Best Loans in Arkansas, Payday, Auto Title Laws 2021

ElitePersonalFinance
Last Update: June 29, 2021 Loans By State
Best Loans in All States

To protect consumers from predatory payday loans, in 2008, Arkansas’ Attorney General’s Office began a crusade to eliminate all forms of payday loans in the state. And while storefronts have been shut down, online payday lenders still use loopholes to skirt the law and provide financing.

When Arkansas’ Supreme Court ruled that the Check Cashers Act conflicted with its state-imposed usury cap, payday lenders were told to stop issuing new loans and void all existing loans. Soon after, Arkansas voters agreed to amend its state constitution and adopt a 17% interest rate cap for all consumer loans – including installment loans.

If lenders didn’t comply, the penalties were severe.

Any loan issued with a rate that exceeded 17% was immediately deemed void of both principal and interest. If caught, the lender would not be able to collect anything from the borrower. It would be as if the loan didn’t exist.

However, there are exemptions.

Loans issued by national banks and FDIC-institutions headquartered in Arkansas are exempt from the 17% cap. Essentially, they can charge whatever interest rate they want. It’s been a controversial topic because many national banks now offer small loan products similar to payday loans.

Best Bad Credit Loans in Arkansas 2021

Amount:

$500 – $10,000

Min. Credit Score:

0

APR:

5.99% – 35.99%

Approval:

< 1 Day

Terms:

3 – 36 Months

Licensed in Arkansas:

Not a direct lender

Amount:

$100 - $10,000

Min. Credit Score:

0

APR:

Vary by State

Approval:

< 1 Day

Terms:

1 - 60 Months

Licensed in Arkansas:

Yes

Amount:

$1,000 – $5,000

Min. Credit Score:

0

APR:

Vary By State

Approval:

< 1 Day

Terms:

9 – 36 Months

Licensed in Arkansas:

Yes

Amount:

$100 – $1,000

Min. Credit Score:

0

APR:

Vary By State

Approval:

< 1 Day

Terms:

7 – 30 Days

Licensed in Arkansas:

Yes

Amount:

$1,000 – $10,000

Min. Credit Score:

0

APR:

5.99% – 35.99%

Approval:

< 1 Day

Terms:

2 – 5 Years

Licensed in Arkansas:

Not a direct lender

Amount:

$1,000 – $50,000

Min. Credit Score:

500

APR:

3.99% – 35.99%

Approval:

< 1 Day

Terms:

1 – 5 Years

Licensed in Arkansas:

Yes

Amount:

$1,000 – $100,000

Min. Credit Score:

500

APR:

5.34% – 35.99%

Approval:

< 1 Day

Terms:

90 Days – 72 Months

Licensed in Arkansas:

Yes

Amount:

$1,000 - $100,000

Min. Credit Score:

0

APR:

4.99 - 35.99%

Approval:

< 1 Day

Terms:

12 - 120 months

Licensed in Arkansas:

Yes

Amount:

$1,000 – $35,000

Min. Credit Score:

580

APR:

5.99% – 35.99%

Approval:

< 1 Day

Terms:

90 Days – 72 Months

Licensed in Arkansas:

Not a direct lender

If you’re struggling to get approved, see our complete guide on bad credit loans.

Best Personal Loans for Good Credit in Arkansas 2021

Amount:

$1,000 - $100,000

Min. Credit Score:

0

APR:

4.99 - 35.99%

Approval:

1 Day

Terms:

12 - 120 months

Licensed in Arkansas:

Yes

Amount:

$2,000 - $40,000

Min. Credit Score:

640

APR:

7.95% - 35.99%

Approval:

1 - 3 Days

Terms:

36 - 60 months

Licensed in Arkansas:

Yes

Amount:

$1,000 – $100,000

Min. Credit Score:

0

APR:

4.99 - 35.99%

Approval:

1 Day

Terms:

12 - 120 months

Licensed in Arkansas:

Yes

Amount:

$1,000 – $35,000

Min. Credit Score:

580

APR:

5.99% – 35.99%

Approval:

< 1 Day

Terms:

90 Days – 72 Months

Licensed in Arkansas:

Yes

Amount:

