Fair to Bad Credit Loans in AR

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Last updated on August 20, 2018

Commentary is for informational purposes only. See legal disclaimers here.

Daily Arkansas Borrower Credit Scores

Last 10 borrowers applying for a loan out of Arkansas had the following credit scores. Source: WFL Lender Pool. Updated daily. FICO scores based on avg. from Transunion, Experian, and Equifax.

488 487 523 506 550 656 558 552 425 490

Arkansas APR Reports (?)
Enter zip and your 3 digit credit score.

Arkansas Usury and Regulations

Summary of Arkansas Usury Law(s) / Quote: "Legal: 6% Contract: 5.5% (consumer rate capped at 17%) / Judgment: judgment rate on contracts is greater of rates provided in contract or 10%. On other judgments rate is lesser of 10% or current contract limit. / Corporate: No specific rate"

(WeFindLenders.com endeavors to include the most up to date legal data for Arkansas, but no guarantee or warranty of any kind is expressed or implied as to the accuracy of said data. This data is not intended to be legal advice. For legal help speak with a lawyer in Arkansas, and/or contact the Arkansas State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)

Arkansas Usury Law Snippets Of Interest:

The snippets of interest are from the Arkansas Constitution, § 2-3 of Amendment 89 (search "AMEND. 89" to read full content)

Snippet 1.) Amendment 89 § 2 Quote: "Loans by Federally Insured Depository Institutions. The maximum lawful rate of interest, discount points, finance charges, or other similar charges that may be charged, taken, received, or reserved from time to time in any loan or financing transaction by or to any federally insured depository institution having its main office in this State shall be the maximum rate of interest that was applicable to federally insured depository institutions under 12 U.S.C. § 1831u effective on March 1, 2009"

Snippet 2.) Amendment 89 § 3: Quote: "Other Loans: The maximum lawful rate of interest on loans or contracts not described in Sections 1 and 2 shall not exceed seventeen percent (17%) per annum"

Arkansas Lenders By City

Little Rock AR / Fort Smith AR / Fayetteville AR / Springdale AR / Jonesboro AR / Conway AR / Rogers AR / Pine Bluff AR

Complaints to:

Arkansas State Bank Department / Contact: Physical Address: 400 Hardin Road, Suite 100, Little Rock, Arkansas 72211-3501 / Email: asbd@banking.state.ar.us / Phone: (501) 324-9019 / Fax: (501) 324-9028/ Arkansas State Bank Department / Arkansas Complaint Process

Arkansas Lender Service Areas Map

Arkansas Bad Credit Lenders Map - Initial Static Image

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Arkansas Best Federal CU
3501 Old Greenwood Rd #1
Fort Smith, AR 72903, Fort Smith
AR 72903 - www.abfcu.org
479.649.2060

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UP Arkansas FCU
1501 Pike Ave, North Little Rock
AR 72114 - www.upfcu.org
501.374.2190

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Arkansas Superior FCU
313 S Martin St, Warren
AR 71671 - asfcu.coop
870.226.3534

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Arkansas Federal Credit Union
100 S Rockwood Dr, Cabot
AR 72023 - www.afcu.org
501.743.3000

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Hope Credit Union
615 S Main St, Pine Bluff
AR 71601 - hopecu.org
601.944.1100

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Mercy Credit Union
7301 Rogers Ave, Fort Smith
AR 72903 - www.mymercycu.com
479.314.6095

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UARK FCU
50 W Van Asche Dr, Fayetteville
AR 72703 - www.uarkfcu.com
479.521.1199

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Northeast Arkansas FCU
2704 Fair Park Blvd, Jonesboro
AR 72401 - www.neafcu.org
870.935.9336

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Lion Federal Credit Unions
1580 Haynesville Hwy, El Dorado
AR 71730 - 870.863.4335
www.lioncreditunion.com

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Hope Credit Union
4000 Gray Street B College Station
AR 72053 - hopecu.org
501.490.0646

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Bad Credit Loan Form for Arkansas

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Arkansas Signature Loan Example

Tony from Pine Bluff and his wife are moving to a new apartment. They are moving to be closer to work to reduce their commuting costs.

