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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...

Best Loans for Bad Credit in Arkansas
Daniel Lewis
Written by:Daniel Lewis
MBA accredited investment professional
Finimpact Affiliate Disclosure

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.

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.

Best Personal Loans for 2023 reviewed by

Top Picks for Personal Loans for Bad Credit in Arkansas

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.

Low APRs for good credit
Loan amounts up to $100,000
Check your rate with no impact on your credit
Auto-pay discount available
Not available for borrowers with bad credit
Rates without auto-pay are .50% higher
Minimum loan amount of $5,000

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.

Avant — Best for Small Personal Loans

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.

Low loan amounts available
Check your rate with no impact on your credit
Mobile app available
Available for fair and poor credit
Administration fee up to 4.75%
Potential for a high APR
Lower borrowing limits than other lenders

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

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.

Loan amounts up to $100,000 available
Check your rate with no impact on your credit
No origination fees or hidden fees
Unemployment protection offered
Same-day funding available
High minimum loan amount of $5,000
Not available for bad credit
Lowest rates require auto-pay

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

Upgrade — Best for Emergency Loans

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.

Check your rate with no impact on your credit
Funding in as little as one day
Generous loan amounts available
Choose from flexible repayment terms
Origination fee charged on every loan
Potential for a high APR

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.

OneMain Financial — Best for Loans with Bad Credit

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.

Available for bad credit borrowers
Visit 1,400 nationwide locations
Check your rate with no impact to your credit
Flexible repayment options
Lower loan amounts than other lenders
Potential for a very high APR
High origination fees likely

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.

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/ConsPayday LoansInstallment Loans
ProsQuick and easy access to cashLower interest rates
 No credit checkFixed payment amount
ConsHigh interest ratesLonger 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

MBA accredited investment professional

Daniel Lewis is an MBA accredited investment professional who wants to assist small business owners to gain access to finance.

More about me

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