$1,000 – $50,000

Min. Credit Score:

500

APR:

3.99% – 35.99%

Approval:

< 1 Day

Terms:

1 – 5 Years

Licensed in Arkansas:

Yes

Amount:

$1,000 – $50,000

Min. Credit Score:

600

APR:

7.99% - 35.97%

Approval:

< 1 Day

Terms:

3 - 5 Years

Licensed in Arkansas:

Yes

Amount:

$5,000 – $35,000

Min. Credit Score:

640

APR:

5.99% – 24.99%

Approval:

1 – 7 Days

Terms:

2 - 5 Years

Licensed in Arkansas:

Yes

Amount:

$2,500-$35,000

Min. Credit Score:

660

APR:

6.99-24.99%

Approval:

1 Day

Terms:

24 - 84 Months

Licensed in Arkansas:

Yes

Amount:

$7,500 - $40,000

Min. Credit Score:

680

APR:

6 - 15%

Approval:

1 - 7 Days

Terms:

36 - 84 months

Licensed in Arkansas:

Yes

Payday Loan Laws in Arkansas 2021

Like we mentioned, payday lenders don’t have a physical footprint in Arkansas. Technically, the product isn’t illegal, but the 17% interest rate cap makes it unprofitable for payday lenders to conduct business in the state.

However, researchers at George Mason University found that the 17% interest rate cap has unintended consequences. By reducing the supply of payday loans in Arkansas, borrowers are now traveling out-of-state to purchase payday loans – only increasing their costs that much more.

Payday Loan Laws in Arkansas by Country

ElitePersonalFinance analysis of payday loan laws by countries in the State of Arkansas.

We haven’t found a significant difference between the payday loan laws in Arkansas. If you are with bad credit, here are the laws in Arkansas by country.

City: Amount Allowed: APR Allowed: Status:
Little Rock N/A 17% Prohibited
Fort Smith N/A 17% Prohibited
Fayetteville N/A 17% Prohibited
Springdale N/A 17% Prohibited
Jonesboro N/A 17% Prohibited
North Little Rock N/A 17% Prohibited
Conway N/A 17% Prohibited
Rogers N/A 17% Prohibited
Bentonville N/A 17% Prohibited
Pine Bluff N/A 17% Prohibited
Hot Springs N/A 17% Prohibited
Benton N/A 17% Prohibited
Sherwood N/A 17% Prohibited
Texarkana N/A 17% Prohibited
Russellville N/A 17% Prohibited
Jacksonville N/A 17% Prohibited
Bella Vista N/A 17% Prohibited
Paragould N/A 17% Prohibited
Cabot N/A 17% Prohibited
West Memphis N/A 17% Prohibited
Searcy N/A 17% Prohibited
Van Buren N/A 17% Prohibited
Bryant N/A 17% Prohibited
El Dorado N/A 17% Prohibited
Maumelle N/A 17% Prohibited
Siloam Springs N/A 17% Prohibited
Forrest City N/A 17% Prohibited
Hot Springs Village N/A 17% Prohibited
Blytheville N/A 17% Prohibited
Centerton N/A 17% Prohibited
Harrison N/A 17% Prohibited
Marion N/A 17% Prohibited
Mountain Home N/A 17% Prohibited
Magnolia N/A 17% Prohibited
Camden N/A 17% Prohibited
Helena-West Helena N/A 17% Prohibited
Malvern N/A 17% Prohibited
Batesville N/A 17% Prohibited
Arkadelphia N/A 17% Prohibited
Hope N/A 17% Prohibited
Monticello N/A 17% Prohibited
Clarksville N/A 17% Prohibited
Greenwood N/A 17% Prohibited
Lowell N/A 17% Prohibited
Stuttgart N/A 17% Prohibited
Beebe N/A 17% Prohibited
Wynne N/A 17% Prohibited
Newport N/A 17% Prohibited
Trumann N/A 17% Prohibited
Osceola N/A 17% Prohibited
Heber Springs N/A 17% Prohibited
East End N/A 17% Prohibited
Farmington N/A 17% Prohibited
Morrilton N/A 17% Prohibited
De Queen N/A 17% Prohibited
Pocahontas N/A 17% Prohibited
Warren N/A 17% Prohibited
Alma N/A 17% Prohibited
Mena N/A 17% Prohibited
Prairie Grove N/A 17% Prohibited
Pea Ridge N/A 17% Prohibited
Berryville N/A 17% Prohibited
Greenbrier N/A 17% Prohibited
White Hall N/A 17% Prohibited
Walnut Ridge N/A 17% Prohibited
Crossett N/A 17% Prohibited
Cherokee Village N/A 17% Prohibited
Gibson N/A 17% Prohibited
Ward N/A 17% Prohibited
Sheridan N/A 17% Prohibited
Barling N/A 17% Prohibited
Rockwell N/A 17% Prohibited
Dardanelle N/A 17% Prohibited
Haskell N/A 17% Prohibited
Vilonia N/A 17% Prohibited
Nashville and Ashdown N/A 17% Prohibited
Piney N/A 17% Prohibited
Dumas N/A 17% Prohibited
Lonoke N/A 17% Prohibited
Southside N/A 17% Prohibited
Fordyce N/A 17% Prohibited
Cave Springs N/A 17% Prohibited
Booneville N/A 17% Prohibited
McGehee N/A 17% Prohibited
Shannon Hills N/A 17% Prohibited
Gentry N/A 17% Prohibited
Marianna N/A 17% Prohibited
Johnson N/A 17% Prohibited
Piggott N/A 17% Prohibited
Ozark N/A 17% Prohibited
Paris N/A 17% Prohibited
Waldron N/A 17% Prohibited
Gravette N/A 17% Prohibited
Manila N/A 17% Prohibited
Tontitown N/A 17% Prohibited
Gosnell N/A 17% Prohibited
Landmark N/A 17% Prohibited
North Crossett N/A 17% Prohibited
Corning N/A 17% Prohibited
Brookland N/A 17% Prohibited
Pottsville N/A 17% Prohibited
DeWitt N/A 17% Prohibited
Prescott N/A 17% Prohibited
Austin N/A 17% Prohibited
Atkins N/A 17% Prohibited
Elkins N/A 17% Prohibited
Alexander N/A 17% Prohibited

