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In 2008, Arkansas’ Attorney General’s Office began a crusade to eliminate all forms of payday loans in the state to protect consumers from predatory payday loans. 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 controversial because many national banks now offer small loan products similar to payday loans.

Best Bad Credit Loans in Arkansas of January 2025

ZippyLoan Apply Now Amount: $100 - $15,000 Min. Credit Score: 0 APR: 5.99% - 35.99% Approval: 5 Minutes Terms: 1 - 72 Months Licensed in Arkansas: Yes Get started

Upstart Apply Now Amount: $1,000 - $50,000 Min. Credit Score: 300 APR: 5.6% - 35.99% Approval: 5 Minutes Terms: 3 - 5 Years Licensed in Arkansas: Yes Get started

LifeLoans Apply Now Amount: $100 - $40,000 Min. Credit Score: 0 APR: 5.99% - 35.99% Approval: 5 Minutes Terms: 1 - 60 Months Licensed in Arkansas: Yes Get started

VivaLoan Apply Now Amount: $100 - $15,000 Min. Credit Score: 0 APR: 5.99% - 35.99% Approval: 5 Minutes Terms: 1 - 60 Months Licensed in Arkansas: Yes Get started

NextDayPersonalLoan Apply Now Amount: $100 - $40,000 Min. Credit Score: 0 APR: 5.99% - 35.99% Approval: 5 Minutes Terms: 1 - 60 Months Licensed in Arkansas: Yes Get started

FundsJoy Apply Now Amount: $200 - $5,000 Min. Credit Score: 0 APR: 5.99% - 35.99% Approval: 5 Minutes Terms: 1 - 60 Months Licensed in Arkansas: Yes Get started

SuperMoney Apply Now Amount: $1,000 - $100,000 Min. Credit Score: 0 APR: 5.99% - 35.99% Approval: < 1 Day Terms: 12 - 120 Months Licensed in Arkansas: Yes Get started

PersonalLoans Apply Now 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 Get started

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

Best Personal Loans for Good Credit in Arkansas of January 2025

SuperMoney Apply Now 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 Get started

Prosper Apply Now 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 Get started

Credible Apply Now 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 Get started

PersonalLoans Apply Now 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 Get started

LendingTree Apply Now 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 Get started

Upgrade Apply Now 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 Get started

PayOff Apply Now 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 Get started

Discover Apply Now 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 Get started

Freedomplus Apply Now Amount: $7,500 - $40,000 Min. Credit Score: 680 APR: 6 - 15% Approval: 1 - 7 Days Terms: 36 - 84 months Licensed in Arkansas: Yes Get started

Payday Loan Laws in Arkansas of January 2025

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 of January 2025

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.

Car Title Loans in Arkansas of January 2025

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 of January 2025

SuperMoney - Compare Loans to Buy Car Apply Now Amount: $1,000 - $100,000 Min. Credit Score: 0 APR: From 1.99% Licensed in Arkansas: Yes Get started

SuperMoney - Compare Loans to Refinance Car Apply Now Amount: $1,000 - $100,000 Min. Credit Score: 0 APR: From 1.99% Licensed in Arkansas: Yes Get started

StandardAutoFinancial Apply Now Amount: Up to $100,000 Min. Credit Score: 0 APR: Vary Licensed in Arkansas: Yes Get started

MaxCarLoan Apply Now Amount: Up to $100,000 Min. Credit Score: 0 APR: Vary Licensed in Arkansas: Yes Get started

FirstChoiceAutoLoan Apply Now Amount: Up to $100,000 Min. Credit Score: 0 APR: Vary Licensed in Arkansas: Yes Get started

MyAutoLoan Apply Now Amount: $8,000 - $100,000 Min. Credit Score: 500 APR: 2.74% - 27% Licensed in Arkansas: Yes Get started

LendingTree Apply Now Amount: $1,000 - $100,000 Min. Credit Score: 500 APR: From 3.09% Licensed in Arkansas: Yes Get started

Consumers Apply Now Amount: $250 - $500,000 Min. Credit Score: 640 APR: 2.99% - 21.99% Licensed in Arkansas: Yes Get started

OneMainFinancial Apply Now Amount: $1,500 - $20,000 Min. Credit Score: 0 APR: 18.00% - 35.99% Licensed in Arkansas: Yes Get started

CarsDirect Apply Now Amount: $1,000 - $45,000 Min. Credit Score: 0 APR: From 0.99% Licensed in Arkansas: Yes Get started

Auto Credit Express Apply Now Amount: $1,000 - $35,000 Min. Credit Score: 0 APR: From 1.99% Licensed in Arkansas: Yes Get started

CapitalOne Apply Now Amount: $7,500 - $50,000 Min. Credit Score: 500 APR: From 3.39% Licensed in Arkansas: Yes Get started

LendingClub Apply Now Amount: $5,000 – $55,000 Min. Credit Score: 510 APR: 3.99% - 24.99% Licensed in Arkansas: Yes Get started

