Arkansas payday loans

Compare your loan options in Arkansas

Information verified correct on May 25th, 2017

Are you thinking about getting a short term loan in Arkansas? Don’t apply without going through this guide.

If you’re in need of quick cash and are looking for a small-dollar loan, getting a payday loan may have crossed your mind. This guide will help you navigate payday lending in Arkansas.

Are payday loans legal in Arkansas?

No, payday loans are illegal in Arkansas. 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 seq, was repealed in 2011.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.

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.

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 short term loans, you run the risk of defaulting on your loan due to the high APR.

Rates last updated May 25th, 2017
Max. Loan Amount Term of Loan Turnaround Time Costs
OppLoans Installment Loans
Get a better personal loan of up to $5,000 with 9- to 24-month repayment terms, depending on your state.
$5,000 9 to 24 months 1 business day Depends on state of residency. Go to site More
NetCredit Installment Loan
Build a positive credit history with on-time payments through flexible repayment options that include credit card and money transfer.
$10,000 Varies upon state 1 business day Total costs will vary based on your state and credit score. Go to site More
Cash Central Installment Loan
Pay monthly or biweekly over six to 24 months with lower APRs over your typical payday loan.
$5,000 6 to 24 months Overnight Depend on state specific laws as well as the amount of money you borrow. More
Check City Installment Loan
Even if you have poor credit, apply with this short term loan specialist offering quick disbursement and referral rewards.
$2,500 Varies Next Day Depends on state of residency. Go to site More
Blue Trust Loans Installment Loans
These loans act as an alternative to payday loans, and you don’t have to make payments in one large lump sum.
$1,250 6 months Quick approval APR varies More

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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.
  • Short term 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 with a service like eBay or LetGo, 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. However, there is a small loan APR cap of 17%.

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.

Have any more questions about Arkansas short term loans?

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

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

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

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

Where are payday loans available?

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US Payday Loans Offers

Learn about our information service
LendUp Payday Loans

LendUp offers $250 loans for first-time borrowers. Good credit is not required.

OppLoans Installment Loans

Get a better personal loan of up to $5,000 with 9- to 24-month repayment terms, depending on your state.

Check into Cash Payday Loan

With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

Check City Payday Loan

Apply for a fast, secure and confidential payday loan — even with less-than-perfect credit.

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