Payday Loan 
Title Loan 
Personal Loan 
Business Loan Payday loans in Arkansas are not legal or permitted. There is no regulation in the state of Arkansas. As a result, the payday loan industry depends entirely on borrowers to self-police their own loans. This results in high costs for borrowers who are either unaware or uninformed about how these loans are typically used.
Since payday loans are not legal in Arkansas, most people use an online service to obtain a “deferred deposit” or a “post-dated check” from an out-of-state lender. The borrower sends their bank account information to the out-of-state lender when they apply for the loan. In some cases, if they have poor credit or no credit record with their bank, the online lending service will add a small fee to apply for this type of loan.
Can I Get A Payday Loan In Arkansas?
The answer is no. Payday loans in Arkansas are prohibited. You cannot get a payday loan in the state of Arkansas. The laws that cover this type of loan vary from state to state, but generally speaking, payday loans require applicants to repay the amount owed within two weeks. Repaying borrowed funds could be difficult for people who do not have enough income or assets to repay themselves.
However, there is a simple solution. You can get a cash advance from a reputable lender online.
You do not need to be an Arkansas resident to apply for one of these loans. In fact, you don’t even have to be old enough to have a bank account. All you need to do is fill out the application and wait for the money you need to arrive at your fingertips within 24 hours.
Since 2007, Arkansas has prohibited payday loans and similar types of lending institutions from operating in the state, and as such, residents and people that live nearby cannot obtain these types of loans online or in person.
Why Are Payday Loans Illegal In Arkansas?
Payday loans in Arkansas are illegal because the state has found that they are too risky for borrowers. Also, many states do not want to support small businesses in this area because they feel granting loans to individuals is the government’s job. The main reason for payday loan prohibition in Arkansas is that borrowers can easily get trapped in a cycle of debt with these types of loans.
What Other Options Do I Have If I Need Extra Cash?
There are many options for obtaining extra cash. You can always ask family, friends, or colleagues for assistance. You may be able to receive a small loan from a local bank. Some people have found that local credit unions and other types of financial institutions will provide small loans to those that qualify.
Lastly, but not lastly, you can look into other online payday loan options as well as other online financial services such as prepaid cards and wire transfers (if you do not need the funds immediately).
FAQ
Arkansas state law has prohibited payday lending since 2007.
Lenders cannot charge more than 36% of your loan amount each year. This is called the annual rate of interest. What this means for you is that you will pay 36% of the loan amount per year.
No, auto title loans are not legal in Arkansas. The government does not allow car title loans because they have found that these types of loans are too risky for lenders and borrowers.
Yes, out-of-state lenders are permitted to do business in Arkansas. However, the government requires lenders to meet certain criteria in order for them to offer payday loans online or in-person to individuals living in Arkansas.
To offer cash advance loans online, the lender must have a physical location within the state. To offer cash advance loans in-person, the lender must have an established business within the state. This means that you will be able to go into one of the company’s stores or visit them at their office if you are applying for a loan online.