Car Title Loans in Arkansas 2021

Car title loans are also illegal in Arkansas.

Arkansas’ Small Loan Act stipulates that lenders cannot accept car titles for short-term loans. However, lenders can get around the law by using the Credit Repair Services Organizations Act. After becoming a licensed member, participants can charge credit counseling fees, showing borrowers how to improve their credit score and help them obtain a loan. By doing so, they can claim they’re helping the borrower obtain a car title loan from a ‘third party.’

Best Auto Loans for Bad Credit in Arkansas 2021

Amount:

$1,000 - $100,000

Min. Credit Score:

0

APR:

From 1.99%

Licensed in Arkansas:

Yes

Amount:

$1,000 - $100,000

Min. Credit Score:

0

APR:

From 1.99%

Licensed in Arkansas:

Yes

Amount:

Up to $100,000

Min. Credit Score:

0

APR:

Vary

Licensed in Arkansas:

Yes

Amount:

Up to $100,000

Min. Credit Score:

0

APR:

Vary

Licensed in Arkansas:

Yes

Amount:

Up to $100,000

Min. Credit Score:

0

APR:

Vary

Licensed in Arkansas:

Yes

Amount:

$8,000 - $100,000

Min. Credit Score:

500

APR:

2.74% - 27%

Licensed in Arkansas:

Yes

Amount:

$1,000 - $100,000

Min. Credit Score:

500

APR:

From 3.09%

Licensed in Arkansas:

Yes

Amount:

$250 - $500,000

Min. Credit Score:

640

APR:

2.99% - 21.99%

Licensed in Arkansas:

Yes

Amount:

$1,500 - $20,000

Min. Credit Score:

0

APR:

18.00% - 35.99%

Licensed in Arkansas:

Yes

Amount:

$1,000 - $45,000

Min. Credit Score:

0

APR:

From 0.99%

Licensed in Arkansas:

Yes

Amount:

$1,000 - $35,000

Min. Credit Score:

0

APR:

From 1.99%

Licensed in Arkansas:

Yes

Amount:

