Payday Loans in Solgohachia, Arkansas

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

Company nameAddressZip codePhone number
Arvest Bank 121 N Elmira Ave, Russellville, AR 72802 +1 (479) 498 - 4817
Arkansas Federal Credit Union 301 E Kiehl Ave, Sherwood, AR 72120 +1 (501) 982 - 1000
First Arkansas Financial, Inc 906 S Rock St, Sheridan, AR 72150 +1 (870) 942 - 5050
Centennial Bank 2716 Lakewood Village Dr, North Little Rock, AR 72116 +1 (501) 603 - 3800
Barri Agent 324 W Main St, Jacksonville, AR 72076
Benefit Bank 9201 Old Hwy 71 S, Fort Smith, AR 72916
Heber Springs Gun & Pawn 907 AR-25 Bypass, Heber Springs, AR 72543 +1 (501) 362 - 7000
AFC Automotive Finance Corp. 8700 US-70 STE A, North Little Rock, AR 72117 +1 (501) 406 - 6981
Arvest Bank 3217 N Reynolds Rd, Bryant, AR 72022 +1 (501) 379 - 7907
England Lending 5401 John F Kennedy Blvd, North Little Rock, AR 72116 +1 (501) 753 - 0221

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Solgohachia, AR, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Companies in Little Rock, AR, Guaranteed Loans in North Little Rock, AR, Payday Loans in Pine Bluff, AR, Payday Loans in Rogers, AR, Payday Loans in Sherwood, AR, Payday Loans in Springdale, AR, Payday Loans in Texarkana, AR and 24-Hour Loan in Benton, 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 Solgohachia, AR.

Beautiful sights of Solgohachia, AR

Are Payday Loans Legal In Solgohachia, 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

Solgohachia, AR payday loan calculator

Payday Loans in Solgohachia, Arkansas: What You Need to Know

Payday loans, also known as cash advances, are short-term, high-interest loans that are typically due on the borrower’s next payday. While these loans may seem appealing in times of financial strain, they can be incredibly risky and often lead to more debt. In fact, payday loans are prohibited in Arkansas.

However, it’s still important to understand what payday loans are and why they’re banned in some states, including Arkansas. In this article, we’ll explain all you need to know about payday loans in Solgohachia, Arkansas, and provide some alternatives to help you in times of financial need.

What Are Payday Loans?

Payday loans are loans that offer quick cash to borrowers in need. Borrowers typically write a postdated check or give electronic access to their checking account to the lender, who then deposits the loan amount minus the interest and fees. The loan is due on the borrower’s next payday, typically within two weeks to a month.

The high interest rates associated with payday loans make them incredibly risky for borrowers. In Arkansas, the maximum interest rate that lenders can charge is 17 percent. However, payday lenders typically charge much higher rates, with averages ranging from 391 to 521 percent.

Why Are Payday Loans Prohibited in Arkansas?

Arkansas is one of several states that have banned payday loans because of the incredibly high interest rates and fees. In 2008, the Arkansas Supreme Court ruled that the state’s usury laws applied to payday lenders and that those lenders could not charge more than 17 percent interest per year, effectively making payday lending illegal in the state.

In addition to the high interest rates, payday loans often trap borrowers in cycles of debt. Borrowers who can’t afford to pay back the loan on their next payday often roll over the loan, incurring more fees and interest, and leading to a cycle of debt that’s difficult to escape.

Alternatives to Payday Loans in Solgohachia, Arkansas

If you’re in need of quick cash in Solgohachia, Arkansas, there are alternatives to payday loans that can help you avoid high interest rates and fees. Some options include:

  • Credit unions – Credit unions are not-for-profit financial cooperatives that typically offer lower interest rates and fees than traditional banks or payday lenders. Many credit unions also offer small-dollar loans to members in need.
  • Short-term loans from friends or family – While it may be uncomfortable to ask for help from friends or family, it’s often a better alternative than getting trapped in a cycle of debt with payday loans.
  • Credit cards – While credit cards often come with high interest rates, they’re typically lower than the interest rates associated with payday loans. If you can pay off the balance quickly, a credit card could be a better option.
  • Government assistance – Depending on your financial situation, you may qualify for government assistance programs like Medicaid, SNAP, or LIHEAP that can help you meet basic needs.

Interesting Facts and Statistics About Payday Loans

  • In 2019, the payday lending industry made more than $9 billion in fees alone.
  • Payday loans typically come with interest rates ranging from 300 to 1,000 percent.
  • In 17 states, payday lending is prohibited.
  • In 2020, the Consumer Financial Protection Bureau proposed changes to payday lending regulations, including requiring lenders to verify borrowers’ income, debts, and ability to repay the loan.

Apply Now

If you’re in need of quick cash in Solgohachia, Arkansas, TheGuaranteedLoans can help you connect with potential lenders who may be able to offer short-term loans at lower interest rates than payday lenders. Remember that TheGuaranteedLoans is a connector service, not a direct lender, and that we do not make credit decisions.

To apply for a loan, simply fill out our online application form and we’ll work to connect you with a reputable lender who can meet your needs.

Remember, payday loans may seem like a quick and easy solution to financial hardship, but the high interest rates and fees often lead to more debt and financial strain. Always explore your options and consider alternatives before turning to payday loans.

F.A.Q.

Can I get a payday loan with bad credit in Solgohachia, Arkansas?

No, payday loans are not available in Solgohachia, Arkansas regardless of credit history.

Can I get a payday loan without a checking account in Solgohachia, Arkansas?

No, payday loans are not available in Solgohachia, Arkansas regardless of banking status.