Payday Loans in Cushman, Arkansas: All You Need to Know
Payday loans are a type of short-term loan that typically come with high interest rates. These types of loans are usually used by people who need quick cash to cover unexpected expenses or bills that are due before their next paycheck arrives.
However, payday loans are prohibited in Arkansas. The Arkansas Constitution caps interest rates at 17 percent, which makes the high-interest rates charged by payday lenders illegal. In some other states, payday loans are legal but highly regulated.
What is a Payday Loan?
A payday loan is a short-term loan that is typically due on the borrower’s next payday. The borrower provides proof of income and other personal information to the lender, who then gives them the cash they need. The borrower then typically repays the loan when they receive their next paycheck, plus interest and fees.
However, payday loan interest rates can be as high as 500%, and borrowers are often trapped in a cycle of debt where they need to constantly borrow more money to pay off their existing loans.
Payday Loans in Cushman, Arkansas
As mentioned earlier, payday loans are prohibited in Arkansas due to the state’s interest rate cap. Therefore, there are no payday lenders operating in Cushman, Arkansas.
While some borrowers may turn to online payday lenders, it’s important to remember that many online lenders are unregulated and can be predatory. Borrowers should do their research before taking out any type of loan and ensure that the lender is legitimate.
Interesting Facts and Statistics About Payday Loans
- According to the Consumer Financial Protection Bureau, the average payday loan borrower is in debt for almost 200 days per year.
- In 2019, the payday loan industry generated over $9 billion in revenue.
- The average payday loan borrower takes out 10 payday loans per year, spending an average of $458 on interest and fees.
Apply Now
While payday loans may not be an option in Cushman, Arkansas, TheGuaranteedLoans can help connect borrowers with other types of loans that might be a better fit for their needs. Remember, we are a connector service, not a direct lender.
If you need cash for unexpected expenses or bills, you can apply now on our website. Our application process is user-friendly, and we’ll help you find the best lender for your situation. Don’t let unexpected bills or expenses get you down – apply now.
Disclaimer: TheGuaranteedLoans is not a lender and does not provide loans. We are a loan connecting service that connects borrowers with potential lenders. Loan terms, including loan amounts and interest rates, are determined by the lender and can vary based on the lender’s policies, state of residence, credit history, and other factors. Borrowers should review all of the lender’s terms and policies before accepting any loan offer.