Fair to Bad Credit Loans in AR
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Last updated June 13th 2021
Commentary is for informational purposes only. See legal disclaimers here.Trouble Getting Approved in Arkansas?
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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
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or tap map image above for interactive version.
Lenders contact
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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
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 Weekly. Principals rounded to the nearest $1000. Relative interest rates listed below in order left to right.
$8500 $9500 $5500 $15000 $30000
12.01% 14.74% 10.16% 7.97% 11.08%
Debt Consolidation Providers In AR
Click
or tap map image above for interactive version. Debt Hero Debt Consolidation Debt Consolidation A American Debt Consolidation A American Debt Consolidation A American Debt Consolidation A American Debt Consolidation Bank of Little Rock Arvest Bank Bank of Arkansas Arkansas Employees Federal CU 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.
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 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 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 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. 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. 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. Click
or tap map image above for interactive version. - - - - - - - - - - - - - - - -
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Lenders contact
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300 S Rodney Parham Rd Little Rock
AR 72205 - 501.235.8245
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600 E Capitol Ave, Little Rock
AR 72202 - 501.235.8602
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Little Rock, AR 72201
501.372.0608
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Jonesboro, AR 72401
870.972.5859
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Conway, AR 72034
501.328.3131
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Fayetteville, AR 72701
479.527.9695
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200 N State St, Little Rock
AR 72201 - 501.376.0800
www.bankoflittlerock.com
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8415 AR-107, Sherwood
AR 72120 - locations.arvest.com
501.379.7700
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1303 SE Walton Blvd, Bentonville
AR 72712 - 479.553.6280
locations.bankofarkansas.com
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306 S Cross St, Little Rock
AR 72201 - www.arkansasefcu.org
501.374.8346
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Debt Consolidation Application Form
About Debt Consolidation
Loans In AR
Consolidation
Loan Example in Arkansas
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 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 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.
Dorothy applied for a $5500 debt consolidation loan which will have a
relatively small monthly payment and much lower interest rate as well.
Sincerely,
Credit
Counseling Services In Arkansas
Counselors contact
us for listing removal or amendment.
11225 Huron Ln Suite 222
Little Rock AR 72211
arcollectors.com
501.664.2922
2704 Phillips Dr #C, Jonesboro
AR 72401 - 870.926.3900
1111 Zion Rd, Fayetteville
AR 72703 - www.ccoacares.com
479.521.8877WFL
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