It is difficult to predict all situations when money may suddenly be needed, but often there is no way to borrow it from your family or friends. Getting a speedy personal loan online is a more than attractive prospect. It is no longer necessary to collect various documents proving that you are solvent and are able to repay the loan on time. Forget about tiresome queues, long credit checks, calls to friends and relatives, long loan processing. Now you can get fast cash online in Arkansas without paperwork, guarantors and collateral. All you need is access to the Internet and a valid bank account.
Table of Contents:
- How Payday Loans in Arkansas Work and Why You Need Them
- Things You Should Know About Payday Loans in Arkansas
- Costs and Regulations over Payday Loans in AR
- How to Apply for a Loan Online
- Why Take Out Payday Loans?
- Am I Eligible for a Payday Loan in Arkansas?
- Steps to Take Before Applying for Payday Loans
- What is the Difference Between Installment and Payday Loans?
- Benefits of Speedy Online Loans
- Reasons Why You Might Have Been Rejected
- How to Ensure Fast Approval of Online Payday Loans
- Can I Get the Loan in Arkansas with Bad Credit?
- Payday Loans Near You in Arkansas
- Installment Loans – A Worthy Alternative to Payday Loans in Arkansas
- Tips for Borrowing Responsibly
- Frequently Asked Questions
Payday loans are short-term small-dollar cash advance suitable for any personal needs and available for all adult borrowers. No matter what you need money for – now you can easily apply for a $100 – $1000 loan online in Arkansas and choose the right direct lender with affordable rates and fees. You will usually need to repay the debt in 2-4 weeks with your next paycheck.
And there can be various personal reasons why you may need a payday loan in AR. For example:
- buying a car;
- buying a home;
- payment for expensive treatment;
- purchase of furniture;
- purchase of equipment;
- personal needs – vacation, wedding;
- opening a business;
- business development;
- refinancing, etc.
Payday loans are very popular in Arkansas and it is easy to get approval. The state’s current population is 2,978,204. The largest cities are Little Rock, Fayetteville, Springdale, Fort Smith, Jonesboro, Conway, Rogers, Hot Springs National Park, North Little Rock, and Bentonville. Consequently, the number of borrowers is the largest in these cities. 420 lenders are certified to operate in the state. The main thing is to find the best company. For this, you can always use our online referral service to get matched with the best lender for your needs.
The maximum payday loan amount you can get in Arkansas is $500. The minimum loan amount is $100. Borrowers are to pay off their loan within seven days to one month. Usually, borrowers are not allowed to take out more than 1 payday loan at the same time. Rollovers are prohibited as well.
For example, you receive a 14-day loan for $100. The finance charge can be $16.11.
In Arkansas, the maximum finance charge you can expect is 10% + a verification fee that cannot exceed 5%.
You must also be aware of a 24-hour cooling-off period when you are allowed to cancel your loan agreement.
It happens that borrowers are not able to pay off their loans on the due date. In this case, you may be eligible for the grace period of 2 months which requires additional charges.
Annual Percentage Rate (ARP)
The APR in Arkansas is individual for each customer and depends on several factors:
- your credit score;
- your state;
- the desired loan amount;
- the loan duration;
- your experience with this particular lender.
To get a speedy personal loan online in Arkansas you need:
- submit a loan application online;
- get an instant decision from a licensed lender;
- get the funds within 24 hours after approval.
You will receive money instantly, no matter what credit you have. The main condition for getting money is having access to the Internet. At the same time, there is no need to go anywhere – you can submit the application online via our referral service. In addition, payday loans have the following advantages:
- it takes no more than 15 minutes for the lender to process the request;
- instant funding – without hard checks and calls;
- guarantors and collateral are not required;
- no need to submit an income proof certificate;
- special conditions for regular customers;
- the company serves clients around the clock – you can apply for a loan at any time, 24/7;
- loans are issued to consumers with bad credit;
- there is no paperwork involved;
- you can choose the loan amount and repayment terms;
- convenient ways to repay the debt;
- promotions and bonuses.
Arkansas lenders have their own individual borrower eligibility requirements that must be met, but the average requirements are:
- Arkansas residence;
- Minimum income of $1,000 per month;
- Active checking or savings account with direct deposit;
- Valid phone number and e-mail address;
- Valid Social Security Number;
- Valid government-issued ID.
