Many or all of the products featured here are from our partners who compensate us. This may affect which companies we write about and where the company appears on a page. However, any analyses, or reviews expressed in this article are those of the author’s alone, and have not been approved or endorsed by any partner.
Updated on
Best Loans for Bad Credit in Arkansas
Navigating the world of loans with bad credit in Arkansas can be tough, but there are options available. Borrowers can access loans ranging from $1,000 to $50,000[10], with varying interest rates and terms, depending on individual credit history and financial needs. Make informed decisions by...
Written by:Daniel Lewis
At Finimpact, we understand the importance of finding the right lender for borrowers with bad credit, especially in Arkansas. We've carefully vetted and reviewed each lender to ensure we're offering the most reliable options to those with Bad Credit in Arkansas. Our rigorous selection process involves analyzing lenders' reputations, interest rates, loan terms, and customer reviews to bring you only the best choices.
Top Picks for Personal Loans for Bad Credit in Arkansas
- LightStream - Best Overall Personal Loan
- Avant - Best for Small Personal Loans
- SoFi - Best Overall Personal Loan
- Upgrade - Best for Emergency Loans
- OneMain Financial - Best for Loans with Bad Credit
In Arkansas, a significant number of borrowers face financial challenges, making it crucial to find lenders who are willing to work with less-than-perfect credit. Our in-depth analysis ensures that you can trust our recommendations, making your loan search more efficient and stress-free. The friendly and trustworthy tone of our reviews aims to provide a sense of assurance and guidance, as we strive to help Arkansans improve their financial situations.
Top Personal Loans for Bad Credit in Arkansa: Full Overview
By using Finimpact, you not only save time but also have a higher likelihood of securing a loan with terms that work for you. Trust in our expertise, and let us help you navigate the complex world of loans for those with bad credit in Arkansas.
LightStream — Best Overall Personal Loan
LightStream is our best personal loan overall because of their high loan amounts and the many repayment terms they offer. This provider advertises some of the lowest rates in the business, and offers an auto-pay interest discount, if you choose that payment option.
Pros
Cons
The amount you can borrow with a LightStream personal loan varies based on the loan purpose, yet amounts up to $100,000 are available and loan terms can be up to 20 years. These loans come with no origination fees and no hidden fees, and a generous .50% auto-pay discount is available. Borrowers who qualify can expect interest rates from 3.49% to 19.99% with auto-pay.
To qualify, you need to have good credit that includes several years of credit history, sufficient income and assets to support your existing debt obligations and requested loan amount.
LightStream also has an app where customers can make payments, apply for new loans, track payment due dates, and track loan balances.
The Bottom Line
LightStream loans offer some of the industry’s lowest interest rates and some of its highest personal loan limits. If you have strong credit, this lender is ideal for you.
Try LightStream
Read more in the full LightStream review.
Avant — Best for Small Personal Loans
Avant is a solid option for borrowers who need a small personal loan from $2,000 to $35,000. Avant has a mobile app that lets you track your repayment progress and make payments using your mobile device.
Pros
Cons
To qualify for a personal loan from Avant you’ll need a minimum credit score of 580. Consider these fair to poor credit loans if you need a smaller amount of $2,000 to $35,000, less an administration fee (similar to an origination fee) of 4.75%. Interest rates range from 9.95% to 35.99% based on creditworthiness, and the loans are repayable over 24 to 60 months.
The Bottom Line
Avant personal loans work for borrowers who need less cash than the other personal loan companies offer. Borrowers can get prequalified without a hard inquiry, and can get funds deposited in their bank account the next business day after approval.
Try Avant
Read more in the full Avant review.
SoFi — Best for Loans with No Origination Fee
SoFi offers personal loans, student loans, investing, and banking services. The personal loan personal loan comes with no origination fees and no hidden fees, which is ideal for borrowers who want to get a personal loan at minimal cost. SoFi also generous loan limits for those who qualify, and borrowers can check their rate without any impact to their credit.
Pros
Cons
SoFi offers personal loans in amounts from $5,000 to $100,000, and interest rates range from 5.99% to 21.78% with auto-pay depending on creditworthiness. Borrowers can repay their loans over 24 to 84 months, and there are no origination fees or hidden fees. While SoFi does not disclose their minimum credit score requirements, this company offers loans to individuals with good or excellent credit.
