Payday Loans in Moro, Arkansas

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

Company nameAddressZip codePhone number
Midland Loan Services 10809 Executive Center Dr Ste 200, Little Rock, AR 72211 +1 (501) 217 - 6000
Peoples Bank 1120 S Rock St, Sheridan, AR 72150 +1 (870) 942 - 5707
White County Federal Credit Union 508 W Beebe Capps Expy, Searcy, AR 72143 +1 (501) 268 - 3122
First Financial Bank 609 E Broadway St, Morrilton, AR 72110 +1 (501) 354 - 0220
Angela Wilcoxon, Southern Bank Lender, NMLS 1804456 1583 S St Louis St, Batesville, AR 72501 +1 (870) 612 - 1212
Centennial Bank 2224 N Reynolds Rd, Bryant, AR 72022 +1 (501) 603 - 3750
Regions Bank 917 Military Rd, Benton, AR 72015 +1 (501) 575 - 6180
Bank of America Financial Center 2150 Harkrider St, Conway, AR 72032 +1 (501) 764 - 3211
Fountain Financial & Tax 400 N Main St, Harrison, AR 72601 +1 (870) 741 - 0361
Truity Credit Union 1910 S Thompson St, Springdale, AR 72764 +1 (800) 897 - 6991

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Moro, AR, you can try to find different companies in big cities near by. Check out the following pages here: Emergency Loan in North Little Rock, AR, Payday Loans in Pine Bluff, AR, Payday Loans in Rogers, AR, Payday Loan for Sherwood, AR, Short-term Loans in Springdale, AR, Payday Loan Without a Credit Check in Texarkana, AR, Payday Loans in Benton, AR and Payday Loan for Bentonville, 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 Moro, AR.

Beautiful sights of Moro, AR

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

72368

Are Payday Loans Legal In Moro, 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

Moro, AR payday loan calculator

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

Payday loans are a type of short-term loan typically used by individuals who need quick access to cash. These types of loans have gained popularity in recent years because of their easy application process and fast turnaround times, but in Moro, Arkansas, they are prohibited by state law.

This article will cover the basics of payday loans, including how they work, their risks and benefits, and alternatives available in Moro, Arkansas. We will also provide interesting facts and statistics about payday loans in Arkansas to help you stay informed.

How do payday loans work?

Payday loans are short-term loans, typically lasting two weeks to a month. They are designed to be a quick solution to financial strain, allowing borrowers to get cash quickly by writing a postdated check for the amount they are borrowing plus a fee.

For example, if you need to borrow $200, you might write a check for $240 (the borrowed amount plus a $40 fee). The lender holds onto the check and cashes it on your next payday, hence the name “payday loan.”

However, payday loans are often accompanied by high fees and interest rates, making them a risky and expensive way to borrow money.

What are the risks and benefits of payday loans?

The primary benefit of payday loans is their ease of access. The application process is straightforward, and lenders usually do not require a credit check, making them available to individuals with no credit history or poor credit.

However, payday loans come with significant risks. Interest rates and fees associated with payday loans are typically much higher than those of traditional loans or credit cards. In some cases, they can reach as high as 400%. If you cannot repay the loan within the agreed-upon timeframe, the fees and interest can quickly snowball, making repayment even more challenging.

Furthermore, payday loans can become a cycle of debt. Borrowers who cannot repay the loan may take out another loan to cover the original debt, creating a cycle that can be tough to break.

Is it legal to get a payday loan in Moro, Arkansas?

No, payday loans are illegal in Arkansas under state law. Arkansas has strict regulations in place to protect consumers from predatory lending practices. The state’s usury laws prohibit lenders from charging interest rates over 17%.

While payday lenders may offer loans in neighboring states, individuals should consider other options to avoid falling into debt cycles that can be difficult to escape.

What are the alternatives to payday loans in Moro, Arkansas?

There are several alternatives to payday loans available in Moro, Arkansas. Borrowers who need quick access to cash can consider these options:

  • Personal loans: Personal loans are a type of installment loan that borrowers can repay over time. They typically carry lower interest rates than payday loans, making them a more affordable way to borrow money.
  • Credit cards: Credit cards offer quick access to credit, without the high interest rates of payday loans. However, individuals should use credit cards responsibly, making payments on time, and avoiding accruing high balances.
  • Local organizations: Moro, Arkansas has several local organizations that offer short-term loans or emergency financial assistance to individuals facing unexpected expenses. These organizations may have more lenient qualification requirements than traditional lenders.

Interesting facts and statistics about payday loans in Arkansas

  • Arkansas is one of the 18 states and the District of Columbia that prohibits payday lending.
  • The Arkansas Constitution caps interest rates at 17%, effectively eliminating the possibility of payday loans in the state.
  • In 2019, a group attempted to place an initiative on the ballot that would have allowed payday lenders to charge interest rates of up to 36%. However, the petition was declared invalid by the Arkansas Supreme Court due to insufficient signatures.

Apply Now

If you are in need of financial assistance, TheGuaranteedLoans can help connect you with potential lenders to explore your options for installment loans, personal loans, or other forms of credit. Our online application process is secure, easy to use, and free. Remember, we are a connector service and not a direct lender.

Apply now and take the first step towards getting the financial assistance you need.

F.A.Q.

Can I still be charged fees on a payday loan in Moro, Arkansas?

No, you cannot be charged fees on a payday loan in Moro, Arkansas because these loans are illegal in the state.

Can I be evicted from my home for taking out a payday loan in Moro, Arkansas?

No, you cannot be evicted from your home for taking out a payday loan in Moro, Arkansas because these loans are illegal in the state.