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Arkansas Payday Loans up to $1K
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Are you thinking of getting a Payday loan in Arkansas? Short-term cash advance may be a good idea to solve any urgent financial problems you have as it's unsecured and available for bad credit. But unfortunately Payday Loans aren’t legal in Arkansas. The Check Casher Act, as defined by Arkansas Code 23-52-101 et. seq, repealed in 2011, put a 17% usury cap on any short-term cash advance. Consider other options such as Installment Loans and Personal Loans which are similar to Payday cash advance but maybe more affordable and available in Arkansas.
In case of emergency consider legal $1,000 - $5,000 Installment Loans or $5,000 - $35,000 Personal Loans. They are also easy to apply and get. Fill out a free application form online and the money will be deposited into your bank account the next business day or receive the cash advance the same day in a loan-shop. They are also unsecured and available for bad credit. Besides, the rates are lower as the repayment term is longer.
Compare Payday Loans in Arkansas from the Best Direct Lenders Online or find a Loan Store near your location.
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Cash Advance and other Money Offers in Arkansas:
Compare Payday Loans from Direct Lenders and Other Financial Services Online
Find the best Arkansas offers choosing among a variety of legit reliable online and in-store lending companies.
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Greenlight Cash
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000 for Payday Loans, $1000 - $5000 for Installment loans, and up to $15,000 for Personal loans. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
Are Payday Loans Legal in Arkansas?
Loan Rates and Fees, Laws and Regulations in Arkansas.
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 loan brokers may be able to connect you with suitable lenders and some lenders may still provide Installment Loans that meet the state’s requirements. In any event remember these lenders are not licensed or regulated by Arkansas and may even be operating illegally so proceed with caution. Or compare $1,000 - $5,000 Installment Loan and $5,000 - $35,000 Personal Loan offers. There is a 17% usury cap on short-term loans. Since 2008 payday lenders stopped operating though some online companies can still provide you with the money you need.
| Law status | prohibited |
| MIN Loan Amount | Payday Loans Prohibited |
| MAX Loan Amount | Payday Loans Prohibited |
| MAX APR | Small loan rate cap: 17% annually |
| Collateral or guarantor | None, unsecured |
| Default penalties | Not allowed |
| Credit score requirements | Available for Bad Credit |
| Law status | restricted |
| MIN Loan Amount | $1,000 |
| MAX Loan Amount | $5,000 |
| MIN. Loan Term | 90 days |
| MAX. Loan Term | 36 month |
| MAX APR | 225% |
| Collateral or guarantor | None, unsecured |
| Credit score requirements | Available for Bad Credit |
| Law status | restricted |
| MIN Loan Amount | $1,000 |
| MAX Loan Amount | $35,000 |
| MIN. Loan Term | 90 days |
| MAX. Loan Term | 60 month |
| MAX APR | 450% |
| Collateral or guarantor | None, unsecured |
| Credit score requirements | Available for Bad Credit |
Looking for a Quick Loan with NO collateral or guarantor?
Quick and Easy Payday Loans Online
Compare top online companies offering fast cash advance with no faxing, no paperwork, possibly no hard credit check and no teletrack. Filling out a free application form guarantees you instant decision and high approval chances even if you have a bad credit score.
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Your Faster Payday
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents the cost of your loan borrowed for a month. It's more significant criterion than APR as mostly Payday loans are borrowed for 14-30 days until the next paycheck.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
Fast Holiday Loans
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
PayDay Loan Calculator
Before you apply for a short-term cash advance consider other Payday Loan Alternatives
A warning about short-term payday loans
Applying for a short-term Payday Loan you should be very careful and responsible. Plan your budget carefully not to default the loan. Though an overpay may be only $1 a day for 100 dollar cash advance you must remember that not paying off the money on time may lead to additional penalty or NSF fees and high total cost.
So, before you make a final decision to apply for a Payday Loan consider other alternatives that may be helpful when you need urgent funds:
- Think of other more affordable types of loans with lower rates and fees and longer repayment terms such as Installment Loans and Personal Loans,;
- Consider Debt Consolidation Loans, Credit Builder Loans, Credit Cards;
- Try social services and local assistance programs;
- Look for additional part-time jobs or some side gigs and freelance opportunities;
- Start recycling for money;
- Address a person able to help you – employer, creditors, family and friends;
- Use traditional banks or credit unions to get cash.
