Introduction
Peel, Arkansas residents may be looking for a quick and easy way to borrow money in an emergency. Unfortunately, payday loans, which are high-interest, shorter-term loans, are banned in the state of Arkansas. This article will discuss why payday loans are illegal in Arkansas, alternatives to payday loans, and how TheGuaranteedLoans may be able to help residents of Peel, Arkansas.
What are payday loans, and why are they illegal in Arkansas?
Payday loans are high-interest, short-term loans that are often marketed as a quick and easy way to get money when it is needed the most. They are usually due in full on the borrower’s next payday and often come with high fees and interest rates.
However, payday loans are illegal in Arkansas. In 2008, the Arkansas Supreme Court ruled that payday loans constituted as charging unreasonably high fees and interest rates. Since then, state lawmakers have worked to close the loopholes used by payday lenders to operate in Arkansas.
Alternatives to payday loans in Peel, Arkansas
While payday loans may not be legal in Arkansas, there are other options for those in need of quick funding.
1. Personal loans from a credit union or bank
Personal loans can be a good alternative to payday loans. Credit unions and banks typically offer short-term loans at lower interest rates than payday lenders.
2. Credit card cash advances
Credit card cash advances allow you to access cash from your credit card account. While they can be expensive, they are generally a cheaper option than payday loans.
3. Installment loans
Installment loans are another option for those who need quick funding. These loans offer longer repayment terms and may come with lower interest rates than payday loans. However, they may still come with high fees, so it’s important to read the terms carefully before agreeing to a loan.
Interesting Facts and Statistics about Payday Loans in Peel, Arkansas
- Payday loans are illegal in Arkansas due to high interest rates and loan fees.
- The average APR on a payday loan in the United States is 400%.
- Payday lenders target low-income communities and people with poor credit scores.
- In 2019, the Consumer Financial Protection Bureau repealed a rule that required payday lenders to verify a borrower’s ability to repay a loan before issuing it.
- The average borrower takes out 10 payday loans per year, paying a total of $458 in fees.
How TheGuaranteedLoans can help
TheGuaranteedLoans is not a direct lender, but a connector service that connects borrowers with lenders who may be able to offer them a loan. This can be a convenient option for those in need of quick funding, as filling out an online application can take as little as five minutes.
At TheGuaranteedLoans, we work with a network of lenders who can offer a variety of loan options, including personal loans, installment loans, and title loans. While we cannot guarantee loan approval, we strive to connect as many borrowers as possible with lenders who may be able to help them.
Apply Now
If you’re a resident of Peel, Arkansas, and are in need of quick funding, fill out our online application. Remember, we are not a direct lender, but a connector service that can help you find a lender who may be able to help you.
We pride ourselves on providing excellent customer service, and our loan specialists are available to answer any questions you may have.
Apply now and get connected with a lender who may be able to help you in your time of need.
Conclusion
While payday loans may not be legal in Arkansas, there are still options for those in need of quick funding. Personal loans, credit card cash advances, and installment loans can all provide an alternative to payday loans. If you’re in need of funding, consider contacting TheGuaranteedLoans to be connected with a lender who may be able to help.