[{"@context":"https:\/\/schema.org\/","@type":"Article","@id":"https:\/\/moneydoneright.com\/fast-money\/personal-loans\/first-loan-review\/#Article","mainEntityOfPage":"https:\/\/moneydoneright.com\/fast-money\/personal-loans\/first-loan-review\/","headline":"First Loan Review 2025","name":"First Loan Review 2025","description":"First Loan Best For: Those who need access to a large sum of cash...","datePublished":"2022-03-05","dateModified":"2025-01-19","author":{"@type":"Person","@id":"https:\/\/moneydoneright.com\/author\/logan-allec\/#Person","name":"Logan Allec, CPA","url":"https:\/\/moneydoneright.com\/author\/logan-allec\/","identifier":4,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Money Done Right","logo":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","width":488,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/first-loan-review.jpg","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/first-loan-review.jpg","height":460,"width":1900},"url":"https:\/\/moneydoneright.com\/fast-money\/personal-loans\/first-loan-review\/","about":["Personal Loans"],"wordCount":2460,"articleBody":"\t    \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tFirst Loan\t\t\t\tBest For: Those who need access to a large sum of cash for a short period of timePros: Lends out larger sums of money than app-based lendersCons: Charges astronomically high interest rates on its loans\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tAPR:\t\t\t\t\t\t\t\t\t\t1\/10\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tFees: \t\t\t\t\t\t\t\t\t\t3\/10\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tTransparency:\t\t\t\t\t\t\t\t\t\t6\/10\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tFlexibility:\t\t\t\t\t\t\t\t\t\t3\/10\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tFunding Speed:\t\t\t\t\t\t\t\t\t\t5\/10\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tAccessibility: \t\t\t\t\t\t\t\t\t\t2\/10\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tAPR:Up to 859%MINIMUM CREDIT:N\/ATERMS:1-12 MonthsORIGINATION FEE:$0\t\t\t\t        We may receive a commission if you sign up or purchase through links on this page.  Here's more information.    First Loan offers its customers the ability to borrow up to $5,000 when they\u2019re in a crunch for cash.Although they offer large loan amounts, is getting a loan with them worth the interest rate you pay?We\u2019ve taken a deep dive and spelled out everything you need to know about First Loan below:Table of ContentsToggleWhat Is First Loan?First Loan HighlightsFirst Loan At a GlanceHow to Apply at First LoanFirst Loan Consumer ReviewsIs First Loan Legit?First Loan Pros and ConsWho First Loan Is Good ForWho First Loan Is Not Good ForAlternatives to First LoanFirst Loan Frequently Asked QuestionsWhat Is First Loan?First Loan is a tribal lender that gives customers access to the cash they need quickly (at the cost of an astronomically high interest rate).Customers can receive up to $5,000 in just one business day when taking out a loan with First Loan.Although First Loan is not technically a payday loan lender, they are a tribal lender.For those who aren\u2019t familiar with tribal lenders, they typically come with interest rates that are just as high if not higher than traditional payday lenders.Oftentimes tribal lenders, such as First Loan market themselves as a much better alternative to payday loans, when in reality they might actually be worse, depending on the company they\u2019re compared to.Chances are, First Loan is not a great financial choice for you.If you\u2019re having a tough time economically, paying hundreds of percent in interest will not help you, it will hurt you.To learn more about First Loan and some cheaper alternatives, continue reading this review.First Loan HighlightsFirst Loan\u2019s claim to fame is its ability to lend up to $5,000 to its customers.As we mentioned before, no matter how much you borrow, loans with First Loan are guaranteed to come with an incredibly high interest rate.Also, interestingly enough, while researching this article, in addition to numerous spelling\/grammatical errors, Google Chrome suggested to us that certain parts of their site weren\u2019t safe.This is certainly something that you should take into consideration when choosing who you allow access to your personal details and banking information.First Loan At a Glance.simple_table-49303 table tr th{\ttext-align: center;\t\t}.simple_table-49303 table tr td{\ttext-align: center;\t\t}Loan Amounts$200 - $5,000 ($1,500 maximum for new customers)APR615-859%Minimum