And keep in mind that the most important thing about any loan, especially Payday Loan is to pay it off on time. It helps you avoid rollovers, renewals or extensions and increases your chances to get out of debt fats and easy.
Table of Contents:
Top Payday Loan Companies in Arkansas
Are Payday Loans Legal in Arkansas?
Payday Loan Interest Rates in Arkansas
Online Payday Loans lenders in Arkansas
Payday Loan Calculator in Arkansas
Payday Loan Requirements in Arkansas
Payday Loans in Arkansas - how they work?
Online Payday Loans in Arkansas
Why are Payday Loans prohibited in Arkansas?
Cash advance options available in Arkansas
Bad Credit Payday Loans in Arkansas
Payday Loans from Direct Lenders in Arkansas
Payday Loans in Arkansas - how they work?
Payday Loans (which can be also called payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) are:
- short-term (14-30 days),
- small dollar (up to $1,000),
- available even with bad credit (even for borrowers with poor FICO credit score),
- high-cost (with the APR from 391% to 3,733%)
- unsecured (is given without any collateral).
Payday Loans in Arkansas share the same characteristics but due to some of them, high cost and short repayment terms in particular, thy are forbidden in the state. Lenders can't legally operate because of the rate cap set by the authorities. But we can let you compare other options available in Arkansas.
Online Payday Loans in Arkansas
If you already have some experience borrowing money, or are good at surfing the Net and doing research online lending will definitely suit you.
Online lending is becoming more and more popular as it has plenty of advantages:
- it gives you a chance to compare a lot of different offers at once,
- you can avoid driving, doing paperwork and waiting in lines,
- applying is free and simple,
- you have very high chances of approval even with a bad credit score,
- you can find some lenders ready to give you the loan with no credit check,
- it's available 24 / 7.
Still you must keep in mind that in Arkansas both in-store and online Payday Loan are prohibited. Take advantage of online service applying for Personal Loans on the Internet.
Are Payday Loans legal in Arkansas?
No, unfortunately, Payday Loans are prohibited in Arkansas by the state. The authorities ban short-term cash advance for a number of reasons:
- Payday Loans’ short term makes it hard for the borrowers to repay the loan on time. That’s why it often leads to a debt cycle;
- In case a customer can’t pay off the loan on the due date, he applies for rollovers and extensions which requires additional fees and charges;
- As Payday Loans have very simple to meet requirements they are considered rather risky for lenders. That’s why they charge high APR, around 380% or higher;
- If there isn’t enough money on your bank account when the loan is due, you’ll be charged an Insufficient Funds Fee which is usually about $15 - $20.
Arkansas Payday Loan alternatives
As Payday Loans are illegal in Arkansas, it is still possible to get credit or cash in other ways.
- Installment Loans. They are available in the amounts of $1,000 - $5,000. The terms vary between 36 – 60 months. The repayment is in fixed monthly installments.
- Personal Loans. Get up to $35,000 for any personal needs without a guarantor or collateral for up to 7 years term.
- Title loans, or Pawn shops. There may be also some restrictions. So, before applying check the terms and conditions.
- 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.
- Tribal loans. These are money from tribal lenders which operate on Native American sovereign land and aren’t regulated under state law. Make sure you’ve checked the lender’s reviews and reliability.
- Get out a conventional loan from a bank or credit union. They are sometimes cheaper but take longer to get. Moreover this option doesn’t suit borrowers with bad credit and those who don’t have a bank account or are not a member of a credit union.
- Speak with your creditors to settle your debt. If you are going to apply for a Payday Loan because of some large bill you can’t pay, consider regulating this debt in another way. Discuss it with your creditor. He may reduce the payments. You may ask a debt relief company for help in these negotiations.
- Try to apply through a loan connection service. They may find a suitable lender willing to offer you a small-dollar loan. Keep in mind that the lender you’re ultimately connected with must have interest rates and fees that abide by Georgia’s law.
- Ask family and friends for help. It may sound a bit embarrassing but it will definitely be the cheapest solution. Just don’t forget to pay the money back if you don’t want to spoil the relationship.
- Apply for a Government assistance programs. The variety of help can be great when you need a little bit extra to get by but don’t want to take out a new line of credit.
