Personal and Installment Loans in Arkansas: Payday Loan Alternatives
One short form for personal installment loans with fixed monthly payments, offers from licensed lenders, and money sent to your bank account if you are approved. Larger personal loan requests up to $35,000 are also accepted.
Estimate uses 17% APR, the Arkansas cap for this loan size, repaid over 12 months. Your lender must disclose the exact APR and total cost. Your offer may differ.
Check my offers- Arkansas lenders must be licensed by the state
- Full cost and APR shown before you sign
- All credit types can apply; lenders may check credit
Personal Loans in Arkansas, requested online
Arkansas residents can request personal installment loans of $500 to $5,000 online from any of the 605 Arkansas cities we cover. Payday loans are not available in Arkansas; the state constitution caps the interest rate on most loans at 17% a year, far below what payday lenders charge. At 17% APR, a $1,000 loan repaid over 12 months costs about $91.20 a month, or $94.46 in interest in total.
What Arkansas law says
- Payday loans are not available in Arkansas; the state constitution caps the interest rate on most loans at 17% a year, far below what payday lenders charge.
- Rate limit: Most lenders may not charge more than 17% a year in interest. Federally insured banks with their main office in Arkansas follow a separate federal-linked rate rule.
- Fees: Fees that work as interest count toward the 17% limit, so extra charges are tightly restricted.
- Lenders must be licensed by the Arkansas Attorney General, Consumer Protection Division and must disclose the APR and total cost before you sign.
Good to know
- Arkansas voters set a 17% a year maximum interest rate in Amendment 89, in force since January 1, 2011.
- The 17% limit applies to loans and contracts other than those covered by the bank and government-bond sections of the amendment.
- Storefront payday lenders left Arkansas after the state Supreme Court ruled in 2008 that their fees counted as interest.
- Be cautious of any online offer with a triple-digit APR: a non-bank lender charging above 17% conflicts with Arkansas law.
- Federally insured banks based in Arkansas follow a federal-linked rate rule instead of the flat 17% cap.
- Arkansas consumers can report a lender to the Attorney General's Consumer Protection Division at 800-482-8982.
Why request online
How it works
Small-Loan Rules in Arkansas
| Maximum amount | No payday loans |
|---|---|
| Loan term | No payday loans |
| Rate / fee rule | High-cost payday model not permitted |
| Regulatory basis | Payday statute repealed; Ark. constitutional usury limits apply |
Key Rules
- Prior payday statute repealed
- state usury/consumer-credit rules apply
Alternative Loan Options in Arkansas
- Licensed installment/personal loan
- federal credit-union PAL
- bank small-dollar loan
- employer/EWA option
Regulatory reference: the statutes listed in this table and the state regulator. State rules can change; confirm current terms before borrowing.
Largest Arkansas cities
Questions people ask
Can I get a loan in Arkansas with bad credit?
Yes, you can apply with any credit history. Lenders look at your income and banking history, not only your credit score, but they may still check your credit and approval is not guaranteed. Compare the APR and total cost before you accept.
Are payday loans legal in Arkansas?
Payday loans are not available in Arkansas; the state constitution caps the interest rate on most loans at 17% a year, far below what payday lenders charge. You can request personal installment loans from licensed lenders instead.
What can I borrow instead of a payday loan in Arkansas?
Personal installment loans of $500 to $5,000, repaid in fixed monthly payments. Most lenders may not charge more than 17% a year in interest. Federally insured banks with their main office in Arkansas follow a separate federal-linked rate rule.
How much does a $1,000 loan cost in Arkansas?
At 17% APR, a $1,000 loan repaid over 12 months costs about $91.20 a month, or $94.46 in interest in total. Your lender must show the APR and total cost before you sign.
Where can I complain about a lender in Arkansas?
Contact the Arkansas Attorney General, Consumer Protection Division at 800-482-8982 or the CFPB at consumerfinance.gov/complaint.
It takes a few minutes and costs nothing to ask. You decide after you see the full cost.
Check my offersWe pass your request to participating lenders. A request does not guarantee an offer; approval, amount and funding time depend on the provider.
Resources
Loans near me in Arkansas: find your city
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