Are 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 seq, was repealed in 2011, after which Arkansas payday lenders stopped providing these kinds of loans.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.
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.
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.
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.
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.