You need to think very, very carefully before taking out a loan. Weigh all the pros and cons, evaluate your expenses and income. Perhaps you should just cut costs a little, and you won’t need to take out a loan. Before planning a loan, you need to sensibly assess your own capabilities. After all, you will have to repay the borrowed money + interest.
If you have decided to take out a loan, you need to accurately calculate how much money you need for utilities, groceries, and travel. Divide the rest of the income in half. As a result, you will get the amount that you can give to the bank every month and not be stranded. You can use online calculators to calculate the approximate loan costs.
The next step is to choose the type of loan. All loans are targeted and non-targeted. Targeted loans are issued only for specific purposes: construction, animal husbandry, business development, purchase of a car, education, etc. Targeted loans often turn out to be cheaper than non-targeted ones, because the bank has the ability to monitor the spending of funds.
Once you have selected the purpose of the loan, start looking for a suitable lender. Pay attention to such lending conditions as the size of interest rates, commissions, requirements for collateral or surety, customer reviews.
Be sure to find out the effective interest rate. This is an important indicator that influences the total loan cost, including commissions and payment for third-party services.
Do not rely only on advertising or the advice of relatives and friends. Take some time to study the terms and conditions offered by banks and microfinance institutions. Many borrowers make a big mistake: they go to the first institution they come across and accept the first offer. It is recommended to study several loan offers in order to choose the most suitable option. It will help you avoid mistakes and save your money.
If you are having a tough situation related to lack of money, you may apply for an installment loan or a payday loan — these are the most popular loan types in Arkansas. There are some major differences between these products.
An installment loan is a type of loan you repay with equal monthly payments over a predetermined period of time. You receive your loan amount as a lump sum. Loan amounts usually vary from several hundred to several thousand dollars. Loan terms could be up to many years. Installment loans may also have other names when they’re given for a definite purpose, such as car loans, student loans, mortgages, and personal loans. A loan application usually involves a credit check.
Payday loans (also known as cash advances) are usually repaid in one lump-sum payment. Loan amounts typically range from $100 or $1,000. However, some lenders from our network provide loans up to $5,000. Terms are usually short, varying from 7 to 31 days. Most borrowers repay their cash advance loans on their next payday or close to this date. A loan application usually does not involve a credit check. Payday loans Arkansas don’t require collateral or guarantors and can be used for whatever purpose: paying for a holiday, education, vacation, car repairs, medication, special family event, home improvement, debt consolidation, etc.
✔High approval rates. Banks often decline loans applications. There are many reasons: low wages, short work experience, other financial obligations. Payday lenders are much more willing to meet their clients halfway, and getting a speedy loan online is usually quite simple. Borrower eligibility requirements are relaxed. The exact list of borrower requirements in Arkansas can be found on the lender’s website.
✔Quick response. You can apply for a loan in 5-10 minutes: this is very convenient if funds are needed urgently. No bank will give an answer so quickly – you will have to wait.
✔Online application. To get money, it is not necessary to go somewhere, stand in line, adapt to the work schedule of the lender’s office. You can take out a loan via the Internet by simply filling out the form on our site.
✔Small amounts. As a rule, consumers who take payday loans need small amounts for short periods. An ordinary bank simply does not issue such loans. Of course, you can agree to the minimum loan amount offered by the bank, but the overpayment will be unreasonable.
✔Bad credit is ok. Banks do not work with those consumers who have a bad credit history or no credit at all. Many lenders from our network, on the contrary, are ready to lend you money, even if you had a poor credit score. With our help, you can even improve your credit history.
✔Work with electronic wallets. You can get the money transferred to your bank account on your e-wallet, which is very convenient.
✔No collateral. Some people prefer to contact pawnshops, as they issue funds promptly. But this option is only suitable for those who have collateral. When you apply for a personal loan via our referral service, collateral and guarantors are not needed.
✔Loan extension. If it’s time to repay a loan, but you still don’t have money, you don’t need to hide from the lender – you can usually renew a loan in 15 minutes. But keep in mind that not all microfinance organizations offer such a service.