$7,500 - $50,000

Min. Credit Score:

500

APR:

From 3.39%

Licensed in Arkansas:

Yes

Amount:

$5,000 – $55,000

Min. Credit Score:

510

APR:

3.99% - 24.99%

Licensed in Arkansas:

Yes

Amount:

$1,000 - $100,000

Min. Credit Score:

0

APR:

3.90% - 27.90%

Licensed in Arkansas:

Yes

Best Auto Loans for Good Credit in Arkansas 2021

Amount:

$1,000 - $100,000

Min. Credit Score:

0

APR:

From 1.99%

Licensed in Arkansas:

Yes

Amount:

$1,000 - $100,000

Min. Credit Score:

0

APR:

From 1.99%

Licensed in Arkansas:

Yes

Amount:

$1,000 - $100,000

Min. Credit Score:

500

APR:

From 3.09%

Licensed in Arkansas:

Yes

Amount:

$250 - $500,000

Min. Credit Score:

640

APR:

2.99% - 21.99%

Licensed in Arkansas:

Yes

Amount:

$5,000-$100,000

Min. Credit Score:

660

APR:

4.99% to 9.19%

Licensed in Arkansas:

Yes

Amount:

$7,500 - $50,000

Min. Credit Score:

500

APR:

From 3.39%

Licensed in Arkansas:

Yes

Amount:

$8,000 - $100,000

Min. Credit Score:

500

APR:

2.74% - 27%

Licensed in Arkansas:

Yes

Amount:

$1,000 - $100,000

Min. Credit Score:

0

APR:

3.90% - 27.90%

Licensed in Arkansas:

Yes

Amount:

$3,000 - $100,000

Min. Credit Score:

650

APR:

From 3.12%

Licensed in Arkansas:

Yes

Amount:

$5,000 - $100,000

Min. Credit Score:

640

APR:

From 3.54%

Licensed in Arkansas:

Yes

Amount:

$5,000 – $55,000

Min. Credit Score:

510

APR:

3.99% - 24.99%

Licensed in Arkansas:

Yes

Amount:

$5,000 - $100,000

Min. Credit Score:

600

APR:

3.54% - 10.24%

Licensed in Arkansas:

Yes

Amount:

$1,500 - $20,000

Min. Credit Score:

0

APR:

18.00% - 35.99%

Licensed in Arkansas:

Yes

Credit Unions in Arkansas

Name: APR: Amount:
Arkansas Federal Credit Union 9.3% – 18% $100+
Telcoe Federal Credit Union 7.5% – 18% $200 – $6,000+

Arkansas Federal Credit Union

Arkansas Federal Credit Union’s Personal Signature Loan allows you to borrow anywhere from $100 to a maximum that the borrower varies. The final terms depend on your credit score, current income, and financial history. To qualify, you need a monthly income of at least $50, but loans are unsecured, so you don’t need any collateral.

APRs range from:

  • 9.3% to 18% for 24-month loans.
  • 9.55% to 18% for 36-month loans.
  • 10.05% to 18% for 48-month loans.

Arkansas Federal operates 15 branches across the state, with locations in Bryant, Cabot, Jacksonville, Little Rock, and many others.

Telcoe Federal Credit Union

Offering four different loan products, Telcoe Federal Credit Union provides financing for nearly any situation:

  • Vacation Loans allow you to borrow anywhere from $500 to $1,000, and APRs range from 9.5% to 18%. Terms extend up to 12 months.
  • Credit Builder Loans allow you to borrow anywhere from $500 to $1,000, and APRs range from 13.5% to 18%. Terms extend up to 24 months.
  • Christmas Loans allow you to borrow anywhere from $500 to $2,000, and APRs range from 9.5% to 18%. Terms extend up to 12 months.
  • Signature Loans allow you to borrow anywhere from $200 to $6,000, and APRs range from 7.5% to 18%. Terms extend up to 30 months.
  • Shared Savings Secured Loans have APRs as low as 3%, and terms extend up to 36 months. However, loan amounts depend on the quality of your collateral.
  • FHA Title 1 Home Improvement Loans have APRs as low as 4.74%, and terms extend up to 180 months. However, loan amounts vary by the borrower.

