be patient as the process can take some time. Remember always to keep your credit score in mind when applying for loans, as it will affect your borrowing rate.

How to Apply for a First Loan Loan. 

Applying for a First Loan installment loan doesn’t take much since they have far fewer qualification requirements than traditional banks. To be eligible for funding from First Loan, prospective borrowers need only:

  • Show proof of employment or another source of consistent income
  • Have a valid bank account in good standing
  • Provide a legitimate email address and phone number
  • Be at least 21 years old
  • Live in a state where First Loan offers funding

Anyone who meets these bare minimum requirements has a good chance of successfully receiving a loan after applying. It won’t take very long at all to do so. Remember, their application process is one of their few advantages. All it takes to apply is to provide the following information:

  • Personal Information: Housing details, proof of identity, and contact information
  • Income Information: Employment details (or other income sources) and earning levels
  • Banking Information: Bank account details so First Loan can transfer funds and debit your account for payment

Better Alternatives to First Loan

Besides a lack of cash, one of the most common reasons people turn to a lender like First Loan is that they have low credit scores. Many applicants assume they can’t qualify for a loan from a bank. They think their only options are providers who charge an arm and a leg.

That doesn’t have to be the case. Payday and tribal lenders claim their rates are necessary to make money, given their risks, but that’s not true. There are plenty of lenders out there who lend to risky borrowers and have APRs that are far, far below what First Loan charges. Here are some of our favorites:

  • Credit Unions: Unions are one of the best sources of support for people who don’t have the best credit scores. They require a membership to receive one of their loans, but their rates are often much more affordable than other providers, even with a poor credit history.
  • Secured Personal Loan Providers: Lenders are often unwilling to give loans to people who have demonstrated that they’re not the best at repaying their debts. They don’t want to risk not making a return on their money. However, they may be willing to loan to people with bad credit who put up collateral, such as their car or house. Just be sure to repay secured loans to avoid losing the asset.
  • Cash Advance Apps: For those who just need a little bit of money to make it to their payday, cash advance apps can be a great option. Earnin, for example, allows people to receive funds for their work the day they do it instead of waiting for their paycheck. Even better, there are no mandatory fees or interest when paying the balance back.

These options would be safer for most people who need cash than First Loan. If it’s at all possible, use one of them before resorting to a tribal lender.


Is First loan a real loan company?

The company does seem to be a legitimate lender, and the process of borrowing money through them is fairly simple. 

How long does it take First loan to deposit?

It can take from one to two business days for a first loan deposit to arrive in your account. Remember that this time may vary depending on the institution and the time of day. So be sure to check your bank statement closely to ensure that your money has been deposited. Finally, remember that you have access to 24/7 customer service should you need help depositing your money.


First loan reviews are an excellent resource for people seeking a loan. They can help you learn about different loans, features, and repayment options. 

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