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Arkansas Payday Loans up to $1K
Are you thinking of getting a Payday loan in Arkansas? They may be a good idea to solve any urgent financial problems you have as they are unsecured and available for bad credit. But unfortunately short-term 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 seq, repealed in 2011, put a 17% usury cap on any short-term cash advance. Besides, the cost of the loan will depend on the amount you want to borrow, the term, your credit score and the lender's conditions.
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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CashAdvance.com
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.
CashAdvance.com is one of the more trusted names in payday loans, and works the same as Trusted Loan Network in that it aggregates lenders to help match the best one for you. They offer a wide range of loans and have some of the lowest APRs in the payday loan business. CashAdvance.com also does not require a credit check, but you do need to be 18, have a source of income and have an open back account. Once you are approved, funds will be deposited in your account the following business day.
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 |
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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.
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Payday Loans Low Rates
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.
THE TYPES OF LOANS THAT WE OFFER ARE AS FOLLOWED:
$100 - $1,000 Payday Loans - a short-term loan which you typically would repay by your next payday or within 30 days. Normally comes with a higher (APR).
$1,000 - $35,000 Personal Installment Loans - involves equal periodical repayments over an agreed loan term. No collaterals are needed either, but the APR is normally lower compared to the one of the payday type.
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.
How does YourFasterPayday.com work? You’re looking for cash to pay bills, to buy a car or maybe do some work around the house. YourFasterPayday.com has the lenders you're looking for. It's easy. It doesn't matter the size of the loan you're looking for... YourFasterPayday may be able to connect you with a lender that can help. Fill out the block above to get started.
PayDay Loan Calculator
Payday Loans Store Locations in Arkansas
Why Is Payday Lending Illegal in Arkansas?
- 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.
Other options for the residents of Arkansas to get the necessary funds:
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.
Payday Loans under certain economic conditions in Arkansas
Not everybody might know that the nickname of Arkansas is The Natural State. Its population counts up to 3 020 327 people. Not all of them are aware that their state is famous for : "Most dog owners". But 789 211 AR residents definitely know about the popularity of easy, convenient and legal Payday Loans as they borrow them at least once a year. Arkansas produces 0.66% of the US GDP (Gross Domestic Product), which is $121 383 mln and puts the state on the 34th place among all the others. A median household income here constitutes $41 995, or $22 883 per capita to compare with the price parity of 86.8 out of 100. These figures prove once again how hard it may be sometimes to make both ends meet with an average weekly wages of $440. Not surprisingly, the poverty rate reaches 18.70%, or 539 thousand people, i.e. the 46th position all over the country. No wonder 57% state’s residents are in need of a quick and easy money, which can be applied for in-store or online in the type of Payday, Installment or Personal loan.
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.
Must know information on Payday Loans.
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 unsecure $100 - $1000 cash lent for 14-30 days and paid off with your next paycheck.
- $100 - $1000
- 14-30 days
- money in your account in 24 hours
- 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. It’s very simple to apply for it: just fill out a form with the state and e-mail address, and if you are over 18, have a permanent job, income and a valid bank account, you have 98% chance to get approved and receive the money in 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. (For more information read “Payday loans for bad credit history applicants”).
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 read our article “$1 a day for $100 Payday loan” where it’s proved that borrowing $100 with 400% APR for 14 days you overpay only $1 a day. Besides sometimes, it’s the only way out from a difficult financial situation and it’s easy as ABC: Affordable, Beneficial, Convenient!
Difference between Payday loans, Installment loans and Personal loans.
Payday Loans vs Installment vs Personal loans.
There’s a lot of misunderstanding among borrowers what is Payday, Installment and Personal loans are. Many people mistake them for one another, or think it’s all the same. To understand the difference better, let’s define each of them at first.
Payday loans are small dollar ($100 - $1,000) short term (14-30 days, in some cases up to 3 month) cash advance which is characterized by its easiness, speed, availability, even for those with bad credit, or without a credit history.
Payday lending is legal not in every state. To find out more information in your place of residence read our research “Payday Loans Rules, Laws and Regulations by state”.
Installment loans are $1,000 - $5,000 credit borrowed for 6 – 36 months and paid back in equal repayments, usually unsecure and available for those with bad credit score.
Personal loans are $5,000 - $35,000 credit granted for personal use, usually unsecured, backed up only by your ability to pay it back, for 6 – 60 months and repaid in equal installments.
The key differences between Payday, Installment and Personal loans lie in their amount, repayment terms and rates. It can be seen more vividly in the form of the table:
|
|
Payday loans |
Installment loans |
Personal loans |
|
Amount |
100$ - 1,000$ |
1,000$ - 5,000$ |
5,000$ - 35,000$ |
|
Term |
14 - 60 days |
60 days - 36 months |
Up to 60 months |
|
Repayment |
With the next paycheck |
In scheduled installments every fortnight, month, 2 months. |
Monthly, or in parts as it’s set in the agreement. |
|
Interest rates, APR |
APR – 300%-750%, plus 10-15% of 100$ borrowed |
5.99% to 225% APR plus 5% fee |
3.99% APR plus 450% origination fee |
|
Collateral or guarantor |
No |
No |
No |
The APR is the rate at which the loan accrues interest and is based upon the amount, cost and term of the loan, repayment amounts and timing of payments. Lenders are legally required to show the APR and other terms of your loan before customer execute a loan agreement. APR rates are subject to change.
Taking into account the enumerated peculiarities this or that cash advance is preferred by certain borrowers for their special needs.
Payday cash advances are mostly applied for by people with bad credit, with a low income, who need a little cash for a short period. While Installment and Personal loans suit better to the borrowers with good or bad credit, who want to take higher amounts of money and need more time to pay it back, and don’t want to do a lot of paperwork looking for a collateral or guarantor.
Benefits of different types of loans:
- Easy, quick way to get extra cash
- Short repayment term, possibility to pay it back with the next paycheck
- Suitable and convenient for emergency expenses
- Higher amount than a payday loan
- Smaller interest rates
- Easier to pay off in installments over a longer period of time
Rather high amount of money
Available without guarantor or collateral (in contrast to mortgages, auto loans, etc.)
Easier to pay back having a precise scheduled plan.
As we can deduce, there are credit types, with their advantages and disadvantages, to suit needs and wishes of any American. The only thing you must do – get information and compare the offers. That’s exactly what our service helps you with. COMPACOM – compare all and choose the best one!
Are Payday Loans available for people with 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 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 to:
- 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
The types of loans available for bad credit applicants are Payday, Personal and Installment. They typically have higher interest rates and shorter terms than loans offered to people with good credit. You are most likely to get a Payday cash advance as its amount is not very high, $100 - $1000, and the APR on the contrary may exceed 400%. This fact shouldn’t frighten you as due to short (14 - 30 days) term the overpay could be only $1 a day.
You’ll get up to $1000 cash deposited into your account within 24 hours. 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 judgments, 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 borrowers with a bad credit. Though you score can influence the amount you want to take and the interest rate the lender will offer to you. The maximum sum for an installment cash advance is $5000, and for a personal loan - $15000. 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.
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.
Select your city to find and compare the most suitable lender.
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State Regulator
Arkansas Attorney General
323 Center Street, Suite 200
Little Rock, AR 72201
Arkansas's Regulator Website
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