Requirements to qualify for a Payday Loan in Arkansas:
What do I need to qualify for a short-term cash advance?
Independent lenders have their own individual requirements that must be met, but typical minimum requirements include, but may not be limited to:
- Arkansas (US) residence
- Minimum regular income of $1,000 per month
- Valid checking or savings account with direct deposit
- Phone number and e-mail address (if applying online, you must be able to be contacted via phone if verification of application information is necessary)
- Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
- If applying Online, you must provide a valid Social Security Number
- If applying at Loan Store, you must bring a valid government issued photo ID. A Social Security Number might not be required
- If applying in-store, you must bring proof of income and proof of a bank checking account. Debit cards or pre-printed checks may be accepted in your state as proof of bank checking account; contact your local store for details. Acceptable documents may vary by state.
FAQ
WHAT IS A PAYDAY LOAN?
A payday loan is a short-term unsecured loan given in the amount of $100-$1,000 and paid off within 14 - 31 days with the next pay-check.
The main characteristics of Payday loans (which can be also called payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) are:
- they are short-term (14-30 days),
- they are small dollar (up to $1000),
- bad credit is OK, i.e. they are available even for borrowers with poor FICO credit score,
- high-cost (with the APR from 391% to 3,733%)
- unsecured (they are given without any collateral).
Most people choose Payday cash advance due to its:
- availability for bad credit
- quickness of applying and getting
- easiness and convenience of repayment
HOW PAYDAY LOANS WORK?
Payday Loans main characteristics are: small-dollar, short-term unsecured cash advances which are quick and easy to get. Even borrowers with bad credit can apply either online or in a store.
- They just fill out an application.
- Lenders decide whether to approve or deny the candidate.
- In the first case the money is deposited into your account within 24 hours.
- The borrower writes the check for the amount taken plus fees and as soon as the loan is due the lender can cash it.
The process is:
- Fast (a minute for applying, a couple of minutes to get approved, less than a day to get the money);
- Easy (no driving, waiting in lines, doing paperwork, looking for a guarantor or collateral is required);
- Safe (you private information is secured and all your rights are protected as we work only with legal state authorized companies).
HOW CAN I TAKE A PAYDAY LOAN IF I HAVE A POOR OR FAIR CREDIT SCORE?
Bad credit loan is the type of credit given to borrowers with a FICO score below 640. You usually need at least 600 to qualify for such loan. To get money you may turn to credit unions, family, friends, peer-to-peer lending platforms or use online lending service. When choosing an online lender for a bad credit loan, there are important features to take into account. You can find all these important criteria on COMPACOM.com website, which gives you a unique opportunity to compare companies. Pay attention to5:
- Type of lending company
- Credit history and general qualifications
- Co-signer option
- Additional eligibility qualifications
- Employment requirements
- Interest rates and types
- Loan terms
- Fees and penalties
- Repayment options
CAN I GET A PAYDAY LOAN WITH BAD CREDIT SCORE?
Bad Credit Payday Loan is the type of credit given to borrowers with a FICO score below 640.
“A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual. A credit score is primarily based on a credit report information typically sourced from credit bureaus”.
It can influence the amount, the terms, interest rates and actually your eligibility for the credit.
If you have a bad credit, you can still apply for a Payday Loan. It’s up to the lender to decide, but they often approve such candidates. They typically have higher interest rates and shorter terms than loans offered to people with good credit.
What are Payday Loans in Arkansas?
All you need to know about Payday Loans.
Payday loans, or as they are also called “small dollar”, “bad credit”, “same day”, “short term”, “cash advance” are a kind of easy quick unsecured $100 - $1000 cash advance paid off with your next paycheck in 14 – 30 days. As soon as you are approved you are likely to get the money in your account in 24 hours or even the same day. Bad credit is not a problem to receive the necessary funds. Most direct lender Payday Loans are granted to any borrower with a steady income.
So, the main characteristics of Payday Loans are:
- $100 - $1000 average loan amount;
- 14-30 days repayment term;
- money in your account in 24 hours or even the same day;
- available even for bad credit;
More than 12 mln Americans use cash advance every year.
It’s legal in 36 states (with some restrictions in 9 of them) and prohibited in the other 14 and the District of Columbia.