The move will also bring them closer to the rest of the family who also live in the area. Combined they make a total of $32000 a year working mainly in the service industry.

By moving closer to work, they hope to be able to also gain more overtime income or pick up another part time job to augment their income.

They need a $7500 signature loan to help them make this transition.

The money will be used to pay the first and last month’s rent, moving costs and some new furniture and decorations. They plan to keep it basic and not spend much on decorations or extras.

They just do not have the money to squander on anything other than necessities. They have calculated that if the can be approved for this loan with a 4 year term, the payments will be a little more than a $170 a month.

At the present time they are spending more than that on commuting costs. The money they were spending on gas and bus fares will be used to pay for the loan and they will also have a much better quality of life.

They do not have a lot of income, but they make do with what they have and are working to try and make it better for them and the children they want to have someday.

A $7500 loan with a four year term and 6.5% interest rate for Tony would cost him the following per month:

• Loan Amount (principal) = $7500
• Interest Rate = 6.5%
• Term Length =4 year
• Monthly Payment = $177.86
• Total Paid Back = $8537.38
• Total Interest = $1037.38

Tony will need to provide documentation of his income and that of his wife.

They apparently do not have any other debts. They appear to be hard working people who are trying to make the best life they can for themselves on a relatively small amount of income.

Their plans to move are commendable and if successful will definitely help improve their lives significantly.

They are always conscious of how much money they are spending and one wonders if they have considered other options.

Have they considered finding other jobs closer to where they currently live? They apparently do not have any money saved to cover the first month’s rent and last month’s rent.

They need to think about setting some funds aside for emergencies. With their family close by, can they help out with moving costs and perhaps lower the amount of the loan they are applying for?

A loan of say $5000 would be easier to approve, would have a lower monthly payment and generate less interest costs over the life of the loan.

This could save them money and also help them get that emergency savings plan started.

After further discussions with Tony and his wife, they have opted for a lower loan application and are making plans for their move. They are excited and really looking forward to a lot less commuting!

If you live in the State of Arkansas and you're struggling to get a loan approval with a bad credit rating we hope our website helps you in some way.

Sincerely,

Chris Somerset

Chris Somerset is the daughter of Lance Somerset who founded the We Find Lenders Pool. She contributes to WeFindLenders.com whenever she's not having fun with her three children and her husband Ron.

Debt Consolidation Loans in Arkansas

Last 5 debt service loans approved in the State of Arkansas. Source: WFL Lender Pool. Updated daily. Principals rounded to the nearest $1000. Relative interest rates listed below in order left to right.

$75000 $55000 $60000 $95000 $14000

7.20% 9.51% 8.18% 13.42% 7.76%

Debt Consolidation Providers In AR

Arkansas Debt Consolidation Loan Providers - Initial Static Image

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Lenders
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Debt Hero Debt Consolidation
300 S Rodney Parham Rd Little Rock
AR 72205 - 501.235.8245

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Debt Consolidation
600 E Capitol Ave, Little Rock
AR 72202 - 501.235.8602

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A American Debt Consolidation
Little Rock, AR 72201
501.372.0608

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A American Debt Consolidation
Jonesboro, AR 72401
870.972.5859

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A American Debt Consolidation
Conway, AR 72034
501.328.3131

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A American Debt Consolidation
Fayetteville, AR 72701
479.527.9695

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Bank of Little Rock
200 N State St, Little Rock
AR 72201 - 501.376.0800
www.bankoflittlerock.com

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Arvest Bank
8415 AR-107, Sherwood
AR 72120 - locations.arvest.com
501.379.7700

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Bank of Arkansas
1303 SE Walton Blvd, Bentonville
AR 72712 - 479.553.6280
locations.bankofarkansas.com

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Arkansas Employees Federal CU
306 S Cross St, Little Rock
AR 72201 - www.arkansasefcu.org
501.374.8346

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AR Debt Consolidation Application Form

Arkansas Application Form
Bad Credit Debt Consolidation Loans (?)
 

About Debt Consolidation Loans In AR

Some of the debt consolidation providers listed above and in the map are not based in Arkansas. A American serves these Arkansas communities, but is not actually based there. It doesn't mean their service isn't worthy of consideration though.

