Arkansas Payday loans
If you’re in need of quick cash and are thinking of getting an Arkansas short term loan… you’ll need to understand the laws surrounding Arkansas payday loans. Needing cash for some kind of emergency may have crossed your mind, and surely a payday loan (also known as a cash advance) could be the right fix.
Discover all you need to know about short term lending in Arkansas.
Are payday loans legal in Arkansas?
No, it is illegal to take out Arkansas payday loans.
The law the governed the practice, called the Check Casher Act, is no longer valid since 2011.
Since then, Arkansas payday loans are illegal.
Remember that regardless of this, there are other loan options available to you as you will see below and they still require that you read the paperwork and set yourself up correctly.
Arkansas installment loans
Even though payday loans in Arkansas are illegal, there are still some installment loans that you can legally apply for. If you do not have perfect credit, installment loans are an option that could make sense. As Arkansas installment loan companies do a thorough credit check and take everything into consideration. It is important to consider all the risks and pay on time.
Alternative options to getting cash quickly
Just because you cannot get an Arkansas payday loan, it does not mean you do not have other options if you have an emergency or need cash quickly.
- Apply for a credit card. There are many credit cards options for you even if your credit is not that great.
- Tribal loans. One option that could make sense even if you live in Arkansas is a tribal lender. Because tribal lenders are located in sovereign land, they have their own laws and regulations.
- Short term loans in other states. If you are in Arkansas only temporarily and you still have documents proving your residency in another state, you can consider applying for a payday loan in that State.
- Side jobs. Try looking for work elsewhere. Look for extra work with friends, writing online if you feel like it.
Costs to think about
Anytime you get a loan there will be interest and fee charges or various kinds. Luckily there are laws governing loans in Arkansas that cap small loan APR at 17% and how much companies can charge have to do with your credit score and other factors. However, it can be lower depending on your credit score, the amount you wish to borrow, loan term and more. There are various other fees however such as disbursement, settlement and late charge fees. Be sure to read your loan agreement carefully.