Telcoe Federal operates 4 branches across Arkansas with locations in Little Rock, Sherwood, and Russellville.

All Licensed Credit Unions in Arkansas

Name: City: Size (Millions): Members:
ARKANSAS FEDERAL CREDIT UNION Jacksonville $837.74 87118
TELCOE FEDERAL CREDIT UNION Little Rock $296.06 25302
NORTHEAST ARKANSAS FEDERAL CREDIT UNION Blytheville $92.90 20757
ARKANSAS BEST FEDERAL CREDIT UNION Fort Smith $104.62 15280
DIAMOND LAKES FEDERAL CREDIT UNION Malvern $57.75 10800
MIL-WAY FEDERAL CREDIT UNION Texarkana $104.93 10178
ARKANSAS SUPERIOR FEDERAL CREDIT UNION Warren $60.83 9946
UARK FEDERAL CREDIT UNION Fayetteville $42.61 9640
FAIRFIELD FEDERAL CREDIT UNION Pine Bluff $78.83 9263
TIMBERLINE FEDERAL CREDIT UNION Crossett $81.05 9130
DILLARD’S FEDERAL CREDIT UNION Little Rock $28.50 7818
UNITED ARKANSAS FEDERAL CREDIT UNION Little Rock $27.14 7374
BAPTIST HEALTH FEDERAL CREDIT UNION Little Rock $24.40 6948
PINE BLUFF COTTON BELT FEDERAL CREDIT UNION Pine Bluff $61.08 6302
ARKANSAS EMPLOYEES FEDERAL CREDIT UNION Little Rock $36.50 6251
ALCOA COMMUNITY FEDERAL CREDIT UNION Benton $40.82 6080
TRUSERVICE COMMUNITY FEDERAL CREDIT UNION Little Rock $36.50 5814
RIVER VALLEY COMMUNITY FEDERAL CREDIT UNION Camden $37.83 5039
PINE FEDERAL CREDIT UNION Pine Bluff $31.39 4715
HURRICANE CREEK FEDERAL CREDIT UNION Benton $24.01 3820
NORTHWEST ARKANSAS FEDERAL CREDIT UNION Fayetteville $11.87 3789
RIVER TOWN FEDERAL CREDIT UNION Fort Smith $14.08 3368
VA HOSPITAL FEDERAL CREDIT UNION Little Rock $8.45 3245
UNION PACIFIC OF ARKANSAS FEDERAL CREDIT UNION North Little Ro $22.05 2971
SUBIACO FEDERAL CREDIT UNION Subiaco $26.70 2762
ARKANSAS EDUCATION ASSOCIATION FEDERAL CREDIT UNION Little Rock $6.15 2707
WHITE COUNTY FEDERAL CREDIT UNION Searcy $12.00 2527
COMBINED FEDERAL CREDIT UNION Hot Springs $6.86 2441
ELECTRIC COOPERATIVES FEDERAL CREDIT UNION Little Rock $10.36 2353
LION FEDERAL CREDIT UNION El Dorado $11.03 2307
PATTERSON FEDERAL CREDIT UNION Arkadelphia $13.85 2251
PRIORITY FEDERAL CREDIT UNION Russellville $7.64 1983
NATURAL STATE FEDERAL CREDIT UNION Searcy $5.56 1696
MILLER COUNTY TEACHERS FEDERAL CREDIT UNION Texarkana $3.17 1652
FORT SMITH TEACHERS FEDERAL CREDIT UNION Fort Smith $10.51 1623
ARKANSAS HEALTH CENTER FEDERAL CREDIT UNION Benton $7.87 1551
PBA FEDERAL CREDIT UNION White Hall $10.96 1360
COOPERATIVE EXTENSION SERVICE FEDERAL CREDIT UNION Little Rock $4.79 1269
FORT SMITH DIXIE CUP FEDERAL CREDIT UNION Fort Smith $12.82 1253
HENDERSON STATE UNIVERSITY FEDERAL CREDIT UNION Arkadelphia $8.46 1222
FORT ROOTS FEDERAL CREDIT UNION North Little Ro $3.70 1174
U.P. EMPLOYEES FEDERAL CREDIT UNION North Little Ro $4.11 1145
RHEEM ARKANSAS FEDERAL CREDIT UNION Fort Smith $5.00 1126
ST. EDWARD MERCY HOSPITAL FEDERAL CREDIT UNION Fort Smith $3.07 977
ARKANSAS AM & N COLLEGE FEDERAL CREDIT UNION Pine Bluff $2.27 947
SOUTHERN GAS FEDERAL CREDIT UNION Little Rock $6.33 809
GARLAND COUNTY EDUCATORS FEDERAL CREDIT UNION Hot Springs $3.28 787
ARKANSAS FARM BUREAU FEDERAL CREDIT UNION Little Rock $9.88 773
ARKANSAS DEMOCRAT – GAZETTE FEDERAL CREDIT UNION Little Rock $5.26 693
L R F D FEDERAL CREDIT UNION Little Rock $9.12 678
ARKANSAS KRAFT EMPLOYES FEDERAL CREDIT UNION Morrilton $4.13 598
FORT SMITH MUNICIPAL EMP FEDERAL CREDIT UNION Fort Smith $3.20 547
NORTH LITTLE ROCK EDUCATORS FEDERAL CREDIT UNION North Little Ro $1.29 524
ARKANSAS TEACHERS FEDERAL CREDIT UNION Little Rock $1.08 516
USEM MENA FEDERAL CREDIT UNION Mena $2.34 503
ENGINEERS FEDERAL CREDIT UNION Little Rock $3.54 424
DEMOCRAT P & L FEDERAL CREDIT UNION Little Rock $2.05 317
VILLAGE PEOPLES FEDERAL CREDIT UNION Hot Springs $1.68 300
PARIS FEDERAL CREDIT UNION Paris $1.00 279
OUACHITA VALLEY HEALTH SYSTEM FEDERAL CREDIT UNION Camden $0.43 205
PINE BLUFF POSTAL FEDERAL CREDIT UNION Pine Bluff $0.71 152
ARLINGTON HOTEL FEDERAL CREDIT UNION Hot Springs $0.30 150

