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Best Loans in Arkansas, Payday, Auto Title Laws 2020

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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 topic of controversy because many national banks now offer small loan products similar to payday loans. And with APRs of 50% or more, some are eerily similar to the ones that were outlawed.

Best Bad Credit Loans in Arkansas 2020

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 – $35,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

2 – 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 2020

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 – $35,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

2 – 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

If you need more help, see our full list of recommended lenders.

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Payday Loan Laws in Arkansas 2020

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 travelling 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.

CityAmount AllowedAPR AllowedStatus
Little RockN/A17%Prohibited
Fort SmithN/A17%Prohibited
FayettevilleN/A17%Prohibited
SpringdaleN/A17%Prohibited
JonesboroN/A17%Prohibited
North Little RockN/A17%Prohibited
ConwayN/A17%Prohibited
RogersN/A17%Prohibited
BentonvilleN/A17%Prohibited
Pine BluffN/A17%Prohibited
Hot SpringsN/A17%Prohibited
BentonN/A17%Prohibited
SherwoodN/A17%Prohibited
TexarkanaN/A17%Prohibited
RussellvilleN/A17%Prohibited
JacksonvilleN/A17%Prohibited
Bella VistaN/A17%Prohibited
ParagouldN/A17%Prohibited
CabotN/A17%Prohibited
West MemphisN/A17%Prohibited
SearcyN/A17%Prohibited
Van BurenN/A17%Prohibited
BryantN/A17%Prohibited
El DoradoN/A17%Prohibited
MaumelleN/A17%Prohibited
Siloam SpringsN/A17%Prohibited
Forrest CityN/A17%Prohibited
Hot Springs VillageN/A17%Prohibited
BlythevilleN/A17%Prohibited
CentertonN/A17%Prohibited
HarrisonN/A17%Prohibited
MarionN/A17%Prohibited
Mountain HomeN/A17%Prohibited
MagnoliaN/A17%Prohibited
CamdenN/A17%Prohibited
Helena-West HelenaN/A17%Prohibited
MalvernN/A17%Prohibited
BatesvilleN/A17%Prohibited
ArkadelphiaN/A17%Prohibited
HopeN/A17%Prohibited
MonticelloN/A17%Prohibited
ClarksvilleN/A17%Prohibited
GreenwoodN/A17%Prohibited
LowellN/A17%Prohibited
StuttgartN/A17%Prohibited
BeebeN/A17%Prohibited
WynneN/A17%Prohibited
NewportN/A17%Prohibited
TrumannN/A17%Prohibited
OsceolaN/A17%Prohibited
Heber SpringsN/A17%Prohibited
East EndN/A17%Prohibited
FarmingtonN/A17%Prohibited
MorriltonN/A17%Prohibited
De QueenN/A17%Prohibited
PocahontasN/A17%Prohibited
WarrenN/A17%Prohibited
AlmaN/A17%Prohibited
MenaN/A17%Prohibited
Prairie GroveN/A17%Prohibited
Pea RidgeN/A17%Prohibited
BerryvilleN/A17%Prohibited
GreenbrierN/A17%Prohibited
White HallN/A17%Prohibited
Walnut RidgeN/A17%Prohibited
CrossettN/A17%Prohibited
Cherokee VillageN/A17%Prohibited
GibsonN/A17%Prohibited
WardN/A17%Prohibited
SheridanN/A17%Prohibited
BarlingN/A17%Prohibited
RockwellN/A17%Prohibited
DardanelleN/A17%Prohibited
HaskellN/A17%Prohibited
ViloniaN/A17%Prohibited
Nashville and AshdownN/A17%Prohibited
PineyN/A17%Prohibited
DumasN/A17%Prohibited
LonokeN/A17%Prohibited
SouthsideN/A17%Prohibited
FordyceN/A17%Prohibited
Cave SpringsN/A17%Prohibited
BoonevilleN/A17%Prohibited
McGeheeN/A17%Prohibited
Shannon HillsN/A17%Prohibited
GentryN/A17%Prohibited
MariannaN/A17%Prohibited
JohnsonN/A17%Prohibited
PiggottN/A17%Prohibited
OzarkN/A17%Prohibited
ParisN/A17%Prohibited
WaldronN/A17%Prohibited
GravetteN/A17%Prohibited
ManilaN/A17%Prohibited
TontitownN/A17%Prohibited
GosnellN/A17%Prohibited
LandmarkN/A17%Prohibited
North CrossettN/A17%Prohibited
CorningN/A17%Prohibited
BrooklandN/A17%Prohibited
PottsvilleN/A17%Prohibited
DeWittN/A17%Prohibited
PrescottN/A17%Prohibited
AustinN/A17%Prohibited
AtkinsN/A17%Prohibited
ElkinsN/A17%Prohibited
AlexanderN/A17%Prohibited

Car Title Loans in Arkansas 2020

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 are allowed to charge fees for credit counseling, showing borrowers how to improve their credit score and helping 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 2020

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 2020

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 Union9.3% – 18%$100+
Telcoe Federal Credit Union7.5% – 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 varies by borrower. 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.

As well, 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 borrower.

