Loan Options in Arkansas

Arkansas bans traditional payday lending. Amendment 89 of the Arkansas Constitution, ratified in 2010, caps interest on consumer loans at 17% per year. That makes triple-digit APRs illegal.

Installment loans are legal if the lender holds an Arkansas license and stays under the 17% cap. Because that limit is one of the strictest in the country, loan structures here look different from what you'll see in less-regulated states. The Arkansas Installment Loans page explains how these products work, and the Rates & Fees page shows what you should expect to pay.

If you need cash quickly and payday loans aren't available, the Arkansas Alternatives page covers credit union loans, payment plans, and assistance programs.

Arkansas has some of the strongest consumer lending protections in the country, starting with the state constitution itself.

• Constitutional interest cap of 17% per year - Amendment 89 limits what any lender can charge you to 17% annually. This single rule blocks payday-style lending and keeps your borrowing costs far lower than in most states.
• Penalties for charging too much - Under Arkansas Code § 4-57-104, a lender who breaks the interest limit forfeits all interest. You may also recover double the interest you already paid, which gives you real leverage if someone overcharges.
• Lender licensing requirement - Any company making consumer loans in Arkansas must hold a license from the Arkansas Securities Department. Before you share personal information, check whether the lender is authorized using the department's license verification tool.

Before providing personal or financial details to any lender, review the LendUp scams and safety checklist. Confirm the company's license status with the Arkansas Securities Department.