✔Early repayment without commissions. If you borrowed money and want to pay it back early (before the due date), feel free to do it. Lenders from our network usually don’t charge any commissions for such procedures, and they are even ready to recalculate the total loan amount to be returned. Not every bank is ready to do this.
✔No paperwork. Almost any loan involves paperwork. Payday loans often exclude paperwork. This greatly simplifies the application process. It’s usually enough to fill out a short application form: it’s convenient and fast.
✔Apply at any time. Anyone who needs cash late at night can apply for a loan via the Internet. We work 24/7: even on weekends and at night, lenders from our network review applications and issue loans automatically.
✔Loyalty programs. Our lenders treat regular customers well – those who have already taken a loan and repaid it on time often receive the next personal loan online urgently, on the most beneficial conditions. But that’s not all: for example, we regularly hold various promotions and make nice gifts to our customers.
✔No awkward situations. You can always borrow money from family or friends. But this method has several disadvantages: close people may not have the required amount. Besides, such requests can ruin relations even between close relatives. Think about whether you are ready to burden your loved ones with your financial problems… With us, any awkward situations are simply excluded.
✔Confidentiality. Not all people want their colleagues or friends to know about their financial problems. But bank employees always ask for proof of income and may even call your employer. With us, everything is strictly confidential: no one will know about your request.
✔Convenient payment methods. You can repay a loan in a variety of ways: both by contacting the company’s in-store location or using a bank account. It all depends on the lender and the type of loan.
✔Money for whatever purpose. You can take a loan for any purpose – you do not need to report on how you spent the funds.
As you can see, speedy payday loans have a lot of advantages. However, many people are still afraid to take them because of high interest rates. But if you repay the loan on time, the overpayment will be minimal and the advantages of this product will outweigh this disadvantage.
Companies use unique algorithms to determine the “solvency” of the client (the ability to repay the loan on time). In some cases, applicants are declined for a loan. If your credit history is ruined, it is quite possible that your request will be rejected.
But there are other reasons too:
- you provided incorrect (false) personal data;
- you have current outstanding debts.
The history of interaction with the lender is also important. If you took out a loan, but repaid it late or did not repay at all, it is unlikely that they will want to cooperate with you again. Also, organizations do not issue loans to users under 18 years of age. Often, 70 years is also a critical age for a microfinance institution. If you previously tried to use someone else’s bank account or on someone else’s documents, the company will not be loyal to you.
In order for the organization to meet you halfway, it is recommended to have a good credit history. If necessary, visit the lender’s office, do not forget to take documents with you. A key factor that increases loyalty is a positive experience of interaction with other lenders. When visiting the office, you should bear in mind that company managers first of all evaluate the clients’ solvency by their appearance. Proof of income and residence will also play in your favor. If you have valuable movable and immovable property, be sure to mention this in the application.
The question of how to get approved for a speedy personal loan in Arkansas is one of the most frequent enquiries. Therefore, we have compiled a short simple instruction.
- Check your credit history – outstanding debts, loans issued without your knowledge, repaid loans that were not listed due to technical problems are the main loan rejection reasons;
- Pay off all existing debts – including tax, utilities, and fines;
- Choose the right lender – the likelihood of approval may vary from lender to lender;
- Prepare as many documents as possible – in addition to a government-issued ID and SSN, it can be a driving license, property documents;
- Make sure you meet the borrower eligibility requirements – it is especially important to comply with the age and employment requirements (not all lenders approve loans to individual entrepreneurs and the self-employed);
- Do not apply to several lenders at the same time – a need for fast cash can scare away creditors. Instead, you can use our referral service – we will match you with the right lender right away.
Credit history reflects your previous experience of borrowing from financial institutions, including with possible delinquencies and debts.
When a client contacts a bank, a good credit score is one of the main conditions for loan approval on loyal terms. But what about the rest who cannot boast of flawless credit history?
Our online referral will assist you in solving this problem, without calls from managers and without hard credit checks – this saves a lot of time. Here you can get a speedy payday loan on beneficial terms with any credit score, as well as improve your credit history in order to gain access to more profitable lending products in the future.