You can take a Payday loan in storefronts, online and even in a few banks in Arkansas. It’s very simple to apply for it:
- just fill out a form with the state and e-mail address,
- if you are over 18, have a permanent job, income and a valid bank account, you have 98% chance to get instant approval from a direct lender;
- receive the money in your bank account less than 24 hours.
Payday loans are very attractive for the majority of borrowers because you don’t need any guarantor or collateral, and you can get it even with a bad or poor FICO score.
On the other hand, they are notorious for charging too high APR and leading to a continuous debt trap, but it’s a common myth. To debunk it we provide you with the cost of $100 Payday Loan at 400% APR for 14 days which is only $1 a day. You can calculate the cost of your loan free using our Payday Loan Calculator. Try Payday cash advance and make sure that it’s really as easy as ABC: Affordable, Beneficial, Convenient!
Payday Loans for bad credit in Arkansas
Bad credit loan is the type of credit given to borrowers with a FICO score below 640. You usually need at least 600 to qualify for such a loan in Arkansas. To get money you may turn to credit unions, family, friends, peer-to-peer lending platforms or use online lending service. When choosing an online lender for a bad credit Payday loan, there are important features to take into account:
- Type of lending company
- Credit history and general qualifications
- Co-signer option
- Additional eligibility criteria
- Employment requirements
- Interest rates and fees
- Loan terms
- Additional fees and penalties
- Repayment options
Types of loans available for bad credit applicants in Arkansas are Personal Loans and Installment Loans. They typically have higher interest rates and shorter terms than loans offered to people with good credit. Thus you are most likely to get up to $1000 Payday cash advance. Though its APR may exceed 400% it shouldn’t frighten you as due to short (14 - 30 days) term the overpay could be only $1 a day.
Just fill out a simple application form online and get instant approval if you meet the lenders’ basic requirements which typically are:
- Minimum FICO score of at least 600;
- Clean credit history; no judgements, liens and bankruptcies on your credit report; and a history of making on-time payments;
- Stable employment;
- Proof of identification with a passport, driver’s license or voter’s ID. You’ll also need to provide proof of residence such as a utility bill.
Installment and personal loans are also available for Arkansas borrowers with a bad credit.
Read more: Bad Credit Installment Loans.
Read more: Bad Credit Personal Loans.
Keep in mind that your score can influence the amount you want to take and the interest rate the lender will offer you. The maximum sum for an installment cash advance is $5000, and for a personal loan - $35000. In any case you need no collateral, no guarantor, no paperwork. No matter whether your credit score is 400, 550, or 600, get the chance to learn more about all the opportunities you have and compare the best lending services you are offered on COMPACOM.com.
Payday Loans from Direct Lenders in Arkansas
A direct lender is any financial institution that can offer you any type of loan directly managing all the lending process themselves without middlemen. Borrowing from a direct lender in Arkansas has its own advantages and disadvantages:
- If you need to compare several companies you have to go to each site and fill out an application which takes a lot of time and may turn out not very effective;
- Applying with a broker or matching service gives you more flexibility and freedom to choose the most suitable loan;
- With a direct lender it’s harder to get approval for a loan if you have bad credit while a matching service will be able to find you the necessary funds even with the credit score below 600.
- Pros
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- Faster loan processing and approval;
- It’s easier to solve any issues that might come up;
- Your personal information won’t be shared or passed to third parties.
- Cons
To apply for a Loan from a direct lender in Arkansas you:
- Go to the lender’s website and read all the information on the necessary loan;
- Check the eligibility criteria;
- If you suit the criteria and are satisfied with the terms and fees you fill out an application form;
- You wait until the lender approves you;
- If you are approved, you get the money deposited into your account within 24 hours.
It’s an ideal scenario of borrowing money which happens quite rarely. Usually you need to spend hours surfing the net and choosing a suitable offer. We can make this process quicker and simpler.
We provide you with a network of Arkansas direct lenders with detailed description of each of them. You just fill out our free compacom form and get immediately matched with the best lenders. It doesn’t make your loan more expensive. Just on the contrary, you can find the cheapest rates and fees offered by direct lenders. Besides, we ensure that all of our partners are licensed companies who work legally and keep your personal information and financial data secure.
Read more: Payday Loans from Direct Lenders.
Select your city to find and compare the most suitable lender.
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323 Center Street, Suite 200
Little Rock, AR 72201
Arkansas's Regulator Website
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