CreditN\/ATerms2 Weeks - 12 MonthsOrigination Fee$0Funding SpeedAs fast as one business dayAPRFirst Loan earned themselves a 1 \/ 10 in the APR category because of the ridiculously high interest rates that it charges customers.Although technically, there are other lenders that charge higher interest rates, we assign the lowest rating possible to any lender that charges its customers triple-digit interest rates.Interest rates this high are designed to line the pockets of the lender with cash while keeping borrowers in inescapable poverty.We look down upon this practice and urge anyone contemplating a loan with interest rates this high to seek other lending options.If you don\u2019t believe us, look to the amortization table in the \u201ctransparency\u201d section below.There you will find how much a $500 loan with First Loan could cost you over the course of a year.With a total interest cost of almost $3,400, the borrower in this example would be paying more than 6 times the borrowed amount in interest alone!This is a truly despicable amount of interest to charge people who are likely hitting a rough patch in life, to begin with.FeesWhen it comes to Fees, First Loan received a 3 \/ 10.This is because they do charge non-sufficient funds fees, late fees, and many other types of fees.When you couple this with the astronomical rates that they charge, missing a payment can make a loan that\u2019s already expensive even more costly.TransparencyWe gave First Loan a 6 \/ 10 because they are pretty brazen when it comes to transparency.When you explore their rates page, they have an amortization table front and center:In this table, they clearly spell out how much money you would be paying on a $500 loan at a 777.83% interest rate over the course of a year.They even go as far as admitting that their loans are \u201ca very expensive form of borrowing\u201d.Although they do charge ridiculous rates, they don\u2019t try to hide it, unlike other lenders.So we have to give them some credit where credit is due.FlexibilityWhen it comes to flexibility, we\u2019ve given First Loan a 3 \/ 10.This is mainly due to the fact that they charge a quite hefty late fee of $25 on top of their already expensive interest rate.If we use the sample loan in the above amortization table as an example, the borrower would pay roughly an additional 17% of their monthly payment for a late fee!`Funding SpeedFirst Loan received a 5 \/ 10 in the Funding Speed category because their funding speed is truly very average.Most lenders offer some sort of expedited transfer option, whether it be free or for a small fee.You would think with the rates that First Loan charges, they could offer expedited transfers for free, however, you\u2019d be sadly mistaken.AccessibilityWe gave First Loan a 2 \/ 10 in the Accessibility category because, in all honesty, they aren\u2019t very accessible.Many states have outlawed payday lenders as well as tribal lenders that charge incredibly high rates, like First Loan.This means that if you are located in Arkansas, Colorado, Connecticut, Florida, Georgia, Illinois, Maine, Maryland, Massachusetts, Minnesota, New Mexico, New York, North Carolina, Pennsylvania, South Carolina, South Dakota, Utah, Vermont, Virginia, or West Virginia, you are unable to receive a loan from First Loan.However, at the end of the day, that might not necessarily be a bad thing.Other FeaturesUnfortunately, there doesn\u2019t seem to be any additional features that First Loan offers its customers.Its website is fairly barebones and seems to only offer information for applicants, necessary disclosures, and an application page.This is unfortunate, as most other lenders are working on broadening their offerings to their clients.Many new-age, app-based lenders, such as Dave and Earnin offer much more to their customers than just their lending services.They also offer suggestions for users to earn side income, credit monitoring services, and much more. How to Apply at First LoanFor those who are interested in applying for a loan with First Loan, we\u2019ve detailed all of the necessary steps below.That way you are ready with all of the information necessary when it comes time to apply.Step 1: Enter Your Personal InformationFirst, you must enter in your personal information such as your name, date of birth, address, and Social Security number\/ITIN.Step 2: Enter Your Financial InformationAfter entering your personal information, you must enter your financial information, such as your income.Step 3: Connect a Bank AccountConnecting your bank account will allow