If you’re looking for a payday loan in Arkansas, you may need to consider other options
If you’re in need of quick cash and are looking for a small loan, getting one from a payday lender may have crossed your mind. This guide will help you navigate the laws surrounding short-term lending in Arkansas.
Can i get a payday loan in Aransas?
No. Payday loans aren’t legal in Arkansas. The Check Casher Act, as defined by Arkansas Code 23-52-101 et. seq, was repealed in 2011. However, some lenders may still provide installment loans.
Installment loans you can apply for
What other options do I have if I need extra cash?
While you can’t get a payday loan or a cash advance in Arkansas, you can get funds in other ways. Your options include:
- Tribal loans. You may consider going through a tribal lender.
- Credit card cash advance. If you have a credit card, consider a cash advance. This usually has lower interest than payday loans and can help you get through a rough financial period.
- Consolidate your debt. Depending on your credit score, you may be able to consolidate your debt through one larger loan, usually with lower interest and smaller monthly payments.
You may also want to look into assistance programs like the Home Energy Assistance Program (HEAP) or Food Stamp Program when you’re struggling to pay your bills. These can lower your daily expenses so you can afford to pay for other, more expensive things.
How much will a loan in Arkansas cost?
When you get credit, you have to repay the principal along with interest in addition to other fees and charges. The cap on interest is 17%, however it could be lower depending on your credit score, the amount you wish to borrow, the loan term, the type of credit and the lender you choose.
Lenders can charge the following fees:
- Application fees
- Loan disbursement fees
- Loan settlement fees
- Late fees
- Non-Sufficient Funds (NSF) fees
To find out how much your loan may end up costing you, go through the loan contract carefully. You’re under no obligation to sign, and comparing your options can help you pick out the best solution for your financial troubles.
Although you won’t be able to get a payday loan in Arkansas, there are other short-term loan options that can help you get the money you need whenever an emergency hits. Just keep in mind that all forms of credit are costly and you’ll end up paying back more than what you borrow.