Student Loans in Arkansas

If you plan to attend college in Arkansas, the state provides scholarships and subsidy programs that can lower your tuition costs.

Arkansas Academic Challenge Program

Arkansas’ Academic Challenge Program provides scholarships to high school graduates. Students already enrolled in college and past attendants who are re-enrolling after spending time away from school. High school seniors need to score at least a 19 on their ACT or an equivalent 900 or SAT to qualify.

Students attending four-year colleges can receive:

  • $1,000 in year 1.
  • $4,000 in year 2.
  • $4,000 in year 3.
  • $5,000 in year 4.

Students attending two-year colleges can receive:

  • $1,000 in year 1.
  • $3,000 in year 2.

Arkansas Future Grant (ArFuture)

The ArFuture Grant is Arkansas’ newest program and is designed specifically for students pursuing degrees in science, technology, engineering, and math (STEM). Grants are provided on a “first-come, first-serve” basis, but funding covers tuition and fees for those attending partner institutions.

To qualify, you must:

  • Have graduated from a public, private, or home school in Arkansas or earned an equivalency diploma through the Department of Career Education.
  • Have lived in Arkansas for at least 3 years before applying.
  • Take part-time or full-time classes at a partner institution and pursue a STEM-related degree.
  • Complete your application for Federal Student Aid (FAFSA).

Arkansas Health Education Grant (ARHEG)

The ARHEG Grant offers financial aid to students applying to both in-state and out-of-state universities to pursue a career in medicine, dentistry, or optometry.

Participating schools vary by field of study, but institutions include: the University of Tennessee, the University of Louisville, Oklahoma State University, Texas A&M University, and several others.

Federal Housing Administration (FHA) Loans in Arkansas

To qualify for an FHA loan in Arkansas, the property must be your primary residence and not used for investment purposes. However, you can purchase multifamily homes with up to 4 units as long as one is your primary residence.

You also need:

  • A credit score of at least 580.
  • At least two years of prior employment.
  • Pay stubs and tax returns that show consistent income.
  • A debt-to-income ratio of no more than 43% (including your FHA mortgage payment).

