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Before you take out a loan, read this first loan review.

The average long-term savings rate in the United States is less than 9%. Saving $5,000 from $40,000 in after-tax income will take a year and a half. Many Americans use debt when they can’t save for crises.

Taking out a loan from every lender is not a good idea. You must conduct due diligence before agreeing to do business with them. With the advent of the internet, which has almost destroyed privacy, nearly every lender you’ll come across has information available. It isn’t the case with FirstLoan. Here is a first loan review that will tell you all you need to know about whether they deserve your business.

What is a First Loan?

First Loan is a short-term installment loan firm that operates online. They understand that these loans are an “expensive form of borrowing.” It only is utilized in times of extreme financial need. People may have to come up with the money for things like rent, unexpected car repairs, medical bills, and emergency room visits. It is strikingly similar to the justifications used by payday lenders.

First Loan addresses similarities since they might hurt enterprises. First Loan argues that their loans are better since they provide flexible repayment alternatives and cash when required.

There is little difference between the two types of personal loans regarding practical use. They’re both due soon, but they share practically everything else. They’re both rather costly but accessible in a small amount of principal and are meant to help in emergencies. Even for people who may not be able to repay the Loan, they are both straightforward to obtain.

Is First Loan a licensed company?

First Loan’s California location means it must register with the DBO. Tribal loans don’t have state licenses.

They operate from a Native American tribe’s territory and follow their tribal regulations. Tribal immunity exempts them from state and federal legislation. They often offer loan rates greater than state laws. California’s maximum annual interest rate is 460%, yet First Loan’s rate sample is 778%.

First Loan, like many other tribal lenders, makes its tribal status clear in its fine print. According to their website: “The Elem Indian Colony of Pomo Indians, as a sovereign Tribal nation within the United States, operates First Loan, a Native American-owned business. All applicable federal laws and regulations, as well as tribal law established by the Elem Indian Colony of Pomo Indians, are followed by First Loan.”

It implies that they tolerate government restrictions, but they refer to a federal statute that states that Native American tribes have control over their lands. State governments have complete control over payday lenders. Thus federal legislation has no impact.

The most often used loan phrases.

First Lending’s loan terms are comparable to payday or tribal installment lenders. They may be marketed as “a terrific alternative to cash-out payday loans,” but they’re not much of an upgrade (if at all). What can you expect from their offerings:

  • Customers with principal amounts 0 to $5,500 ($1,500 limit for first-time purchasers)
  • An annual percentage rate (APR) of 600 to 795 percent.
  • Payment plans are offered on a weekly, bimonthly, and semi-monthly basis.
  • A one-year complete payback plan is available (no specifics, however, the loan sample appears to be 26 bi-weekly installments)
  • There are no prepayment penalties for paying off your loan obligations early.
  • There is a $25 cost for insufficient money, plus an extra $25 fee for each day the payment is late for more than four days.
  • Additional fees are outlined in the loan agreement.

First Loan presents an example of a typical loan accessible on their website, demonstrating how ludicrous these terms are. Only $0.17 of the first installment will be applied to the principal. The total loan amount to borrow is $3,387.82. It is more than seven times the initial principal owing!

Online Reputation Management

First Loan has been in business for at least a couple of years, and they’ve had plenty of opportunities to establish a respectable track record. When researching a lender, acquiring a second or third opinion is usually a good idea. A third and fourth opinion is okay too. We’ve created a summary of the most critical aspects of the First Loan evaluation.

The Better Business Bureau (BBB)

Let’s start with the Better Business Bureau (BBB). They’re among the best sites for determining a company’s quality since they operate slightly differently from other review sites that rely on crowdsourced feedback. 

Very First, The BBB rating on the Loan is C+. It isn’t the worst possible score, but it’s also not great. The firm has barely been around for a short period, yet its BBB page has the equivalent of 57 complaints. They have responded promptly to them, so they do not receive an F.

On the website, all of the customer reviews are negative. There are just eight reviews on the site, but they all give the lowest possible rating (1 out of five stars). Most critiques focus on the company’s exorbitant borrowing prices, although that isn’t its sole flaw. The fact that most complaints are about collections and billing concerns is even more concerning.

Sites with User-Generated Reviews

The crowd’s more common evaluations repeat the issues found on the BBB profile. For example, First Loan’s Trustpilot profile has 1.4 five-star ratings based on many reviews (88).

Unlike the BBB website, First Loan has done far less to manage its Trustpilot profile. They have yet to claim their listing, respond to concerns, or even explicitly encourage anybody to submit a review.

Every other review of First Loan says the same scenario. Three-quarters of the 43 Trust Mamma ratings give it a one-star rating. They’ve also managed to get on Scam Advisor’s radar and have a bad trust score.