First Loan to view your available balance as well as your transaction history. This will help them make a decision on your loan.Step 4: Speak with a First Loan Representative on the PhoneAfter submitting all of your information, a First Loan representative will reach out to you to complete the final steps of the application.Step 5: Have as Much as $5,000 Transferred to Your AccountAfter receiving approval, First Loan will deposit your loan of up to $5,000 into your bank account within one to two business days.First Loan Consumer ReviewsAlthough First Loan sounds like a less-than-stellar lender on paper, it\u2019s important to see what actual customers are saying to get the full picture.In order to do so, we\u2019ll be taking a look at their page on the Better Business Bureau.For those who are unfamiliar with the Better Business Bureau and how they rate companies, we\u2019ve listed their most pertinent metrics below:A BBB rating represents their own opinion of how likely a business is to interact with their prospective customers.Their ratings go from A+ on the high end, to an F on the low endSurprisingly, First Loan has been given a B- rating by the Better Business Bureau, however, they are not accredited.Typically loan companies don\u2019t have very high BBB ratings, so it\u2019s quite shocking to see a company like First Loan given a B-.However, the customer reviews tell a different story when it comes to First Loan. Out of 60 customer reviews, First Loan received a measly 1.07 \/ 5 stars.This rating comes with no surprise from us. In order to get a better understanding of what people are saying, we\u2019ve assembled a few recent reviews in a table below:.simple_table-49304 table tr th{\ttext-align: center;\t\t}.simple_table-49304 table tr td{\ttext-align: center;\t\t}ReviewerIssueMy TakeGary N. - 01\/31\/2022Gary brought up that his $1,200 loan cost him $370 per month, and would have cost him thousands over the course of the loan term.Gary took the words right out of our mouth.  We\u2019re not joking when we say that these loans are ridiculously expensive over time!Vanessa H. - 01\/24\/2022She calls First Loan a \u201cDigital Loan Shark\u201d, and tells us how she was charged incredibly high fees to fix errors made by First Loan representatives.While there is no way of knowing whether or not this is true, charging to fix your employees' mistakes is profoundly unprofessional.Lori B. - 01\/14\/2022Lori claims that the payoff amount of her initial $925 loan is $7094.  She is also concerned that her wages will be garnished if she cannot pay the loan back.Again, this demonstrates just how expensive these loans are.  At the end of the day, loans like this really hurt the borrowers.Tyler K. - 01\/10\/2022Tyler claims that his wages were garnished without prior notice.This is a common complaint among reviewers.  First Loan seems to have a boilerplate response for these reviews stating \u201cour company does not garnish wages.  You may have confused a voluntary wage assignment with wage garnishment.\u201d  This leads me to believe, they might be sneaking in some \u201cvoluntary wage garnishment\u201d legalese into their contracts.Is First Loan Legit?Although First Loan is not legally allowed to lend in many states, their business practices are morally questionable, and our internet browser warned us that their site may not be safe, they do seem to be a legitimate company.However, as we\u2019ve mentioned plenty of times in this article, it\u2019s best to seek other means of obtaining a loan before borrowing through First Loan.First Loan Pros and ConsThere are both benefits and drawbacks when it comes to borrowing through First Loan.We\u2019ve outlined the most pertinent of each in the table below:Pros Borrow larger sums of money: Most app-based lenders, such as Earnin and Dave will only lend out a couple of hundred dollars at the most. While a couple of hundred dollars solves many problems, it doesn\u2019t solve them all. Sometimes you need to borrow a bit more.Access Funds Quickly: First Loan can provide you with the funds you need in as little as one business dayConsAstronomically High-Interest Rates: With a low end of ~600%, you\u2019re probably better off borrowing money from anywhere else. Even a credit card cash advance is much cheaper than a loan from First Loan.Keeps Borrowers Poor: High-interest loans don\u2019t do anything to financially aid a borrower in need. If anything, they put borrowers in a much worse financial position than before they took the loan.Less Than Professional Website: While researching for