Get the funds you need quickly with secure, transparent personal loans designed exclusively for Arkansas residents.
Short-Term Personal Loans Rates and Fees in Arkansas
APRs
Arkansas strictly prohibits payday loans. The state's constitution limits the interest rate on consumer loans—including those similar to payday loans—to 17% per annum. Established by the Arkansas Check Cashers Act in 2008, this cap has effectively eliminated the payday lending industry.
APRs, which are generally higher than interest rates (since they include other fees) generally run up to 36% in the state of Arkansas.
Loan Amounts
Average loan offers tend to range from $250-$1000, allowing for small emergency funding.
Terms
Short term loans in Arkansas start from 31 days and can extend to 12 months. Before applying, ensure you can meet the repayment schedule.
Fees
All fees—such as origination or administrative charges—are required to be fully disclosed and included in the APR calculation, ensuring you know the full cost of borrowing upfront.
Example of Loan Calculation
To illustrate how fees can impact your loan’s effective APR, consider this simple example:
- Loan Amount: $300
- APR: 36%
- Repayment Term: 3 months (installment loan)
- Monthly Payment: $106 (includes principal and interest)
- Total Repayment: $318, including any allowable fees
Lending Regulations in Arkansas
Below is an overview of key regulatory aspects for personal loans in Arkansas. While payday loans are illegal, all licensed personal loan providers must adhere to strict disclosure and consumer protection guidelines.
| Regulation | Details |
|---|---|
| Interest Rate Cap | 17% per annum (interest rate); APRs can run up to 36% |
| Maximum Loan Amount | Typically $250–$1,000 |
| Term Length | 31 days to 12 months |
| Fees | Fully disclosed and included in the APR; no hidden charges permitted |
| Oversight | Arkansas Department of Finance and Administration |
Our Benefits
Effortless Application
Our streamlined online form makes applying for a short-term loan quick and simple. Skip the paperwork and get connected with offers from trusted lenders from the comfort of your home.Customized Lender Matches
We evaluate your financial profile to connect you with lenders offering competitive rates and terms designed for Arkansas borrowers. Review the options you receive and choose the one that best fits your needs.Secure Data Handling
Your privacy is our priority. We employ advanced security measures to protect your personal information throughout the application and funding process.What Our Clients Say
Find out what other borrowers think about using our service to request short-term funding:
How to Apply for a Short Term Loan in Arkansas
Getting started is simple. Follow these steps to connect with top personal loan lenders:
Provide Your Information
Complete our easy online form with your personal details, desired loan amount, and income information. This helps us understand your financial needs quickly.Connect with Top Lenders
We instantly review your information and match you with a network of licensed lenders offering competitive personal loan products for Arkansas residents.Review, Accept, and Get Funded
Compare the offers you receive. When you find a short-term loan that fits your needs, accept the offer online. In many cases, funds can be deposited into your account within one business day.Loan Alternatives in Arkansas
If a traditional short-term personal loan isn’t right for you, consider these alternatives available in Arkansas:
Emergency Loans
Ideal for urgent needs such as unexpected car repairs or medical bills, emergency loans provide rapid funding with a straightforward qualification process.
Personal Loans
For larger financial needs or longer repayment terms, personal loans offer flexibility and higher amounts. These loans are issued by reputable banks and online lenders.
Installment Loans
Break your repayment into manageable, scheduled payments with installment loans. They help keep your budget on track while providing the funds you need.
Bad Credit Loans
Even if your credit isn’t perfect, you may still qualify for a personal loan Bad credit loans cater to individuals with lower credit scores, offering a pathway to rebuild your financial standing over time.
FAQ
Are Short-Term Loans Legal in Arkansas?
Yes, short-term personal loans are legal in Arkansas. Please note that payday loans are illegal in the state, so all loan options provided here are fully compliant, licensed personal loans.
What Are the Requirements to Apply for a Short-Term Loan?
Common requirements include:
- Being at least 18 years old
- Arkansas residency
- A valid Social Security number
- An active checking account
- Proof of steady income
What Are the Top 5 Cities for Short-Term Loans in Arkansas?
People throughout the state seek loans online, with larger cities like Little Rock, Fort Smith, Fayetteville, Springdale, and Jonesboro also offering storefront lending options. Regardless of location, online applications provide a convenient alternative.
How Quickly Can I Receive Funds in Arkansas?
Many lenders offer funding within one business day once your application is approved, making it a fast solution for urgent financial needs.
Can I Get a Guaranteed Short-Term Loan in Arkansas?
No, reputable lenders assess your financial profile before issuing a loan. Any promise of “guaranteed” funding should be viewed with caution.