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Payday Loans in Arkansas


Sometimes we come across unplanned expenses that take us by surprise. There are a couple of available options to deal with similar financial emergencies, including applying for loans, asking friends for cash, selling some valuable items you got etc. In this article, we are looking at the process of getting a loan online. 


Cope with Emergencies Using Short-Term Loans!


So what to do when monetary troubles knock your door without prior notice. A short-term loan may be a good option that may help you overcome financial emergencies in a short period. On LoanPlaces.com, you may submit your credit request and get payday loans directly from independent lenders. 


How to Get Easy Cash Loans?


Getting a payday loan from online lenders has been experienced to be an easy and quick process. Submit your credit request on our website and get approved for up to $2500 cash loans. Here is the step by step guide on what you need to do if you are a new customer:


  1. Review minimum set criteria and consider whether or not you comply with them, 
  2. Fill in all required information in a credit request and submit it on our website, 
  3. Get your credit request delivered to a host of direct lenders, 
  4. Receive a credit offer from our lending partners, 
  5. Review and understand all credit terms (it's not mandatory to accept the credit offer if it does not work for you),
  6. Get your cash directly sent into your bank account as soon as the next business day. 


What are the Advantages of Small Loans?


Getting a loan is a pretty stressful deal for all borrowers. Apart from finding a suitable lender and getting your cash, you need to be extremely attentive and don’t miss out on any payment. However, getting online loans directly from legit lenders can greatly simplify the process. Aside from being quick and simple, payday loans offer several features that make them privileged. 


Bad credit history makes no difference: It's not a secret that your past financial behavior affects your ability to obtain a loan in the future. Thus, if you have bad or even no credit, you have lower chances to take out a loan. However, the situation changes when your lender doesn't focus on your past financial mistakes. Our lenders offer credit check free lending practice where your good or bad credit score plays no major role. 


No collateral, no risk: To ensure that a borrower will keep up with its contractual obligations, most lenders require to back up the borrowing. In case you fail on your debt, the lender is entitled to get compensation by seizing the backed collateral. Deals with payday lenders don't include the risk of losing any valuable assets as almost none of them require any collateral. 


Short-term: A payday loan is usually due in full until your next paycheck. Since these credits offer exclusively small repayment terms, you may refrain from sticking to the debt cycle and hurting your financial wellbeing.  

Attention

As a result of changes CFPB has made, from July 2020 the lenders don't have to check if the borrower is able to repay the loan. Thus, we encourage you to be careful and make sure you can afford the loan before applying.


Regulations of Payday Loans in Arkansas
Status     Prohibited
Annual Percentage Rate (APR)     N/A
Minimum Loan Amount     N/A
Maximum Loan Amount     N/A
Minimum Loan Term     N/A
Maximum Loan Term     N/A
Number of Rollovers Allowed     N/A
Finance Charges     N/A
Cooling-off Period     N/A

Useful Sources

Real interest rate map /PDF/ of payday loans in the United States calculated on a typical loan.

Payday loans regulation /PDF/ by state 2020.

Payday loans are prohibited in Arkansas according to the Check Casher Act, defined by Arkansas Code 23-52-101 et. seq. However, there are lenders who may provide installment loans that meet the state requirements.
The Consumer Financial Protection Bureau (CFPB) makes the financial marketplace work more effectively and educates consumers to help them take more control over their financial lives. Click here to learn more.
Get acquainted with consumer protection tips in Arkansas Attorney General Office website.


[ Updated on 18-Jan-2021, 10:10 ]

We've been in the industry for more than six years.