Across Arkansas, FHA loan limits are identical in all 75 counties.

County: Single Unit Limit (lowest): Four-Plex Limit (highest):
Arkansas County $331,760 $638,100
Ashley County $331,760 $638,100
Baxter County $331,760 $638,100
Benton County $331,760 $638,100
Boone County $331,760 $638,100
Bradley County $331,760 $638,100
Calhoun County $331,760 $638,100
Carroll County $331,760 $638,100
Chicot County $331,760 $638,100
Clark County $331,760 $638,100
Clay County $331,760 $638,100
Cleburne County $331,760 $638,100
Cleveland County $331,760 $638,100
Columbia County $331,760 $638,100
Conway County $331,760 $638,100
Craighead County $331,760 $638,100
Crawford County $331,760 $638,100
Crittenden County $331,760 $638,100
Cross County $331,760 $638,100
Dallas County $331,760 $638,100
Desha County $331,760 $638,100
Drew County $331,760 $638,100
Faulkner County $331,760 $638,100
Franklin County $331,760 $638,100
Fulton County $331,760 $638,100
Garland County $331,760 $638,100
Grant County $331,760 $638,100
Greene County $331,760 $638,100
Hempstead County $331,760 $638,100
Hot Spring County $331,760 $638,100
Howard County $331,760 $638,100
Independence County $331,760 $638,100
Izard County $331,760 $638,100
Jackson County $331,760 $638,100
Jefferson County $331,760 $638,100
Johnson County $331,760 $638,100
Lafayette County $331,760 $638,100
Lawrence County $331,760 $638,100
Lee County $331,760 $638,100
Lincoln County $331,760 $638,100
Little River County $331,760 $638,100
Logan County $331,760 $638,100
Lonoke County $331,760 $638,100
Madison County $331,760 $638,100
Marion County $331,760 $638,100
Miller County $331,760 $638,100
Mississippi County $331,760 $638,100
Monroe County $331,760 $638,100
Montgomery County $331,760 $638,100
Nevada County $331,760 $638,100
Newton County $331,760 $638,100
Ouachita County $331,760 $638,100
Perry County $331,760 $638,100
Phillips County $331,760 $638,100
Pike County $331,760 $638,100
Poinsett County $331,760 $638,100
Polk County $331,760 $638,100
Pope County $331,760 $638,100
Prairie County $331,760 $638,100
Pulaski County $331,760 $638,100
Randolph County $331,760 $638,100
Saline County $331,760 $638,100
Scott County $331,760 $638,100
Searcy County $331,760 $638,100
Sebastian County $331,760 $638,100
Sevier County $331,760 $638,100
Sharp County $331,760 $638,100
St. Francis County $331,760 $638,100
Stone County $331,760 $638,100
Union County $331,760 $638,100
Van Buren County $331,760 $638,100
Washington County $331,760 $638,100
White County $331,760 $638,100
Woodruff County $331,760 $638,100
Yell County $331,760 $638,100

The lowest amount you can borrow is $314,827, while the highest amount you can borrow is $605,525. Keep in mind though, lower limits are reserved for 1-bedroom units, while upper limits are reserved for 4-bedroom units.

Business Loans in Arkansas

If you’re seeking capital to grow your business, you can obtain a reliable loan both in-state and online.

Here are some great online lenders:

Amount:

Up to $10,000,000

APR:

Vary

Min. Credit Score:

0

Licensed in Arkansas:

Yes

Amount:

$5,000 - $500,000

APR:

9.77% - 35.98%

Min. Credit Score:

600

Licensed in Arkansas:

Yes

Amount:

$5,000 - $500,000

APR:

5.99% – 35.99%

Min. Credit Score:

500

Licensed in Arkansas:

Yes

Amount:

Up to $250,000

APR:

24% – 99%

Min. Credit Score:

560

Licensed in Arkansas:

Yes

Amount:

Up to $350,000

APR:

9.28 - 10.52%

Min. Credit Score:

650

Licensed in Arkansas:

Yes

Amount:

Up to $350,000

APR:

10.00 - 25.00%

Min. Credit Score:

680

Licensed in Arkansas:

Yes

Amount:

$75,000 - $5,000,000

APR:

