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Best Personal Loans in Arkansas

Personal loans can be beneficial when financing large purchases, paying for medical expenses, funding higher education and consolidating debts. However, it is important to understand the various factors relevant to getting a personal loan. These include your income, employment history, loan term, debt-to-income rate, creditworthiness and more.

In Arkansas, the average credit score is 690. Average personal loans in Arkansas reach $20,001 in 2020, with the interest rate averaging 10.01%.

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Last Updated: 6/8/2022
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MoneyGeek’s Pick on Best Personal Loan Lender in Arkansas: LightStream

The best personal loan lender in Arkansas varies by person. This is because of differences in needs and circumstances. To help you find the option that is most suitable for you, MoneyGeek evaluated lending companies offering personal loans in Arkansas. Multiple factors were taken into consideration, including loan amount, repayment terms and interest rates. We also checked the factors affecting your chances of getting approved for a personal loan, such as the minimum credit score, gross income and age requirements.

Furthermore, MoneyGeek looked at areas related to customer service experience, including BBB ratings, application processes and availability of a mobile app.

Best Overall Personal Loan Lender in Arkansas: LightStream


  • LightStream

    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    on LightStream Website

Best Personal Loan Lender for Bad Credit in Arkansas: Upstart


  • Upstart

    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    on Upstart Website

Best Personal Loan Lender for Good Credit in Arkansas: SoFi


  • SoFi

    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    on SoFi Website

Best Personal Loan Lender for Debt Consolidation in Arkansas: Upgrade


  • Upgrade

    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    on Upgrade Website

Best Personal Loan Lender for Home Improvement in Arkansas: Best Egg


  • Best Egg

    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    on Best Egg Website

How to Choose the Best Personal Loan Lender in Arkansas for You

On average, the average personal loan debt in Arkansas as of 2020 is $20,001. Meanwhile, the average personal loan interest rate is 10.01%.

There are various reasons why people take out personal loans in Arkansas, such as financing large purchases or taking care of emergency expenses. However, a personal loan is not for everyone or every financial need.

MoneyGeek listed some simple steps you can follow to help you determine whether to pursue a personal loan or not.

1

Ask Yourself the Important Questions

Knowing what questions to ask can help you come up with the best decision based on your needs and circumstances.

  • How much money do you need? While there are many ways to use personal loans, it is important to determine whether it is the best option for you. You also need a clear goal as to why you need the money.
  • What is your credit score? Lenders look at the credit score of a borrower to check their creditworthiness. Typically, lending companies also have a minimum credit score requirement.
  • Can you afford the monthly payment? A personal loan requires commitment. You need to think long-term. Not paying on time can lead to late fees and hurt your credit score.
  • How much debt do you already have? If you already have other debts, it may be best not to get a loan.
2

Do Your Research

A personal loan requires commitment. On average, paying for a personal loan takes two to four years.

That is why research is of utmost importance. Make sure you understand your options before applying for a loan.

Check all relevant information. For instance, find out how the lender conducts its credit check inquiry. A hard credit check can affect your credit score.

Comparing rates from multiple lenders can also help you find the best personal loans in Arkansas. MoneyGeek’s guide aims to provide all the necessary information to help you through the process. That said, the recommendations in this guide may not be perfect for you. Consider your circumstances and explore other options.

3

Wait

Once you are done with your research, consider pausing the process for a bit. Wait for a day or two, then spend that time revisiting your plan. Determine whether taking out a personal loan is the right solution for you. Remember that it is a commitment you have to deal with for years.

4

Read the Fine Print

If you are 100% sure that a personal loan is the right option for you, start narrowing down your options to one or two lenders. Then, look at the fine print.

Check all details and make sure that you understand all of them. Some pieces of information may seem small, but they may end up costing you more. You may also find ways to save money.

Consider the different fees and penalties, including origination fees, prepayment penalties and late fees.

5

Apply

The last step is to proceed with the application. Choose a lender and make sure you meet the application requirements. These may vary by lender. In most cases, requirements include address verification, identification and proof of income.

You should also decide how you will submit your application. While an online application offers convenience, there is no harm in calling or visiting the lender if that is an option. In doing so, you can clarify any concerns you may have.

What to Do if You Can’t Get a Personal Loan in Arkansas

Some loan applications get rejected. Common reasons for this include a low credit score or insufficient income.

In these cases, it is best to get in touch with your lender to ask them about the specific reason why your personal loan application was declined. Check if there is a way to modify some details, such as decreasing the loan amount or shortening the repayment term, to get a different outcome.

If it is not possible to change the lender’s decision, you can look for other options. You can apply for a personal loan elsewhere. However, it is best to focus on improving your profile and take care of the factor that caused the loan application to be denied in the first place.

There are also other ways to borrow money. For instance, a payday loan is easy to get. However, this short-term loan usually has a quick payback period, and the interest rates can be extremely high.

Frequently Asked Questions About Personal Loans in Arkansas

There are many lenders offering personal loans in Arkansas, which can make it a bit difficult to find the best option. Understanding personal loans by learning the answers to some of the frequently asked questions about Arkansas personal loans can help you find the best option suitable for your needs.

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METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are decided and chosen with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity.