Payday Loan Alternatives in Arkansas

While payday lending is banned in Arkansas, 1F Cash Advance offers a legal and safe alternative. You can get same-day emergency funds with no hard credit check required. Our small personal loans are available to Arkansas residents with bad credit who need quick cash for unexpected expenses. Apply online with a simple form or visit your local 1F Cash Advance store for instant funding.

Why Are Payday Loans Banned in Arkansas?

Traditional payday loans usually have interest rates of over 400% and need to be repaid in 2 to 4 weeks. This short repayment period and high cost can be difficult to handle, especially for individuals who already have financial problems. Since payday loans are popular with people who cannot qualify for conventional credit, many lenders employ aggressive tactics that pressure vulnerable individuals into borrowing at unfavorable terms.

The Arkansas Supreme Court banned payday loans in the state in 2008 to protect borrowers from excessive loan costs and the risk of falling into debt cycles. Const. Art. XIX §13 sets an interest rate cap of 17% for all consumer loans issued in the state.

Safe Alternatives

Here are legal ways to borrow money in Arkansas for your urgent needs.

Installment Loans

Installment loans provide quick support at more favorable terms compared to payday loans. At 1F Cash Advance, you can borrow up to $5,000 with the ability to repay over time in affordable monthly installments. The payback period can be up to 24 months, making it easier to cover larger expenses without adding much stress to your budget.

Credit Union Loans

Federal credit unions sometimes offer payday alternative loans of up to $1,000 with interest rates capped at 28%. The repayment periods are between 1 and 12 months. Bad credit members can qualify, but a hard credit check is typically needed. Membership requirements may include living in a particular area or working for a certain employer.

Emergency Assistance Programs

Arkansas has several emergency assistance programs designed to help individuals pay for utmost necessities, such as housing, food, or healthcare. Some of them include the Low Income Home Energy Assistance Program (LIHEAP), the Emergency Solutions Grant Program (ESG), and The Emergency Food Assistance Program (TEFAP). To qualify, you may need to meet certain eligibility requirements.

Medical or Rent Payment Plans

Low-income individuals seeking rental or medical assistance can set up interest-free payment plans to cover the costs. Arkansas Blue Cross and Blue Shield offer a Paytient Health Payment Account to help individuals settle medical bills. The Arkansas Department of Human Resources provides the Rent Relief Program to cover past-due and future rent, as well as utilities.

What You Need to Apply

We only ask for basic documents and information to keep our loans simple and affordable:

• At least 18 years old
• Government-issued photo ID
• Social Security number
• Active bank account and routing numbers
• Proof of income
• Proof of Arkansas address
• Valid email and cell phone number

1F Cash Advance does not extend loans to Active Duty Military, their spouses, or dependents.

Find 1F Cash Advance in Arkansas

Have a unique situation or need a personalized approach? Our team will gladly help you in-store. Visit the 1F Cash Advance location in Little Rock and get qualified assistance. Residents of Fort Smith, Fayetteville, Springdale, Jonesboro, and other AR cities are also welcome to apply.

Need financial assistance out of Arkansas? Our stores open doors nationwide.

Find a Store

Why Choose 1F Cash Advance

We proudly help Arkansas residents get the money they need, exactly when they need it, even with less-than-perfect credit. Here’s why borrowers choose us: