How to Compare Loans in Arkansas
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Online Loans in Arkansas
We've seen a decline in the number of unsecured loans that banks provide in the past few years. While it may be challenging to get a personal loan from a bank, you could still get financing by taking a payday loan.
The way payday loans are governed varies from state to state, and the laws in Arkansas are quite clear when it comes to loan regulations and especially payday loans.
Compare online loans in Arkansas with our loan comparison tool above, or read more about online payday loan laws in Arkansas below.
The Advantages of Online Arkansas Loans
Arkansas Payday Loan Regulations
| Legal Status | Prohibited |
| Interest Rate (APR) | 17% usury cap |
Although payday lending is prohibited in Arkansas, usurious loans are still available, even though storefront payday lenders are no longer available in Arkansas. Arkansas is the only U.S. state that has a usury limit written into its constitution. Consumer loans in Arkansas are limited at 17% APR and the maximum rate lenders can charge on a loan is 17% or 5% over the Federal Discount Rate, whichever is lesser.
The Attorney’s General's office has been adamant to eliminate all forms of payday lending in Arkansas.
Payday loans are not legal in Arkansas. After the Check Casher Act was canceled in 2011, lenders stopped providing these kinds of loans to consumers.
This also includes Arkansas installment loans which often carried high interest rates.
Payday lenders were issued with a warning letter on March 18, 2008, by the Arkansas Attorney General to stop issuing new loans.
They were also asked to void all current and past loans or face legal action.
Get the Loan You Need
An online personal loan can help when you need cash for large purchases or unplanned expenses.
What are the Typical Costs of an Arkansas Loan?
Other avenues are still available for consumers to access Arkansas cash advances. Online lenders still are providing their services.
Moreover, the laws are constantly changing and there are those who are lobbying to make payday lending legal once again in this state.
Arkansas loans obtained from traditional banks and credit unions have charges associated with them.
You will be expected to repay the principal along with interest. The amount of interest to be paid is dependent on several factors:
- Your credit rating
- The loan amount you wish to borrow
- The loan term
- The type of lender chosen
Other fees and charges include application fees, late charges, loan disbursement fees, and NSF fees.
Thus, it is always advisable to read the fine print carefully to know exactly how much you owe a lender.
Use our loan payment calculator to better estimate the loan costs.
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Compare Arkansas Loans at Financer.com
At Financer.com we help you compare the best personal loans in Arkansas and get the best loan rates from leading lenders.
We have a great track record of successful lending and satisfied customers, and our list of lenders offers full transparency with a track record of success and satisfied customers.
Use our free loan comparison tool to find the right personal loan in Arkansas and get the best rates on loans online.
Arkansas Loans FAQs
What is an Arkansas title loan?
A title loan refers to when you take out a personal loan using your vehicle as collateral. Title loans in Arkansas typically range from $100 to $1,000 and you'll need your vehicle's title and your valid ID to apply. In most cases, borrowers with bad credit can also apply.
Are payday loans legal in Arkansas?
No. Payday loans are prohibited in Arkansas, usurious loans are still available.
How do I find personal loans in Arkansas?
You can find lenders that offer personal loans in Arkansas at Financer.com and you can use our free loan comparison tool to get the best offer. Compare loan rates to find a personal loan in Arkansas that suits your individual needs and you can also pre-qualify without hurting your credit.
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