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Payday Loans in Arkansas
Find out all you need to know about Arkansas Payday Loans. Learn the rates and terms or apply for the necessary cash advance online.
Are you thinking of getting a Payday loan in Arkansas? A 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. Though Arkansas laws restrict Payday lending, you can always find ways to get emergency cash. Consider other options such as Installment Loans and Personal Loans which are similar to a 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.
Apply for Payday Loans in Arkansas from the Best Direct Lenders Online or find a Loan Store near your location.
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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 seq, was repealed in 2011.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 |
PayDay Loan Calculator
Before you apply for a short-term cash advance online consider other Payday Loan alternatives:
- Installment Loans and Personal Loans online
- Debt Consolidation Loans, Credit Builder Loans, Credit Cards
- Social services and local assistance programs
- Additional part-time jobs or some side gigs and freelance opportunities to earn extra cash
- Recycling for money
- Help from your employer, creditors, family and friends
- Traditional banks or credit unions.
Applying for a short-term Payday Loan you should be very careful and responsible. Plan your budget carefully not to default on the loan. Avoid rollovers, renewals, or extensions. It'll help you get out of Payday debt fast and easy.
How Payday Loans in Arkansas work?
Arkansas Payday Loans (which can be also called a 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 (no collateral is required).
Payday Loans in Arkansas share the same characteristics but due to some of them, high cost and short repayment terms, in particular, they 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.
To get the necessary cash residents of Arkansas need:
- submit a loan request online
- get instant decision from a direct lender
- get the money within 1 - 2 business days after approval.
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.
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Any comments or reviews made on this website are only individual opinions of the readers and followers of the website. The website and its authors team are not responsible, nor will be held liable, for anything anyone says or writes in the comments. Further, the author is not liable for its’ readers’ statements nor the laws which they may break in the USA or their state through their comments’ content, implication, and intent.