Payday loans Arkansas

Information verified correct on January 19th, 2017

Arkansas payday loan signAre you thinking about getting a payday loan in Arkansas? Don’t apply without going through this guide.

There is a prohibition on payday lending in Arkansas, which makes payday loans illegal in this state. The Check Casher Act, as defined by Arkansas Code 23-52-101 et. seq, was repealed in 2011, after which Arkansas payday lenders stopped providing these kinds of loans. The reason payday loans are illegal in Arkansas is because of the high interest they charge.

Out-of-state lenders cannot provide online payday loans in Arkansas legally. If you choose to get a payday loan in this state, you’re doing so at your own risk. Keep in mind that if you choose to apply for any kind of loan or line of credit, it’s very important read all the paperwork (including all the fine print) before signing anything. It’s also a good idea to have a solid plan to pay back your loan, so you don’t find yourself needing to borrow more money to repay debt. Go through this guide to find out about your alternatives.

The hidden consequences of payday loans

Installment loans you can apply for

Installment loans are a realistic option for people with a poor or bad credit rating because providers of these loans carefully examine your existing financial situation. One drawback is that they tend to charge much higher interest than most kinds of conventional loans. As with payday loans, you run the risk of defaulting on your loan due to the high APR.

Rates last updated January 19th, 2017
Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Max. Loan Amount Term of Loan Turnaround Time Total Cost of Borrowing $100
NetCredit Installment Loan
Build a positive credit history and borrow up to $10,000 with Net Credit.
$10,000 Varies upon state 1 business day Total costs will vary based on your state and credit score. Go to site More
$2,500 Varies Next Day Depends on state of residency. Go to site More
$5,000 Varies Overnight Depend on state specific laws as well as the amount of money you borrow. More

Personal loans you can apply for

If you’re looking for personal loans in Arkansas, you can turn to banks or credit unions. Applying for these loans requires that you have good creditworthiness. Your credit score will have a considerable effect on the interest you have to pay.

Rates last updated January 19th, 2017
Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Max. Loan Amount Minimum Credit Score Turnaround Time Requirements
NetCredit Personal Loan
You could borrow up to $10,000 and get an interest rate personalized to your credit score
$10,000 300 1 business day Varies based upon state of application Go to site More
LightStream Personal Loans
You could borrow up to $100,000 with rates starting from 1.99% fixed.
$100,000 680 Varies You must have a good or excellent FICO and be an American citizen or a permanent resident of the US. Go to site More
SWIFT Personal Loans
With a 5 minute simple application, SWIFT connects you with lenders that will offer you terms that are reasonable, affordable, and trustworthy.
$10,000 1-2 days You have a valid bank account, You have a job or regular source of income, You are a resident of the United States and You are 18 years of age or older Go to site More
SoFi Personal Loan
Borrow up to $100,000 with a competitive APR and no fees.
$100,000 660 Varies You must be a U.S. citizen or permanent resident 18 years or older. Go to site More
Avant - Personal Loan
Borrow up to $35,000 with APRs ranging from 9.95% – 36.00%
$35,000 660 1-2 business days You must have at least a fair credit score (580 or more). Showing proof of a steady income. You must be a US Resident over 18 years old. Go to site More
Upstart Personal Loans
You are not required to have a specific minimum annual gross income, or credit history. That easy.
$50,000 660 1-2 business days 18+. US citizen or permanent resident. 660 credit score or higher. Go to site More
Payoff Personal Loans
Stress-free loan with APR starting at 8 and a 35000 credit line
$35,000 660 1-2 business days Avg credit score and debt to income ratio less than 50%. 18 years and older. Go to site More
Lending Club Personal Loan
Borrow up to $40,000 with rates starting at 5.99 to 35.89 APR based on your credit score.
$40,000 660 Varies You must be over 18 years of age, a permanent resident of the US or an American citizen and have a steady source of income. Go to site More
LendKey Student Loans
Reduce your interest rate, lower your monthly payments, and save thousands over the lifetime of your student loans.
$175,000 660 1-2 business days You must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible school. Go to site More

What other options do I have if I need extra cash in Arkansas?

While you can’t get a payday loan or a payday advance in Arkansas, you can think about getting funds in other ways. Your options include:

  • Apply for a credit card. Whether you have good or bad creditworthiness, there is a huge selection of credit cards worth considering if you need extra money. Credit cards also have more reasonable payments and lower interest rates.
  • Tribal loans. If you live in a state like Arkansas where payday loans are illegal, you still have the option of getting one if you go through a tribal lender like SWIFT or Blue Trust Loans. Since these lenders are based on tribal land, they are considered a sovereign entity and are able to abide by their own laws.
  • Payday loans from other states. If you’re in Arkansas temporarily but are normally a resident of a state where payday loans are legal, you can consider applying for an online payday loan. To do this you’ll have to provide documented evidence of your residence in another state. Also make sure the lender is backed by the OLA or similar.
  • Pick up side work. Looking for side jobs, selling things online, or signing up to drive with a company like Uber are some of the many ways people get extra cash when they’re in a bind. It’s a great alternative to getting a loan or credit card because there is nothing to repay.

Find out your credit score here

What are the typical costs of an Arkansas loan?

When you get credit, you have to repay the principal along with interest as well as other fees and charges. The interest you have to pay depends on multiple factors including your credit rating, the amount you wish to borrow, the loan term and the type of credit and the lender you choose.

Lenders can charge fees including application fees, loan disbursement fees, loan settlement fees, late charges, and NSF fees. To find out how much your loan may end up costing you, go through the loan contract carefully.

What states can I apply for a payday loan in?

Have any more questions about Arkansas payday loans?

I’m in Arkansas temporarily and my driver’s license shows me to be a resident of Missouri. Can I apply for a Missouri payday loan online?

Yes, you can, provided you meet other eligibility criteria.

Who should I get in touch with if I wish to report an instance of payday lending in Arkansas?

You should contact Arkansas State’s Office of the Attorney General.

Is there a limit to the interest I have to pay if I get a consumer loan of any kind in Arkansas?

Yes. Under state regulations, lenders cannot charge an APR more than 17% for providing consumer loans.

Are auto title loans legal in Arkansas?

No, due to the high interest rates, auto title loans are illegal in Arkansas.

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