Payday Loans in Armorel, Arkansas

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No payday loan companies in Armorel, AR. Consider companies in other cities:

Company nameAddressZip codePhone number
Mccormick 410 W Main, Danville, AR 72833 +1 (479) 495 - 2281
The Killingsworth Firm, CPA 414 N Springfield St, Berryville, AR 72616 +1 (870) 423 - 3135
Farm Credit of Western Arkansas - Clarksville 1007 Interstate Dr, Clarksville, AR 72830 +1 (479) 754 - 2876
Regions Bank 1800 W Walnut St, Rogers, AR 72756 +1 (479) 340 - 0730
First National Bank-Eastern Ar 101 N Washington St, Forrest City, AR 72335 +1 (870) 633 - 3112
Ag Resource Management 2500 Alexander Dr suite h, Jonesboro, AR 72401 +1 (870) 336 - 2620
Success Credit Union - Jonesboro 2704 Fair Park Blvd, Jonesboro, AR 72401 +1 (870) 935 - 9336
Raymond James Financial Services 4285 N Shiloh Dr, Fayetteville, AR 72703 +1 (479) 717 - 2882
Farm Credit of Western Arkansas - Sheridan 309 S Rock St suite d, Sheridan, AR 72150 +1 (870) 942 - 7700
Arvest Bank 1802 Forest Hills Blvd, Bella Vista, AR 72715 +1 (479) 464 - 1663

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Armorel, AR, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan for Rogers, AR, Payday Loans in Sherwood, AR, Payday Loans in Springdale, AR, Payday Loans in Texarkana, AR, Payday Loans in Benton, AR, Payday Loans in Bentonville, AR, Payday Loans in Conway, AR and Same Day Loans in Fayetteville, AR. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Armorel, AR.

Are Payday Loans Legal In Armorel, Arkansas?

Payday Lending is Prohibited in Arkansas

Arkansas Loan Regulations

Legal StatusProhibited
Interest Rate (APR, %)Prohibited
Maximum Loan AmountProhibited
Minimum Loan TermProhibited
Maximum Loan TermProhibited
Number of Rollovers AllowedProhibited
Finance ChargesProhibited

Armorel, AR payday loan calculator

The Truth About Payday Loans in Armorel, Arkansas

Payday loans can seem like an excellent solution to your immediate financial needs. However, before deciding to get one, you should consider the risks involved. The state of Arkansas has prohibited payday loans, including in the city of Armorel. So, if you live in Armorel or any other city in Arkansas, you cannot legally apply for a payday loan.

Why are Payday Loans Prohibited in Arkansas?

In 2009, payday lending business operations were banned in Arkansas, including online payday loans. The main reason for the ban was to protect Arkansas consumers from the harmful practices that had become synonymous with payday lending. Lenders were known to charge exorbitant interest rates on small-dollar loans, harm individuals’ financial stability by forcing them into a cycle of debt, and make it difficult for people to repay their loans due to high interest rates and hidden fees. Therefore, to ensure the safety of Arkansans, the state had to ban payday lending.

What are the Alternatives to Payday Loans in Armorel, Arkansas?

Even though payday loans are prohibited in Arkansas, there are several alternatives you could consider if you need immediate cash. These options include:

  • Personal Loans: If you have a good credit score, you can apply for a personal loan from a trusted financial institution. You’ll usually pay a lower interest rate and have a longer repayment period than with payday loans.
  • Credit Counseling: Credit counseling is where a credit counselor works with you to develop a budget and a debt management plan that fits your unique financial needs. While this doesn’t earn you immediate cash, it’ll help you get back on track financially.
  • Credit Card Cash Advance: If you have a credit card, you can obtain a cash advance. It’s not a perfect solution, but it’s typically less expensive than payday loans.
  • Borrowing from Friends or Family: While it may be uncomfortable to ask for help from family or friends, it could be the solution you need to get out of a temporary financial crisis. Furthermore, it could be cheaper and less stressful than using payday loans.

The Statistics Don’t Lie

According to research, around 12 million Americans use payday loans each year. Also, payday loans cost borrowers around $9 billion in fees. The average payday loan borrower takes out eight loans per year, and the average loan size is $375. Furthermore, the average borrower spends $520 in interest and fees

Apply for a Loan with TheGuaranteedLoans

If you are looking for a reliable lender, TheGuaranteedLoans can help you to connect with a trusted lender. Although payday loans are banned in Arkansas, you can still apply for other types of loans like personal loans, installment loans, and title loans. Our application process is fast, secure, and stress-free. Also, TheGuaranteedLoans connects borrowers with lenders, but we are not a direct lender. You can borrow from $100 to $10,000 depending on your credit score! Apply now and get your cash within the next business day.

F.A.Q.

What are the penalties for offering or taking out a payday loan in Armorel, Arkansas?

Offering or taking out a payday loan in Armorel, Arkansas is considered a criminal offense and can result in fines and imprisonment.

Are there any exceptions to the payday loan prohibition in Armorel, Arkansas?

No, there are no exceptions to the payday loan prohibition in Armorel, Arkansas.