While we don’t recommend borrowing money from First Loan or any other tribal lender, it’s not unusual for folks to fall into this trap. Some features make them intriguing, particularly to people who may not be qualified for standard loans.

They’ve done things like:

  • A method for submitting applications that takes only a few minutes for candidates to complete.
  • Low qualifying standards make them available to folks who have had problems acquiring credit.
  • The capacity to fund loans as soon as the next business day
  • The modest principal balance is ideal for covering minor costs.

At first glance, these loans may appear to be a godsend for people needing a little additional income until their next payday. However, reading the tiny print reveals that they’re nothing more than a long-term payday loan with the same risks.


The risks associated with First Loan’s products are similar to those associated with similar tribal installment loans. It would not be wise for them to follow the example of their friends and apply for a loan using the money from First Loan. Even individuals with sufficient means to repay their loan before the due date (two weeks later) will learn that they have engaged in a payday loan transaction.

The following are the critical concerns with First Loan:

  • Their APRs are substantially higher than almost any other type of credit (except for payday loans).
  • Borrowers will likely have difficulty completing their loan payments, resulting in additional fees and exacerbating the problem.
  • Borrowers can’t sue First Loan like they can a traditional lender if it does anything illegal.

Tribal financing is dangerous in general, and First Loan is no exception. Their loan amounts are higher than their competitors, making them riskier. The financing cost for 000 loans at the highest rate of 795 percent will result in a total interest payment of $30k for a year.

What is the procedure for applying for a First loan?

Applying for an installment loan takes little time because they have fewer qualifying standards than traditional lenders. Prospective borrowers must fulfill the following criteria to be eligible for funding through First Loan:

  • Employer verification or a reliable source of income
  • Maintain a good-standing bank account.
  • Check to see whether you have a working email address and phone number.
  • You must be at least 21 years old.
  • Are you in a state where First Loan may help you?

Anyone who meets these basic minimal standards has a reasonable probability of being approved when they apply for a personal loan. The process will take a brief period before it is finished. Remember that one of their numerous benefits is their loan application procedure.

All you have to do now is provide the following information:

  • About yourself: Details about your living situation, as well as evidence of identification and contact information
  • Information about earnings (or other sources of money) and earnings levels in the workplace.
  • Your bank account so that First Loan may transfer funds and debit your account to make payments. Banking information.

While the application process is simple, giving your personal information to anybody is not a brilliant idea. Even if First Loan does not misuse their information, it may be in the hands of someone who does. Don’t just throw this stuff out there.

Alternatives to a First-Time Borrower’s Loan

Aside from a cash shortage, one of the most common reasons consumers turn to a lender like First Loan is because they can’t afford their credit ratings. Many applicants feel they will not obtain a loan from a bank. They assume that the only choice is to pay exorbitant fees for service.

Tribal and payday lenders claim that the rates they demand are necessary to make money, yet, considering the risk, they assume. Many lenders lend to high-risk consumers and provide APRs substantially lower than those charged by First Loan. Here are some of our favorites:

  • Credit unions are one of the best solutions for people who don’t have excellent credit. To be eligible for a loan, you must be a member. Even for people with bad credit, their prices are frequently lower than those offered by other lenders.
  • Private lenders with secured credit: Lenders are hesitant to give loans to those with a poor track record of repaying their debts. They want to avoid taking the chance of losing money on their investment. They may, however, be ready to lend to persons with bad credit who can acquire collateral, such as their home or automobile. To avoid losing your home, pay off your secured debts on time.
  • Cash Advance Request Forms. Cash advance applications are an excellent option for folks who need a small amount of money until payday. Earning cash, for example, allows workers to receive payment for their work as soon as they finish it instead of waiting for a salary. Furthermore, there are no necessary expenses or fines while paying back the money.

Other than the First Loan, these solutions will be more acceptable for individuals who want cash. You can utilize one of them before turning to a tribal lender.

Recommendations at the End

Suppose you’re looking for a simple First Loan review that explains everything you need to know about borrowing money from the company. The answer is a resounding no (though this shouldn’t come as a surprise). For the vast majority of borrowers, First Loan is too costly. Consider one of the above ideas if you need assistance with your costs.

One of our customer care specialists will help you complete the loan process, which includes checking personal facts before final loan approval and funding. Try to figure out how to solve your problems without borrowing money in the first place. If you can reduce your expenses or generate more money from time to time, you can avoid needing to borrow again. A credit specialist might be a useful (and reasonable) option if you need assistance with your credit score. For immediate assistance, contact one of the local counselors.


monthly payment, social security, eligible borrowers, loan proceeds, loan balances

Jason Rathman