Is First Loan Legit?

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Is first loan legit? This article is a complete review about first loan. After reading this article, you will find out if first loan is legit or not.

The average annual savings rate over time in the United States of America is barely below 9%. At that point, it will require roughly about 18 months to accumulate $5,000 in savings on an after-tax income of $40,000.

It is understandable why a lot of American citizens turn to loan to assist them with bill payment when they find it so difficult to accumulate an emergency savings.

Nevertheless, it is risky to just take a loan from the first lender you come across. Prior to agreeing to conduct business with a person, you must take extra precautions.

In this modern day that the internet virtually eradicates privacy, there is details available on almost any creditor you might come across. This applies to First Loan as well.


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What is First Loan?

First loan is an online company that offers short-term installment loans. They acknowledge that they are a “highly costly kind of borrowing.” that individuals should only utilize to cover urgent expenses.

For instance, Individuals might need to pay for unexpected healthcare bills, house maintenance or rental payments. That resembles payday creditors’ justifications uncannily.

That analogy wouldn’t be good for business, however, First Loan therefore tackles the similarities.

They boast about how much better their loans are, due to the fact that they “provide better flexible repayment choices while still making funds available anytime you are in need of it.

In reality, there is almost no difference between the two kinds of loans. Payday loans have earlier repayment dates, however, other than that, they are extremely similar.

They are both very expensive, come in somewhat tiny principal sums, and purport to be there to assist in difficult times.

Additionally, both of them are simple to get, even for individuals who presumably won’t be able to repay them.

Is First Loan Legit?

Several times, we have received numerous questions pertaining “is first loan legit” from our reading audience.

Based on our research, we have dedicated this paragraph to provide an answer to the question. So keep reading!

Despite the fact that First Loan is not lawfully permitted to operate in several states, their commercial behavior raises ethical concerns.

Nevertheless, we highly advice and recommend you to look into alternative lending options before using First Loan.

Is First Loan Licensed?

California is the state where First Loan puts its mailing address which indicates that they must register with the Department of Business Oversight.

Nevertheless, they lack a state-issued license, due to the fact that they are what is referred to as a tribal lender.

This indicates that they are a branch of a Native American tribe, functioning (allegedly) from their land, and follow solely the laws of their tribe.

Owing to “tribal immunity,” they are not required to adhere to the regulations imposed by either the federal or state governments.

Because of so, they usually impose interest rates much higher than state limits. For instance, the cap in California is 460% APR, however, First Loan provides a sample rate of 778% APR on their official site.

Similar to several tribal lenders, First Loan makes a note of its tribe status in their fine print.

On their official site, it says: “First Loan is a Native American owned business operated by the Elem Indian Colony of Pomo Indians, a sovereign Tribal nation located in the United States. First Loan abides by all applicable federal laws and regulations and tribal law as established by the Elem Indian Colony of Pomo Indians.”

That suggests that they could have certain regard for national laws, nevertheless, they are just referencing the national regulation that asserts that Native American tribes hold authority over one another.

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No matter what, almost nothing is done by federal law to control payday lenders since state governments are largely responsible for that.


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Common Loan Terms

First Loan offers loans with comparable conditions than other payday, tribal or short-term installment lenders.

They may advertise that they are a great option to payday loans, they hardly represent an advancement though. What to anticipate from their offerings is as follows:

  • Principal sums ranging from $200 to $5,000 ($1,500 cap for new clients)
  • APR ranging from 600 to 795%
  • Payment options every week, biweekly, and every two weeks are offered.
  • A yearlong maximum payback period (There are no specifics, although the sample loan appears to include 26 biweekly payments.)
  • No charges apply to early loan repayment
  • $25 non-sufficient money fee, and an extra $25 cost if it is not paid after four days
  • Extra charges in the loan contract

On First Loan’s official site, they provide a sample of a common loan and it also shows how ludicrous these terms actually are.

A $500 loan with a 778% APR and a 26-payment schedule that is due every two weeks would entail $149.75 in payments. Only $0.17 will be applied to the principal on the first one.

The overall expense of borrowing would be $3,387.82. In other words, that’s nearly seven times the initial primary sum.


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Some Highlights About First Loan

Online Image

First Loan has at least a few years of history, therefore they’ve had plenty opportunity to establish a noteworthy strong reputation.

It is usually advisable to seek a second perspective while evaluating potential creditors, even third and fourth won’t be a bad idea in any way. Below are a few other highlights of First Loan.

Better Business Bureau

The Better Business Bureau will be discussed first (BBB). They’re among the most ideal locations to learn about a business due to the fact that they operate somewhat differently from the majority of public review websites.

They act as a liaison between companies and their clients. Collecting and transmitting information between the two sides aids in their evaluation of a company’s customer care. That incorporates their initiative, promptness, and productivity.

The BBB rating for First Loan is a C+. Although it is not the poorest conceivable result, however it is also not very good.

They only recently came into existence and has already garnered 57 complaints on their BBB profile.

However, they have taken deliberate measures to address all of them which is why they have not received a failing grade.

All customer reviews on the website are unfavorable, there are just eight in number, but they’re all aiming for the least imaginable rating.

This and many more other reasons make some people believe that first loan is not legit.

The majority of reviews complain about the exorbitant borrowing fees, however, that is not the only issue they have as a business.

Of the 57 complaints, 28 are regarding problems with billing and collections, which raises even bigger worries.