Carvana Apply Now Amount: $1,000 - $100,000 Min. Credit Score: 0 APR: 3.90% - 27.90% Licensed in Arkansas: Yes Get started

Best Auto Loans for Good Credit in Arkansas of January 2025

SuperMoney - Compare Loans to Buy Car Apply Now Amount: $1,000 - $100,000 Min. Credit Score: 0 APR: From 1.99% Licensed in Arkansas: Yes Get started

SuperMoney - Compare Loans to Refinance Car Apply Now Amount: $1,000 - $100,000 Min. Credit Score: 0 APR: From 1.99% Licensed in Arkansas: Yes Get started

LendingTree Apply Now Amount: $1,000 - $100,000 Min. Credit Score: 500 APR: From 3.09% Licensed in Arkansas: Yes Get started

Consumers Apply Now Amount: $250 - $500,000 Min. Credit Score: 640 APR: 2.99% - 21.99% Licensed in Arkansas: Yes Get started

Lightstream Apply Now Amount: $5,000-$100,000 Min. Credit Score: 660 APR: 4.99% to 9.19% Licensed in Arkansas: Yes Get started

CapitalOne Apply Now Amount: $7,500 - $50,000 Min. Credit Score: 500 APR: From 3.39% Licensed in Arkansas: Yes Get started

MyAutoLoan Apply Now Amount: $8,000 - $100,000 Min. Credit Score: 500 APR: 2.74% - 27% Licensed in Arkansas: Yes Get started

Carvana Apply Now Amount: $1,000 - $100,000 Min. Credit Score: 0 APR: 3.90% - 27.90% Licensed in Arkansas: Yes Get started

Usbank Apply Now Amount: $3,000 - $100,000 Min. Credit Score: 650 APR: From 3.12% Licensed in Arkansas: Yes Get started

Bank Of America Apply Now Amount: $5,000 - $100,000 Min. Credit Score: 640 APR: From 3.54% Licensed in Arkansas: Yes Get started

LendingClub Apply Now Amount: $5,000 – $55,000 Min. Credit Score: 510 APR: 3.99% - 24.99% Licensed in Arkansas: Yes Get started

Clearlane Apply Now Amount: $5,000 - $100,000 Min. Credit Score: 600 APR: 3.54% - 10.24% Licensed in Arkansas: Yes Get started

OneMainFinancial Apply Now Amount: $1,500 - $20,000 Min. Credit Score: 0 APR: 18.00% - 35.99% Licensed in Arkansas: Yes Get started

Credit Unions in Arkansas of January 2025

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, located 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 of January 2025

Student Loans in Arkansas of January 2025

If you plan to attend college in Arkansas, the state provides scholarships and subsidy programs to 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 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 of January 2025

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.

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

Business Loans in Arkansas of January 2025

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:

SuperMoney - Compare Business Loans Apply Now Amount: Up to $10,000,000 APR: Vary Min. Credit Score: 0 Licensed in Arkansas: Yes Get started

LendingClub Apply Now Amount: $5,000 - $500,000 APR: 9.77% - 35.98% Min. Credit Score: 600 Licensed in Arkansas: Yes Get started

LendingTree Apply Now Amount: $5,000 - $500,000 APR: 5.99% – 35.99% Min. Credit Score: 500 Licensed in Arkansas: Yes Get started

Kabbage Apply Now Amount: Up to $250,000 APR: 24% – 99% Min. Credit Score: 560 Licensed in Arkansas: Yes Get started

SmartBiz SBA Loans Apply Now Amount: Up to $350,000 APR: 9.28 - 10.52% Min. Credit Score: 650 Licensed in Arkansas: Yes Get started

CredibilityCapital Apply Now Amount: Up to $350,000 APR: 10.00 - 25.00% Min. Credit Score: 680 Licensed in Arkansas: Yes Get started

Live Oak Bank Apply Now Amount: $75,000 - $5,000,000 APR: 5.50 - 8.25% Min. Credit Score: 650 Licensed in Arkansas: Yes Get started

Funding Circle Apply Now Amount: Up to $500,000 APR: 12.18 - 36.00% Min. Credit Score: 660 Licensed in Arkansas: Yes Get started

OnDeck Apply Now Amount: Up to $500,000 APR: 9.00 - 99.00% Min. Credit Score: 600 Licensed in Arkansas: Yes Get started

BlueVine Apply Now Amount: Up to $5,000,000 APR: 15.00 - 78.00% Min. Credit Score: 600 Licensed in Arkansas: Yes Get started

CaminoFinancial Apply Now Amount: Up to $1,000,000 APR: Vary Min. Credit Score: 0 Licensed in Arkansas: Yes Get started

TheLoanExchange Apply Now Amount: $6,000 to $250,000 APR: Vary Min. Credit Score: 0 Licensed in Arkansas: Yes Get started

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 up to $500,000, but the 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 without violating 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.