The Bottom Line
SoFi personal loans are perfect for borrowers with good credit who want to avoid origination or other fees. These loans also work well for borrowers who need a high loan amount, as well as those who already use other financial products from this financial services company.
Try SoFi
Read more in the full SoFi review.
Upgrade — Best for Emergency Loans
Upgrade personal loans are available for up to $50,000, and you can get your loan funded in as little as one day. This makes Upgrade a smart option if you need an emergency loan. You can get prequalified without a hard inquiry to determine your approval odds before making a full application. Then, once you apply, get approved within minutes.
Pros
Cons
Personal loans through Upgrade come in amounts from $1,000 to $50,000, and borrowers can choose repayment terms that last from 24 to 84 months. Interest rates will fall between 5.94% to 35.97% depending on your creditworthiness. Also be aware that each Upgrade personal loan comes with an origination fee of 2.9% to 8%.
The Bottom Line
Upgrade personal loans can be funded as soon as the day after you apply. That makes them ideal for people who need a loan quickly , whether funds are required for a large purchase or an emergency expense.
Try Upgrade
Read more in the full Upgrade review.
OneMain Financial — Best for Loans with Bad Credit
OneMain Financial does not disclose their minimum credit score requirements. But, their loan options, interest rates, and terms make them ideal for borrowers with poor credit who may not get approved for other loans. Loan amounts are lower than some competing lenders offer, but OneMain Financial personal loans can still help you if you need access to cash. This company is also one of the few on our list that offers in-person branches you can visit if you need personalized help.
Pros
Cons
Borrowers who apply for a loan with OneMain Financial may get approved for from $1,500 to $20,000. Repayment terms are from 24 months to 60 months, and interest rates may fall between 18% and 35.99% depending on creditworthiness. An origination fee of 1% to 10% may apply, although applicants in some states may be asked to pay a flat fee instead.
The Bottom Line
If you have poor credit but you need a loan, OneMain Financial might be your answer. Interest rates and fees are high, but you could borrow up to $20,000, if you can prove your ability to repay.
Try OneMain Financial
Read more in the full OneMain Financial review.
Strategies for Reducing Loan Costs and Avoiding Penalties
Reducing loan costs and avoiding penalties is a goal that many borrowers strive for. By taking the right steps, borrowers can minimize the amount they pay in interest and other fees, and avoid falling behind on their payments. Here are 7 practical strategies for reducing loan costs and avoiding penalties:
Shop around for the best interest rate. By comparing rates from different lenders, borrowers can find the loan with the lowest interest rate and save money in the long run.
Make extra payments. Making extra payments can reduce the amount of interest paid over the life of the loan.
Consider a shorter loan term. Shorter loan terms usually have lower interest rates and can save borrowers money in the long run.
Choose a fixed interest rate loan. Fixed interest rate loans have a stable interest rate, which can help borrowers budget and avoid rising interest costs.
Make on-time payments. Late payments can result in additional fees and increased interest rates.
Read the loan agreement carefully. Make sure you understand all the terms and conditions before signing the loan agreement.
Consider loan consolidation. Consolidating multiple loans into one loan can simplify the repayment process and reduce overall loan costs.
Payday Loans and Installment Loans: Pros and Cons
Payday loans and installment loans are two common types of short-term loans, each with its own pros and cons. Understanding these benefits and drawbacks can help borrowers make an informed decision when considering these types of loans. Here are 7 practical pros and cons of payday loans and installment loans:
| Pros/Cons | Payday Loans | Installment Loans |
| Pros | Quick and easy access to cash | Lower interest rates |
| No credit check | Fixed payment amount | |
| Cons | High interest rates | Longer repayment period |
| Short repayment period |
In conclusion, payday loans and installment loans each have their own pros and cons. By understanding these benefits and drawbacks, borrowers can make an informed decision when considering these types of loans. It is always important to carefully consider the terms and conditions of a loan before applying.
About the Author
Daniel Lewis
Daniel Lewis is an MBA accredited investment professional who wants to assist small business owners to gain access to finance.
More about meRelated Articles
Personal Loans for Good Credit
Read More
Personal Loans for Fair Credit
Read More
Credit Card Consolidation Loans
Read More