It's important to read all of the documentation of any loan agreement before you sign the dotted line. Make sure the service you employ doesn't just end up making your debt problems worse. There are some companies that don't really help you consolidate your debt and you should avoid them.

Consolidation Loan Example in Arkansas

Dorothy from Little Rock needs a small debt consolidation loan to combine her credit card debt and a pay day loan into one low interest loan with one monthly payment.

She has two credit cards that she is carrying a balance of $5000. She did not have enough funds to pay her rent this past month and went to get a small loan from a local lender to tide her over until her pay check arrives.

She knows that going to a pay day loan lender is not really the best approach to take. Between the fees and the high interest, she is paying on this loan and also on her credit cards, she is paying far more than a loan would ever cost.

She spent too much money over the past couple of months and suddenly she realized that she did not have enough money in her checking account to cover the payments that were due let alone paying the full balance.

She has a full time job and generally a good credit rating. Her credit score has been up and down over the past few years, mainly in the midrange.

She had a few issues a few years ago, however over time they are expunged from your score provided they are not major issues like bankruptcy.

She had applied for more credit cards than she needed. Every enquiry to a credit score agency generates a negative impact on your credit score.

She has not missed any payments for rent, utilities or for debts that she has. Dealing with this latest debt cash flow issue has really scared her and she vows that she will never get into this situation again.

She has applied for a $5.5k loan with a four year term to keep her monthly payments manageable.

A $5500 loan with a four year term and 6.5% interest rate for Dorothy would cost her the following per month:

• Loan Amount (principal) = $5500
• Interest Rate = 7.4%
• Term Length =4 year
• Monthly Payment = $132.73
• Total Paid Back = $6370.92
• Total Interest = $870.92

Dorothy should quickly pay off the payday loan as her first priority. It is costing her the most money in terms of fees and interest charges.

She has two credit cards. On is a traditional credit card that charges 19% interest on overdue balances.

The other is a store credit card and this card charges a hefty 29% interest on overdue balances. Obviously this should be the next one to repay on her priority list.

Always paying the highest costing debt first unless there are other personal factors that might dictate otherwise.

Dorothy applied for a $5500 debt consolidation loan which will have a relatively small monthly payment and much lower interest rate as well.

She wants to pay it off in four years, however we suggest that she try to repay it more quickly to reduce her overall interest charges.

She also needs to pay more attention to what she spends and also managing her cash flow to avoid falling into the same financial debt trap she in now.

She would be better off to only use the traditional credit card and perhaps leave the store based credit card at home.

If you live in the State of Arkansas and you're trying to get approved for a debt consolidation loan, we hope our website helps you find a good lender regardless of your credit rating.

Sincerely,

Andy Somerset

Andy Somerset is the son of Lance Somerset who founded the We Find Lenders Pool. He writes for WeFindLenders.com whenever he's not working hard on his degree in finance.

Credit Counseling Services In Arkansas

Arkansas Credit Counselors Map - Initial Static Image

Click or tap map image above for interactive version.
Counselors
contact us for listing removal or amendment.

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Access Credit Management
11225 Huron Ln Suite 222
Little Rock AR 72211
arcollectors.com
501.664.2922

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New Horizon
2704 Phillips Dr #C, Jonesboro
AR 72401 - 870.926.3900

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Credit Counseling of Arkansas
1111 Zion Rd, Fayetteville
AR 72703 - www.ccoacares.com
479.521.8877

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WFL Loan Product Menu

  • Bad credit scores below FICO 650
  • 200+ lenders review your pre-application(s)
  • Applying does not worsen your credit score
  • Interest rates starting as low as 9% (cs)
  • Collateral not always required
  • Funding between 24 hours and 5 days
  • Terms from 6 months to 10 years
  • Borrow between $500 and $50,000
  • Loans for people with 650+ credit scores
  • 500+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Fast approvals and fast funding
  • Line of credit approvals with reasonable APR
  • Borrow between $500 and $150,000
  • Lenders who provide bad credit consolidation
  • Debt settlement or debt relief services
  • 300+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Seamless approval and funding process
  • Debt relief counseling available
  • Borrow form $5000 - $150,000

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