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Best Bad-Credit Loan Lenders in Arkansas

To find the best bad-credit loan lenders in Arkansas, MoneyGeek reviewed over 30 lenders for more than 35 key data points. Among these data points include APR ranges, loan amounts, repayment terms, eligibility requirements and more.

Based on this review, Upstart offers the best bad-credit loan in Arkansas. While Upstart accepts borrowers with credit scores as low as 300, it only offers two repayment term options. Those with slightly higher credit scores can get more repayment term options on their bad-credit loan from Upgrade, our runner-up choice.

Best Overall Bad-Credit Loan 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
    Upstart

Runner-Up for Best Bad-Credit Loan 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
    Upgrade

How to Choose the Best Bad-Credit Loan in Arkansas for You

Though the average credit score in the state is 710, numerous people have credit scores between 300 and 580. While some prospective bad-credit borrowers may need funding to cover emergency medical expenses or unexpected repairs, those looking to fund a vacation may want to reconsider taking out a personal loan. It may be best for these borrowers to improve their credit scores first to receive lower interest rates.

Before applying for a loan, we recommend taking the following steps to ensure it’s the best decision for you:

1

Ask Yourself the Important Questions

Reflecting on your funding needs and lending options can help you decide if a bad-credit loan is right for you. At a minimum, ask yourself the following questions:

  • How much funding do you need? Your loan amount can help you short-list lenders, as most offer different minimum and maximum amounts.
  • What’s your credit score? Your credit profile impacts the loan amount, APR and repayment terms of your loan. To receive a more competitive loan package with a lower APR, consider improving your credit before applying.
  • Can you afford the monthly payments? A loan is a commitment, so it’s best to make sure that you can make your monthly payments. You may be charged a late fee for late or missed payments.
  • Do you have existing debts? Unless you intend to use your bad-credit loan to consolidate debt, consider repaying your existing debt before taking on more.
  • Is your debt manageable through other means? Look into alternative ways to pay for your expenses, like borrowing from friends and family or taking out a low-interest credit card.
2

Do Your Research

When looking for a bad-credit loan in Arkansas, it’s important to compare lenders for their rates, fees, eligibility requirements and more to find the best option for you. MoneyGeek makes every effort to identify the best lenders for various borrower profiles. However, our recommendations may not perfectly align with your circumstances. As such, it’s important to factor in your specific funding needs, finances and preferences while researching lenders.

3

Wait

After narrowing down your lender choices, it’s important to wait a few days before applying. A loan is a long-term commitment — most take between two and four years to repay — so it’s important that you’re confident in your decision. During this time, you can consider other funding options or restructure your budget.

4

Read the Fine Print

While most lenders clearly advertise loan amounts, repayment terms and APRs on their website, fees for loan origination, late payments and early payments may not be obviously stated. To find out if you should expect any of these added costs, read the fine print of your loan agreement. If you have any questions about the terms of your loan, you can contact your lender for more information.

5

Apply

The loan application process may vary among lenders. Generally, lenders typically request that prospective borrowers provide proof of identification, address and income. They can also ask for additional documents to support your application and verify certain information.

Depending on your lender, you can apply for the loan online, over the phone or in person. Online-only lenders may still allow borrowers to call if they have questions about the application process.

What to Do if You Can’t Get a Bad-Credit Loan in Arkansas

Loan applications are commonly rejected due to issues with credit scores, application details and debt-to-income (DTI) ratios. If your loan application is rejected, there’s no need to despair.

First, contact your lender to find out why. Depending on the reason, a simple modification to your application, like lowering your loan amount or adjusting your repayment term, may lead to its approval. Other issues, like low credit scores and high DTI ratios, may take more time to improve.

While you could submit an application with a different lender with more lenient eligibility requirements, you risk getting rejected a second time, further lowering your credit score. Because of this, we recommend that you improve these factors first before you reapply.

We also suggest steering clear of payday loans. Although these loans offer fast funding solutions, they feature high interest rates and short repayment terms, which can cost borrowers more money in the long run.

Calculate Your Monthly Payment

After you’re approved for a personal loan, you will have to begin making monthly payments that include interest. It’s important to approximate your monthly payment amount before applying for a loan so that you can budget accordingly. Use MoneyGeek’s personal loan calculator to estimate your monthly payment amount.

years
months
%

Principal

+ $114.98

Interest

+ $8.33

Origination Fee Percentage

+
%

Origination Fee Fixed amount

+

Total monthly payment

$123.31

FAQs About Bad-Credit Loans in Arkansas

To help you find the best loan for your situation, MoneyGeek answered some commonly asked questions about bad-credit loans in Arkansas.

Methodology

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METHODOLOGY

MoneyGeek analyzed more than 30 personal loan lenders for over 35 individual data points. These data points were classified into six categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

We paid close attention to key data points that had the most impact on a borrower’s lender choice, including APR ranges, loan amounts, minimum income and credit score requirements, application fees and disbursement times.

Because MoneyGeek values you, the consumer, we also evaluated other features — like prequalification, payment alternatives, customer support, business ratings and mobile apps — that make applying for and managing a loan easier.

Our recommendations are the result of extensive research and analysis. MoneyGeek aims to help you make the best financial decisions by providing recommendations and expert advice.

sources

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. Learn more about our editorial policies and expert editorial team.