Payday Loans in Royal, Arkansas

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

Company nameAddressZip codePhone number
TIAA Financial Services 2049 E Joyce Blvd Suite 102, Fayetteville, AR 72703 +1 (888) 380 - 6427
Farm Credit of Western Arkansas - Bentonville 3600 SW Regional Airport Blvd Suite 16, Bentonville, AR 72712 +1 (479) 273 - 3311
BancorpSouth Bank 2006 S Main St, Stuttgart, AR 72160 +1 (870) 673 - 8125
Regions Mortgage 709 Commerce St, Earle, AR 72331
BancorpSouth Bank 1411 Highway 67 S, Pocahontas, AR 72455 +1 (870) 892 - 3450
U.S. Bank Branch 101 Cooper Cir, Hot Springs Village, AR 71909 +1 (501) 922 - 6204
Chambers Bank 402 E 8th St, Danville, AR 72833 +1 (479) 495 - 2327
Jackson Hewitt Tax Service 2121 Malcolm Ave, Newport, AR 72112 +1 (870) 523 - 4444
Regions Bank 212 W Walnut St, Walnut Ridge, AR 72476 +1 (800) 734 - 4667
UNIFY Financial Credit Union 2905 S Walton Blvd, Bentonville, AR 72712 +1 (877) 254 - 9328

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Royal, AR, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Bentonville, AR, Payday Loans in Conway, AR, Payday Loans in Fayetteville, AR, Payday Loan Companies in Fort Smith, AR, Payday Loans in Jonesboro, AR, Online Loans in Little Rock, AR, Payday Loans in North Little Rock, AR and Online Loans in Pine Bluff, 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 Royal, AR.

Payday Loans Available in Royal, AR By The Following ZIP Codes:

71968

Are Payday Loans Legal In Royal, 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

Royal, AR payday loan calculator

Understanding Payday Loans in Royal, Arkansas

Payday loans are a type of short-term loan that can provide quick cash to those in need. However, they come with high interest rates and fees that can trap borrowers in a cycle of debt. In Royal, Arkansas, payday loans are prohibited by state law. It’s important to understand the risks and alternatives to payday loans before considering them as an option.

How Payday Loans Work

Payday loans are typically marketed as a way to bridge a financial gap until the borrower’s next paycheck. To apply for a payday loan, a borrower must provide proof of income and a valid bank account. The lender will then give the borrower a loan for a set amount, usually ranging from $100 to $500, with a repayment period of two weeks to a month. However, in Arkansas, payday loans with a term of fewer than 31 days are prohibited.

When the loan is due, the borrower must repay the full amount plus interest and fees, which can range from $10 to $30 on every $100 borrowed. If the borrower can’t afford to repay the loan, they may be offered an extension or “rollover,” which comes with additional fees and interest. This can lead to a cycle of debt that is difficult to escape.

Payday Loans in Arkansas

Payday lending is prohibited in Arkansas under the Arkansas Constitution state law. The law states that lenders cannot charge interest rates exceeding 17% per year. This means that payday lending is not allowed in the state, including Royal, Arkansas. Any lender caught violating the law can face legal penalties.

Alternatives to Payday Loans

If you are struggling financially and need emergency funds, there are other options available besides payday loans. These include:

  • Personal loans: Offered by banks and credit unions, personal loans can provide larger loan amounts at lower interest rates. They also come with longer repayment periods, allowing borrowers more time to repay the loan.
  • Credit card cash advances: While also high in interest and fees, credit card cash advances usually come with lower rates than payday loans. They can be a better option if you already have a credit card and need quick access to cash.
  • Negotiating with creditors: If you’re having trouble making payments, reach out to your creditors and see if you can negotiate a payment plan or reduced payments.

Facts and Statistics on Payday Loans in Royal, Arkansas

While payday lending is illegal in Royal, Arkansas, it is still a prevalent issue in many states across the U.S. According to the National Conference of State Legislatures, 37 states and the District of Columbia allow payday lending with varying regulations. The average annual percentage rate (APR) for payday loans in Arkansas is 444%, among the highest in the country. In 2020, Arkansas Attorney General Leslie Rutledge filed a lawsuit against a payday lender for charging illegal interest rates and fees.

Apply Now

TheGuaranteedLoans is a connector service that can help you connect with potential lenders who offer a range of loan options, including personal loans and installment loans. We do not provide loans directly, but we can facilitate your connection with lenders who may be able to help. For more information, visit our website and fill out our online application today.

Remember, payday loans may seem like a quick fix, but they come with high interest rates and fees that can trap you in a cycle of debt. Consider all of your options before taking out a loan, and reach out to TheGuaranteedLoans if you need help finding a lender that fits your needs.

F.A.Q.

Are payday loans legal in Royal, Arkansas?

No, payday loans are not legal in Royal, Arkansas. In fact, the state has some of the strictest laws in the country when it comes to payday lending, and it is one of only a few states that completely prohibits the practice.

What are the consequences of taking out a payday loan in Royal, Arkansas?

Taking out a payday loan in Royal, Arkansas is illegal, and violators can face significant penalties, including fines, jail time, and the revocation of their business license.