this review, we came across several spelling\/grammatical errors and received safety warnings from our web browser. These are things that you typically don\u2019t find on reputable lenders\u2019 websites.Who First Loan Is Good ForFirst Loan is really only good for those who have exhausted all other lending options.Before getting a loan from First Loan, borrowers should be sure to try to get a loan from app-based payday lenders and other fintech companies, as they offer no\/low-interest loans to those in need.Who First Loan Is Not Good ForFirst Loan is not good for anyone who has access to a better means of borrowing, which is the vast majority of folks out there.Chances are if you are in need of some fast cash, there is a much less expensive way of going about getting it.As we mentioned before, there are plenty of fintech companies that offer low\/no-cost loans.There are also plenty of low-cost personal loan lenders as well.Even borrowing money using a credit card would be cheaper than getting a loan from First Loan.Alternatives to First Loan.btn.btn-blue.dift:hover, .btn.btn-default.dift:hover {color: #5378eb;border-color: #5378eb;background: #fff !important;}\t\t\t First LoanPersonalLoans.com CashUSABadCreditLoans.com  \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tPros and Cons\t\t\t\t\t\t\t\t\t\tApply Now\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tRead Review\t\t\t\t\t\t\t\t\t\tApply Now\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tRead Review\t\t\t\t\t\t\t\t\t\tApply Now\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tRead Review\t\t\t\t\t\t\t\t\t\tApply Now\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tBest For\t\t\t\t\t\t\tThose who need access to a large sum of cash for a short period of time\t\t\t\t\t\t\t\t\t\t\t\t\tPeople who don\u2019t have the best credit scores\t\t\t\t\t\t\t\t\t\t\t\t\tPeople who need small loans fast and who have bad credit\t\t\t\t\t\t\t\t\t\t\t\t\tPeople with bad credit who need fast money\t\t\t\t\t\tLoan Amounts\t\t\t\t\t\t\t$200 - $5,000 ($1,500 maximum for new customers)\t\t\t\t\t\t\t\t\t\t\t\t\t$1,000-$35,000\t\t\t\t\t\t\t\t\t\t\t\t\t$500-$10,000\t\t\t\t\t\t\t\t\t\t\t\t\t$500-$5,000\t\t\t\t\t\tAPR\t\t\t\t\t\t\t615-859%\t\t\t\t\t\t\t\t\t\t\t\t\t5.99%-35.99%\t\t\t\t\t\t\t\t\t\t\t\t\tTypically 5.99%-35.99%\t\t\t\t\t\t\t\t\t\t\t\t\tTypically 5.99%-35.99%\t\t\t\t\t\tMinimum Credit\t\t\t\t\t\t\tN\/A\t\t\t\t\t\t\t\t\t\t\t\t\t580\t\t\t\t\t\t\t\t\t\t\t\t\tNot disclosed\t\t\t\t\t\t\t\t\t\t\t\t\tNo minimum\t\t\t\t\t\tTerms\t\t\t\t\t\t\t2 Weeks - 12 Months\t\t\t\t\t\t\t\t\t\t\t\t\t90 days to 72 month\t\t\t\t\t\t\t\t\t\t\t\t\tNot disclosed\t\t\t\t\t\t\t\t\t\t\t\t\tNot disclosed\t\t\t\t\t\tOrigination Fee\t\t\t\t\t\t\t$0\t\t\t\t\t\t\t\t\t\t\t\t\tVaries\t\t\t\t\t\t\t\t\t\t\t\t\tNot disclosed\t\t\t\t\t\t\t\t\t\t\t\t\tNot disclosed\t\t\t\t\t\tFunding Speed\t\t\t\t\t\t\tAs fast as one business day\t\t\t\t\t\t\t\t\t\t\t\t\tAs soon as one day\t\t\t\t\t\t\t\t\t\t\t\t\tAs soon as one day\t\t\t\t\t\t\t\t\t\t\t\t\tAs soon as one day\t\t\t\t\t\tCredit Check\t\t\t\t\t\t\tSoft\t\t\t\t\t\t\t\t\t\t\t\t\tMay be hard or soft\t\t\t\t\t\t\t\t\t\t\t\t\tSoft\t\t\t\t\t\t\t\t\t\t\t\t\tSoft\t\t\t\t\t\t\t\t\t \t\tFirst Loan Frequently Asked Questions.accordion-list .accordion-title:hover{color: #4db848;}What is First Loan\u2019s minimum credit score requirement?First Loan doesn\u2019t seem to have a minimum credit score requirement. Instead, they base their lending decisions on a given applicant\u2019s income and financial standing. This is great for those who have a less than stellar credit score.Are there prepayment penalties with First Loan?According to their website, First Loan doesn\u2019t charge any prepayment penalties.  This is generally a good thing because if you get a loan through First Loan, you should pay it back in full as soon as humanly possible.Can I change my due date with First Loan?If you cannot make your payment by the due date, First Loan urges borrowers to reach out to a customer service representative to make accommodations. They don\u2019t publicly disclose on their website if they allow the change of due dates though."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Fast Money","item":"https:\/\/moneydoneright.com\/fast-money\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Personal Loans","item":"https:\/\/moneydoneright.com\/fast-money\/\/personal-loans\/#breadcrumbitem"},{"@type":"ListItem","position":3,"name":"First Loan Review 2025","item":"https:\/\/moneydoneright.com\/fast-money\/personal-loans\/first-loan-review\/#breadcrumbitem"}]}]