If you are searching for a short-term personal loan near you in Arkansas, you can always use our referral service to get matched with the right lender in your location. We help consumers get fast cash all across the state. Below are just some of the cities where you can apply for a loan online:
- Little Rock
- Fort Smith
- North Little Rock
- Pine Bluff
- Hot Springs
- West Memphis
In Arkansas, it is allowed to apply for an installment loan that usually ranges between $1,000 and $5,000 and pay it off in 6 to 36 months. These mandatory payments are made in fixed sums, usually monthly. Online installment loans in Arkansas are usually unsecured, and you can apply for an installment loan with us even if you have bad credit.
If you need more than $5,000, you can consider applying for a personal loan. It is a type of installment loan, which enables to get up to $35,000. But if $,1000 is all that you need, and a short term is fine with you, choose a payday loan.
A personal loan is a convenient financial tool if you know how to use it correctly. However, borrowed money requires responsibility, discipline and the right approach to choosing a product. We explain how to avoid a bad credit history and a headache by giving some useful tips for borrowing responsibly.
- Do not overestimate your financial capabilities. Before you take out a loan, pause and think about how much you need this money, whether you can do without it, and how you will return the amount received. Consider not only your wages or pension but also possible difficult circumstances. A job loss, illness or divorce can disrupt the most carefully thought out plan;
- Do not take a loan from the first bank. The proximity of a branch or a bright signboard is not the best criterion for choosing a bank. The market is full of offers, so explore offers from several organizations. Compare the terms and costs to choose the loan that best suits you. Or you can use our referral service to get connected to the right lender immediately. Don’t forget to inquire about the bank’s reputation. If you are a student or a pensioner, inform the lender employee about this: there may be special offers for you;
- Don’t forget your rights. The internet is full of creepy stories about abusive debt collectors and hefty late fees. Take a loan only in organizations that have a license to issue loans. Do not borrow money from black creditors – and then nothing bad will happen to you, banks and collectors act according to the law. If the creditor turned out to be a fraudster who threatens you and violates your rights, contact the police. If circumstances have developed in such a way that you cannot make the next payment, have lost your job or become ill, do not hide from the lender, do not change your phone number, but talk honestly with bank representatives. It is likely that the lender will allow you to extend the loan term;
- Don’t sign a contract if you don’t understand its terms. Do not be too lazy to read the entire text of the contract, this will save you time and money in the future. Carefully study all the conditions for issuing and repaying a loan. Pay attention to commissions, penalties for late payments, additional conditions like insurance or origination fees. If you do not understand or doubt something, contact the lender and ask for an explanation, or consult a lawyer. Sign the contract only when you understand all the terms and conditions exactly;
- Don’t delay paying off your loan. Follow the payment schedule and do not postpone the next payment until the last moment. It makes sense to lay 5-7 business days before the payment date so that the money has time to be credited to the account. You can also put a reminder on your smartphone or hang a bright sticker in a prominent place. If you have the opportunity to pay off the loan in advance, use it. This will save you from possible problems in the future – suddenly difficult circumstances arise and you will not be able to pay the next installment;
- Don’t forget to close the loan. If you have made the last installment and it seems that you have closed the loan, do not rush to breathe a sigh of relief. Call the lender’s hotline, reconfirm the closing of the loan or get a certificate. Check your credit history. Twice a year it can be obtained free of charge from the credit bureau.
Avoid typical mistakes when obtaining a loan, take your time and take the time to study the nuances. So that the loan becomes a useful financial tool for you and not a source of problems.
Q: How much does a payday loan in Arkansas cost?
A: AR has laws laid out to regulate everything about this loan type. The finance fee is 10% of the loan amount which means $10 for every $100 you borrow. The charge for verification is $5. The Annual Percentage Rate of a loan of $100 borrowed for a period of 2 weeks is 419%.
Q: How many payday loans can I take in Arkansas?
A: An Arkansas resident is eligible to take only one payday loan at a time. Multiple small-dollar loans by a person are not allowed. Your application for the next loan will only get accepted after your last one is repaid.
Q: What happens if I miss the repayment date?
A: You can usually extend your loan at a cost. You’d better apply for an extension from beforehand rather than being a defaulter. Although you will be charged a fee for the extension, it will save you from becoming a defaulter.
Q: Can’t I get the loan approval if I am not a resident of Arkansas?
A: Unfortunately, no. The loan regulations of the state allow a payday loan only to Arkansas residents. But, there are payday loan lenders in other states where you can get fast cash as a local resident.