No, payday loans aren’t legal in Arkansas. The Check Casher Act, which regulated these types of loans, was repealed in 2011. While you might come across online lenders or brokers claiming to provide payday loans, if the interest rate is higher than 17%, it’s not allowed under Arkansas law.
However, plenty of legitimate lenders offer loans that comply with Arkansas law. Just be sure to check the terms so you don’t end up with an illegal loan disguised as something else.
While you can’t get a payday loan or a cash advance in Arkansas, you can get funds in other ways. Your options for payday loan alternatives include:
If you need cash to fill a gap in your budget, you could try a personal loan from an online lender. Applications are usually completed 100% online in just a few minutes, with funds being disbursed in as little as 24 hours.
Plus, with personal loans, you’ll typically have longer to pay the money back — up to several years, in some cases. But if you prefer to save money on interest by repaying your loan back quickly, you could consider a short-term loan instead.
Qualifying for a personal loan usually depends on your credit score, income and debt level. If your credit isn’t perfect, don’t worry — some lenders specialize in bad credit personal loans so you can still get the money you need.
If you belong to a federal credit union, a Payday Alternative Loan (PAL) could be a great way to get a loan without the sky-high costs of predatory payday lenders. These small loans range from $200 to $1,000 with repayment terms between one and six months — giving you plenty of time to repay the loan.
The only downside is that you must be a credit union member for at least a month before you can apply. You’ll also need to show a steady income and the ability to repay the loan. However, if you qualify, a PAL can be one of the most affordable short-term loan options out there.
A cash advance app like Dave, Albert or Brigit could also help you make it to your next payday. These apps let you borrow a small amount — usually $20 to $500 — without interest charges. Instead of traditional fees, they make money through optional tips, monthly subscriptions or instant transfer fees.
To qualify, you’ll usually need a linked bank account and regular direct deposits from your employer or another source of income. The amount you owe is automatically deducted from your bank account on your next payday, so you never have to worry about missing a payment. Just watch out for instant transfer fees and recurring subscription costs, which can add up.
If you were considering a payday loan because you’re dealing with a lot of debt, settling your debt instead could be a smarter move. Debt settlement lets you negotiate with creditors to pay less than what you owe, which can free up room in your budget without piling on more high-interest debt.
This option works best if you’re already behind on payments and struggling to catch up. You can try negotiating directly with creditors or work with a debt relief company to handle it for you. Just be careful — some companies charge hefty fees, and not all creditors will agree to settle. But if payday loans seemed like your only way out, this could be a better long-term solution.
The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.
Short-term loans in Arkansas are more affordable than payday loans, but they’re not free. The state caps interest rates at 17% APR, but your exact rate depends on factors like your credit score, loan amount and lender.
Beyond interest, lenders can also charge fees, including:
Always read the loan agreement carefully to understand the total cost before you commit. You’re never obligated to take a loan just because you applied, so compare your options to find one that fits your budget.
If you’re struggling to pay your bills in Arkansas, several assistance programs can help:
If you’re interested in any of these programs, the best way to get started is to check out its website or contact them directly. Each program has different rules and application steps, so reaching out is the easiest way to see what you qualify for and how to apply.
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 be sure to weigh the costs carefully — even legal alternatives can be expensive and borrowing too often can make it harder to stay on top of your finances.
Yes. Under state regulations, lenders can’t charge an APR of more than 17% per loan.
No, payday loans are prohibited by law in Arkansas.
No. Due to the high interest rates, auto title loans are also illegal in Arkansas.
No, it isn’t. Out-of-state lenders can’t provide payday loans to residents of Arkansas, with the exception of tribal lenders. If you find an online lender offering a payday loan, report it to the State Attorney General.
Consider all your options before taking out a high-cost payday loan.
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Where can i get a cash loan from in arkansas
Hi Kila,
Thanks for leaving a question on finder.
Unfortunately, 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. Tribal lenders operate on Native American sovereign land and aren’t regulated under state law. Be sure to check that the lender is legit before applying though.
– Credit card cash advance. If you have a credit card, consider a cash advance. Although expensive, this usually has lower interest than payday loans and can help you get through a rough financial period.
– Settle your debt. Depending on your credit score, you may be able to settle your debt for less than you currently owe. This could help with your monthly budget. Consider a debt relief company for help in negotiating with creditors and paying off your debt.
– Government assistance programs. 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 things in your daily living budget.
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 these forms of credit are costly and you could end up paying back more than what you borrow if you get stuck in debt cycle.
Cheers,
Joel
If I’m an Arkansas resident and buy a car in missouri that has a title loan lien can I legally title the vehicle in arkansasI
Hi Hippie,
Thanks for getting in touch with finder. I hope all is well with you. :)
In most cases, if a car has a lien applied in it, the lender holds the original copy of the title. The car title will only be returned upon completely paying all outstanding balance. For this reason, you might have a hard time transferring the title of your vehicle in Arkansas.
To get a more personalized answer, please seek professional advice.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
I have bad credit but need a medical loan for $8,500 and I can put my car up for collateral but who will take a chance with me being young and having bad credit?
Hi Kk,
Thank you for your inquiry.
It might be difficult to find a loan when you have a low credit score. But there are lenders who consider bad credit that you may apply and be approved for.
Cheers,
Harold
I need a loan to start a seasonal business I need about $8,000 til Nov 2017 I have horrible credit but is there a chance someone may help. Please I’m desperate
Hi Jennifer,
Thank you for your inquiry.
You may want to consider the small business loan options here.
I hope this information has helped.
Cheers,
Harold