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Crowdsourced Review Sites

The more established crowd-sourced review sites appear to confirm the problems mentioned in their BBB profile.

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For instance, according to a significant number of reviews, First Loan’s Trustpilot profile has 1.4 out of 5 stars.

In contrast to their BBB profile, First Loan has taken much less action to improve their Trustpilot reputation.

The profile has not been acknowledged by them, replied to any criticism, or outright requested reviews from anyone.

That’s beneficial since organic reviews frequently present a more authentic image. The situation is much the same in all other First Loan review.

36 of the 43 reviews on their Trust Mamma profile give them 1 out of 5 stars. They have even been detected by Scam Advisor and they receive a poor trust rating there as well.

Advantages and Disadvantages of First Loan

There are advantages and disadvantages to borrowing from First Loan. Let’s take a good look at some of them.


It is not advisable to borrow from first loan or any other tribal lender. It is surprising that many people still make this mistake.

They possess a number of enticing traits, particularly to those who don’t usually meet the requirements for more conventional loans.

For instance, they possess:

  • An application procedure that individuals can finish in a matter of minutes
  • Poor eligibility standards that enable those with creditworthiness issues to access loans easily
  • The capacity to issue loans as quick as the following working day
  • Reduced principal amounts are ideal for paying for little costs

From a distance, these loans appear like a lifesaver to those who are in need of a little more money to get to their next salary.

Nevertheless, the fine print makes it clear that they amount to little more than a prolonged payday loan and are equally hazardous.


The packages offered by First Loan carry the same dangers as other tribal installment loans. Similar to their competitors, taking out a loan from First Loan is never a wise decision.

Even people who have the financial means to repair their loans by the due date will discover that they have effectively finished a payday loan deal.

The problems with First Loan are as follows:

  • Their APRs are much bigger than practically any other type of credit (excluding payday loans) and that is one of the reasons some people believe that first loan is not legit
  • Borrowers will probably find it difficult to make their payments, resulting in further expenses making the situation harder
  • If First Loan commits a crime, Borrowers cannot file a lawsuit against First Loan just like they could do to a conventional lender

All tribal lenders are dangerous, and First Loan isn’t any better. In any case, their loan sums are higher than some of their competitors, which makes them much more hazardous.

The Finance charges for a $5,000 installment loan at their highest APR of 795% would yield approximately $30,000 in interest with a one-year repayment period.

How to Apply for a Loan from First Loan

First Loan installment loan applications are quick and easy to complete because they demand much lesser qualifications unlike conventional banks.

In order to qualify for First Loan financing, potential borrowers require only:

  • Provide evidence of your job or any other reliable means of revenue
  • Possess a functioning bank account
  • Give a reliable phone number and email address
  • You must be at least 21 years or more
  • Reside in a state where financing is provided by First Loan

Any person who satisfies these very little requirements has a strong opportunity of being approved for a loan after applying.

As a matter of fact, the process will not consume much time at all. Keep in mind that their application procedure is one of their little benefits.

The details below must be supplied in order to apply:

  • Personal Details: Residential information, identification documentation, and contact details.
  • Earnings Details: Information about your job (or other streams of revenue) and your earnings.
  • Banking Details: Bank account information to enable First Loan send money and bill your account for payment.
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Although the application is easy, it is dangerous to give any person access to this details. Even if First Loan does not misuse it, the information can fall into the hands of a person who may misuse it. Never give out this details carelessly.

Better Options to First Loan

Beyond a shortage of funds, one of the primary motives individuals use a lender such as First Loan is because they have a poor credit score.

Numerous applicants believe they won’t be approved for a bank loan. They assume that this limits their alternatives to expensive lenders.

That need not be the situation. Payday and tribal lenders believe that their rates are essential in order to profit from the risks they incur, however, that is untrue.

Numerous financial institutions offer loans to clients who pose a risk and charge APRs that are much lower than those of First Loan.

Incase you are having fears concerning if first loan is legit or not, below are some better alternatives to first loan:

Credit Unions

Unions are among the biggest alternatives for assistance for those with poor credit scores.

You must be a member in order to be eligible for their loans, however, they frequently have substantially lower prices compared to many other lenders, despite having a bad credit history.

Secured Personal Loan lenders

Lenders frequently decline to grant loans to borrowers who have shown they don’t do the finest job when it comes to paying off their loans.

They do not wish to take a chance on not getting their funds back. Nevertheless, those with poor credit could be eligible for loans if they can provide collateral like their home or vehicle.

Kindly ensure to pay back secured loans on time to prevent losing the property.

Cash Advance Apps

For people who simply require a small amount of cash to get them through until payday, cash advance apps might be a fantastic choice.

Earnin is a very good example. Earnin enables individuals to be paid for their job on the same day that they complete it rather than holding out for their salary.

Better still, there are no compulsory charges or interest when making a repayment of the balance.

HINT: any of these alternatives would be better for majority of individuals who are in need of money than First Loan.

Therefore, instead of bothering yourself on if first loan is legit or not, you are advised to make use of any of this options before turning to First Loan or any other tribal lender.


We strongly believe that this article on “Is first loan legit” has explained to you in details  everything you need to know about First Loan.

First Loan is very costly to be of any use. They won’t help problems at all. You can use any of the alternatives we discussed above if you require assistance with your bills.

Better still, try to find a solution to your issues without turning to loan. If you can lower your spending or generate a small amount of side income, It could prevent you from ever needing to apply for a loan.






































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