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

All Licensed Credit Unions in Arkansas

NameCitySize (Millions)Members
ARKANSAS FEDERAL CREDIT UNIONJacksonville$837.7487118
TELCOE FEDERAL CREDIT UNIONLittle Rock$296.0625302
NORTHEAST ARKANSAS FEDERAL CREDIT UNIONBlytheville$92.9020757
ARKANSAS BEST FEDERAL CREDIT UNIONFort Smith$104.6215280
DIAMOND LAKES FEDERAL CREDIT UNIONMalvern$57.7510800
MIL-WAY FEDERAL CREDIT UNIONTexarkana$104.9310178
ARKANSAS SUPERIOR FEDERAL CREDIT UNIONWarren$60.839946
UARK FEDERAL CREDIT UNIONFayetteville$42.619640
FAIRFIELD FEDERAL CREDIT UNIONPine Bluff$78.839263
TIMBERLINE FEDERAL CREDIT UNIONCrossett$81.059130
DILLARD’S FEDERAL CREDIT UNIONLittle Rock$28.507818
UNITED ARKANSAS FEDERAL CREDIT UNIONLittle Rock$27.147374
BAPTIST HEALTH FEDERAL CREDIT UNIONLittle Rock$24.406948
PINE BLUFF COTTON BELT FEDERAL CREDIT UNIONPine Bluff$61.086302
ARKANSAS EMPLOYEES FEDERAL CREDIT UNIONLittle Rock$36.506251
ALCOA COMMUNITY FEDERAL CREDIT UNIONBenton$40.826080
TRUSERVICE COMMUNITY FEDERAL CREDIT UNIONLittle Rock$36.505814
RIVER VALLEY COMMUNITY FEDERAL CREDIT UNIONCamden$37.835039
PINE FEDERAL CREDIT UNIONPine Bluff$31.394715
HURRICANE CREEK FEDERAL CREDIT UNIONBenton$24.013820
NORTHWEST ARKANSAS FEDERAL CREDIT UNIONFayetteville$11.873789
RIVER TOWN FEDERAL CREDIT UNIONFort Smith$14.083368
VA HOSPITAL FEDERAL CREDIT UNIONLittle Rock$8.453245
UNION PACIFIC OF ARKANSAS FEDERAL CREDIT UNIONNorth Little Ro$22.052971
SUBIACO FEDERAL CREDIT UNIONSubiaco$26.702762
ARKANSAS EDUCATION ASSOCIATION FEDERAL CREDIT UNIONLittle Rock$6.152707
WHITE COUNTY FEDERAL CREDIT UNIONSearcy$12.002527
COMBINED FEDERAL CREDIT UNIONHot Springs$6.862441
ELECTRIC COOPERATIVES FEDERAL CREDIT UNIONLittle Rock$10.362353
LION FEDERAL CREDIT UNIONEl Dorado$11.032307
PATTERSON FEDERAL CREDIT UNIONArkadelphia$13.852251
PRIORITY FEDERAL CREDIT UNIONRussellville$7.641983
NATURAL STATE FEDERAL CREDIT UNIONSearcy$5.561696
MILLER COUNTY TEACHERS FEDERAL CREDIT UNIONTexarkana$3.171652
FORT SMITH TEACHERS FEDERAL CREDIT UNIONFort Smith$10.511623
ARKANSAS HEALTH CENTER FEDERAL CREDIT UNIONBenton$7.871551
PBA FEDERAL CREDIT UNIONWhite Hall$10.961360
COOPERATIVE EXTENSION SERVICE FEDERAL CREDIT UNIONLittle Rock$4.791269
FORT SMITH DIXIE CUP FEDERAL CREDIT UNIONFort Smith$12.821253
HENDERSON STATE UNIVERSITY FEDERAL CREDIT UNIONArkadelphia$8.461222
FORT ROOTS FEDERAL CREDIT UNIONNorth Little Ro$3.701174
U.P. EMPLOYEES FEDERAL CREDIT UNIONNorth Little Ro$4.111145
RHEEM ARKANSAS FEDERAL CREDIT UNIONFort Smith$5.001126
ST. EDWARD MERCY HOSPITAL FEDERAL CREDIT UNIONFort Smith$3.07977
ARKANSAS AM & N COLLEGE FEDERAL CREDIT UNIONPine Bluff$2.27947
SOUTHERN GAS FEDERAL CREDIT UNIONLittle Rock$6.33809
GARLAND COUNTY EDUCATORS FEDERAL CREDIT UNIONHot Springs$3.28787
ARKANSAS FARM BUREAU FEDERAL CREDIT UNIONLittle Rock$9.88773
ARKANSAS DEMOCRAT – GAZETTE FEDERAL CREDIT UNIONLittle Rock$5.26693
L R F D FEDERAL CREDIT UNIONLittle Rock$9.12678
ARKANSAS KRAFT EMPLOYES FEDERAL CREDIT UNIONMorrilton$4.13598
FORT SMITH MUNICIPAL EMP FEDERAL CREDIT UNIONFort Smith$3.20547
NORTH LITTLE ROCK EDUCATORS FEDERAL CREDIT UNIONNorth Little Ro$1.29524
ARKANSAS TEACHERS FEDERAL CREDIT UNIONLittle Rock$1.08516
USEM MENA FEDERAL CREDIT UNIONMena$2.34503
ENGINEERS FEDERAL CREDIT UNIONLittle Rock$3.54424
DEMOCRAT P & L FEDERAL CREDIT UNIONLittle Rock$2.05317
VILLAGE PEOPLES FEDERAL CREDIT UNIONHot Springs$1.68300
PARIS FEDERAL CREDIT UNIONParis$1.00279
OUACHITA VALLEY HEALTH SYSTEM FEDERAL CREDIT UNIONCamden$0.43205
PINE BLUFF POSTAL FEDERAL CREDIT UNIONPine Bluff$0.71152
ARLINGTON HOTEL FEDERAL CREDIT UNIONHot Springs$0.30150

Student Loans in Arkansas

If you plan on attending college in Arkansas, the state provides scholarships and subsidy programs that can help 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. To qualify, high school seniors need to score at least a 19 on their ACT or an equivalent 900 or their SAT.

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)

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

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

CountySingle 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 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 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 made it a priority to protect borrowers from predatory lenders. However, national bank exemptions allow large corporations to fill the payday loan void. Not having to abide by the states 17% interest rate cap, 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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