5.50 - 8.25%

Min. Credit Score:

650

Licensed in Arkansas:

Yes

Amount:

Up to $500,000

APR:

12.18 - 36.00%

Min. Credit Score:

660

Licensed in Arkansas:

Yes

Amount:

Up to $500,000

APR:

9.00 - 99.00%

Min. Credit Score:

600

Licensed in Arkansas:

Yes

Amount:

Up to $5,000,000

APR:

15.00 - 78.00%

Min. Credit Score:

600

Licensed in Arkansas:

Yes

Amount:

Up to $1,000,000

APR:

Vary

Min. Credit Score:

0

Licensed in Arkansas:

Yes

Amount:

$6,000 to $250,000

APR:

Vary

Min. Credit Score:

0

Licensed in Arkansas:

Yes

However, for a local touch, you can contact these Arkansas lenders directly:

Arkansas Capital

Arkansas Capital is a non-profit lender that’s been servicing Arkansas entrepreneurs since 1957. The company has provided more than $1.5 billion in loans and aims to help businesses in the state scale their operations.

SBA7(A) Loans are its most popular small business product. To qualify, you must meet SBA size standards and operate “for profit.” Loan amounts range from $100,000 to $5 million, and variable interest rates are 2.75% above the Wall Street Journal prime rate.

Its SBA 504 Loans are used to purchase equipment or long-term assets with useful lives of at least 10 years. They can also be used to purchase commercial real estate. However, SBA 504 loans cannot be used for working capital.

The current rates for SBA 504 Loans are:

  • 10-year fixed at 3.937%.
  • 20-year fixed at 3.914%.
  • 25-year fixed at 4.011%.

Its third product is USDA B&I loans. These are used to make acquisitions, purchase new machinery, or fund working capital. Loans are capped at $10 million, but the Rural Business-Cooperative Programs Administrator can authorize loans up to $25 million. Interest rates are also variable and reach upwards of 3.25% above the Wall Street Journal prime rate.

Repayment terms look like this:

  • Up to 7 years for working capital.
  • Up to 15 years for machinery and equipment.
  • Up to 30 years for real estate.

Last is Arkansas Capital’s Conventional Loans. These are used for general purposes. Loan amounts can reach upwards of $500,000, but interest rates and repayment terms vary by the borrower. It’s a secured loan, and qualifying collateral includes commercial real estate or a combination of residential real estate, machinery, and equipment.

The company operates two locations in Arkansas, located in Little Rock and Fayetteville.

FORGE Community Loan Fund

In 1988, FORGE began making loans to organic farmers in Arkansas, Missouri, and Oklahoma. As time passed, the company expanded its reach, providing loans to several businesses across these regions. As a Community Development Financial Institution (CDFI) – FORGE aims to help individuals start and grow their businesses.

Through its General Credit Fund, you can borrow anywhere from $500 to $200,000. Loans are available in all 75 counties across Arkansas, but terms and interest rates vary by the borrower.

Its SBA Micro Loans are also available in all 75 counties, and loans can reach upwards of $50,000. Repayment terms can also reach upwards of 6 years.

FORGE’s USDA Rural Development Loans are designed to help disadvantaged and remote rural communities. You can borrow up to $250,000 or 75% of the total cost of your project. To qualify, majority ownership in the business must be held by a U.S. citizen or permanent resident. You can’t have any federal delinquent debt outstanding, and the business must be located in a rural area of Arkansas.

To contact FORGE, you can visit its Arkansas location at: 4415 Highway 412-B Huntsville, AR 72740. You can also contact them by phone at: (479) 738-1585 or email them at: forge@forgefund.org.

Conclusion

Arkansas is one of the few U.S. states that outlaw both payday loans and car title loans. Since 2008, the Arkansas Attorney General’s Office has prioritized protecting borrowers from predatory lenders. However, national bank exemptions allow large corporations to fill the payday loan void. Not having to abide by the 17% interest rate cap states that national banks can sell similar products and not violate the law. Moreover, researchers at George Mason University found that limiting the supply of small-dollar loans only encourages borrowers to travel out-of-state to make the purchase. And the added travel expense simply increases their out-of-pocket costs that much more.

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