Payday Loans in Mellwood, Arkansas

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

Company nameAddressZip codePhone number
Searcy Pawnbrokers & Auto Sales 2900 E Race Ave, Searcy, AR 72143 +1 (501) 268 - 2710
Income Tax Place 535 Clifton St NW, Camden, AR 71701 +1 (870) 837 - 1070
Thrivent Financial - Lutherans 1988 Crye Rd, Springfield, AR 72157 +1 (501) 764 - 4497
Wells Fargo Advisors 202 East 11th Street, Pine Bluff, AR 71601 +1 (870) 535 - 9800
UARK Federal Credit Union 50 W Van Asche Dr, Fayetteville, AR 72703 +1 (800) 499 - 8328
Pine Bluff Cotton Belt Federal Credit Union 1703 River Pines, Boulevard, Pine Bluff, AR 71601 +1 (870) 535 - 6365
Bank OZK ATM 1700 Helberg Ln, Ozark, AR 72949 +1 (800) 274 - 4482
Arvest Bank 205 E Walnut St, Paris, AR 72855 +1 (479) 963 - 5030
BancorpSouth Bank 800 N Main St, Brinkley, AR 72021 +1 (870) 734 - 1300
Union Bank & Trust Co 510 US-425 N, Monticello, AR 71655 +1 (870) 460 - 6400

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Mellwood, AR, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Springdale, AR, Emergency Loan in Texarkana, AR, Payday Loan Companies in Benton, AR, Payday Loans in Bentonville, AR, Payday Loans in Conway, AR, Payday Loans in Fayetteville, AR, Payday Loan Companies in Fort Smith, AR and Payday Loans in Jonesboro, 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 Mellwood, AR.

Are Payday Loans Legal In Mellwood, 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

Mellwood, AR payday loan calculator

Payday Loans in Mellwood, Arkansas: An Overview

Payday loans are a type of short-term, high-interest loan that are typically used by borrowers to cover unexpected expenses or financial emergencies. However, in Mellwood, Arkansas, payday loans are prohibited by state law.

What Are Payday Loans?

Payday loans are small-dollar loans that are usually due on the borrower’s next payday. They are typically used by individuals who are unable to access other forms of credit, such as a traditional bank loan or a credit card. The loans are usually for amounts of $500 or less and have extremely high interest rates, often exceeding 300% annually.

The Status of Payday Loans in Mellwood, Arkansas

Payday loans are prohibited in Mellwood, Arkansas. In fact, the state of Arkansas has some of the most restrictive payday lending laws in the United States. The state’s constitution caps interest rates on loans at 17%, effectively making payday loans illegal in the state.

Despite the ban on payday lending in Mellwood, some unscrupulous lenders may still try to take advantage of borrowers in need by offering high-cost installment loans, which are also illegal under Arkansas law. It’s important for borrowers to understand that if a lender offers a loan with an interest rate over 17%, that loan is illegal and should be avoided.

The Dangers of Payday Loans

While payday loans offer quick cash in emergencies, they come with significant risks and drawbacks. The high interest rates on these loans can trap borrowers in a cycle of debt, making it difficult to ever fully repay the loan. In many cases, borrowers are forced to take out another loan to pay off the first one, leading to a dangerous cycle of debt.

Borrowers should also be aware that many payday lenders engage in predatory practices, such as issuing loans to borrowers who cannot afford to repay them, or requiring borrowers to sign agreements that waive their legal rights. These practices can result in borrowers losing their homes, cars, or other assets, or incurring excessive fees and penalties. It’s important to thoroughly research any lender before taking out a loan, and to read the loan agreement carefully before signing.

Alternatives to Payday Loans

For borrowers in Mellwood, Arkansas who need access to quick cash, there are alternatives to payday loans. Some options to consider include:

  • Personal loans from a bank or credit union
  • Credit card cash advances
  • Assistance from friends or family members
  • Community assistance programs
  • Online lenders that offer installment loans with lower interest rates than payday loans

While these alternatives may not provide instant cash like a payday loan, they are typically more affordable and less risky.

Interesting Facts and Statistics About Payday Loans in Mellwood, Arkansas

  • Payday loans are prohibited in Arkansas under the state’s constitution, which caps interest rates on consumer loans at 17%.
  • In 2019, the Arkansas Attorney General’s office launched an investigation into online payday lenders that were allegedly operating illegally in the state.
  • According to a 2016 report by the Center for Responsible Lending, Arkansas borrowers paid $25 million in fees on payday loans in 2015.
  • The same report found that the average payday borrower in Arkansas takes out 10 loans in a year, with an average loan amount of $448 and an average interest rate of 318%.

Apply Now!

If you need access to cash in Mellwood, Arkansas, TheGuaranteedLoans can help connect you with potential lenders who offer affordable installment loans. Our online application process is simple and convenient, and you can apply from the comfort of your own home.

It’s important to note that TheGuaranteedLoans is not a direct lender. We are a connector service that helps borrowers connect with potential lenders who may be able to provide the funding they need.

If you’re ready to get started, simply fill out our online application form and we’ll do our best to connect you with a lender who can meet your needs.

In Conclusion

Payday loans may seem like a quick and easy solution to financial emergencies, but they come with significant risks and drawbacks. If you’re in need of quick cash in Mellwood, Arkansas, be sure to explore all of your options and choose the most affordable and least risky option available.

F.A.Q.

Can I be charged with a crime for taking out a payday loan in Mellwood, Arkansas?

It is illegal for lenders to offer payday loans in Mellwood, Arkansas, so borrowers cannot be charged with a crime for taking out a payday loan. However, lenders may face criminal charges for engaging in illegal lending practices.

What should I do if I have already taken out a payday loan in Mellwood, Arkansas?

If you have already taken out a payday loan in Mellwood, Arkansas, you should contact the lender to try to negotiate a repayment plan. If the lender is unwilling to work with you, you may want to seek out alternative forms of financing or seek legal advice.