Best Low-Income Loans in Arkansas: Top Lenders and Rates for 2024
Updated: December 28, 2023
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- Best Overall Low-Income Loan Lender in Arkansas
- Runner-Up for Best Overall Low-Income Loan Lender in Arkansas
- Best Low-Income Loan Lender for Bad Credit in Arkansas
- Best Low-Income Loan Lender for Good Credit in Arkansas
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Low-Income Loan in Arkansas
- Calculate Your Monthly Payment
- Frequently Asked Questions About Personal Loans in Arkansas
Best Low-Income Loan Lenders in Arkansas
MoneyGeek analyzed the advantages and shortcomings, loan terms, APR ranges, minimum credit score requirements and various other details about different lenders in Arkansas to find the options that offer the best loans for low-income individuals.
We determined that Upgrade is Arkansas' best personal loan lender for low-income loans. If you don't qualify with this lender, you can opt for LendingClub, the second-best option in the state. Upstart is the best option for borrowers with bad credit, while Prosper will suit individuals with a strong credit history.
Best Overall Low-Income Loan in Arkansas: Upgrade
Runner-Up for Best Low-Income Loan in Arkansas: LendingClub
Best Low-Income Loan for Bad Credit in Arkansas: Upstart
Best Low-Income Loan for Good Credit in Arkansas: Prosper
How to Choose the Best Low-Income Loan in Arkansas for You
Based on MoneyGeek’s analysis, the average personal loan debt in Arkansas is $20,001. Although getting a loan is the best option in many situations, it’s essential to consider your financial situation and analyze your existing debts before applying for a loan. It will help you figure out if you can afford more debt.
MoneyGeek compiled the following steps essential when finding the lender offering the best low-income loans in Arkansas.
Ask Yourself the Important Questions
When choosing the best lender, the essential questions you must ask should relate to your current financial situation, including your income, credit score and previous debts. You should analyze the purpose of getting a loan and determine how much funding you need. Understanding these factors will help you understand your needs and find the ideal lender. We recommend asking the following questions:
- How much funding do I need?
- What’s my credit score?
- Can I afford the monthly payments?
- Do I have existing debts?
- Is my debt manageable through other means?
Do Your Research
The next step is researching different lenders, which involves shopping around, getting quotes and comparing them to see which offers the best deal. It’s important to do sufficient research, as a loan is a long-term commitment, and you may not want to make monthly payments for a few years based on unfavorable terms. You can benefit from MoneyGeek’s guide on personal loans. However, you should still do your research as only you know your specific situation.
Wait
After researching, you may have finalized the ideal lender. However, the process doesn’t end here. MoneyGeek recommends waiting a few days or weeks before applying to ensure you have made the best choice based on your situation. You can use this period to learn more about the lender’s terms and explore other ways to meet your needs.
Read the Fine Print
One of the last steps you need to take before applying for a loan is to go through the fine print of the lender’s loan agreement. It’s an important document that provides information on the lender’s fees and other costs. You should know about its fees to save money in the long run. Some significant fees to note are late payment, origination and prepayment fees.
Apply
You can apply for a loan after reviewing the fine print and essential details. At this stage, it’s crucial to provide the lender documents that verify your income, personal details and address. Although many lenders only accept online applications, some allow borrowers to apply in person. This can be a good idea to ensure you complete the application correctly and get any questions you have answered throughout the process.
What to Do if You Can’t Get a Low-Income Loan in Arkansas
There are no guarantees that a lender will approve your application based on the information you provide. They may reject it for various reasons, including insufficient income, bad credit history, high debt-to-income ratio and unstable employment.
If this happens, you should contact the lender by phone or email and ask them to let you know the factors that may have played a role in the loan denial. When the lender informs you of those factors, it’s best to start improving them and apply again with the same lender. For example, if the lender denies your loan because of insufficient income, you can adjust loan terms or modify the application in a way acceptable to the lender. You may want to opt for a different lender, but the chances of approval are low if you don’t improve the factors that caused the loan rejection.
Some borrowers may opt for payday loans to meet their emergency needs. However, these loans have high APRs and short repayment terms, making it impossible for the borrower to pay them off easily. We do not recommend these types of loans.
Calculate Your Monthly Payment
You can use MoneyGeek’s personal loan calculator to estimate if you can afford a new loan based on your situation. This is an important step since you will have to repay the loan with monthly installments and interest. Using this tool, you can calculate your monthly payment by putting in information about your financial situation and desired loan.
FAQs About Low-Income Loans in Arkansas
Finding the best low-income lender in Arkansas involves evaluating your financial needs and opting for the option that best meets them. The following frequently asked questions about low-income loans in the state will help you explore different options and understand important details.
MoneyGeek determined that Upgrade is Arkansas' best personal loan lender for low-income loans. If you don't qualify for its loans, you can opt for LendingClub, the second-best option. Upstart is the best option for borrowers with a bad credit score, while Prosper is ideal for individuals with a strong credit history.
If you’re a low-income borrower, you will find Upstart as the best option for low interest rates.
You should generally avoid the use of loan funds for paying off student loans, business loans or any illegal activities. Make sure to ask your potential lender about any restrictions before applying for a loan.
The maximum debt that you can consolidate depends on the maximum loan limit of your lender. Some of the best lenders in Arkansas provide a loan of up to $50,000.
It doesn’t take long to receive loan funds if you meet the lender’s requirements. Some of the top lenders offer next-day funding in Arkansas.
Yes, repaying your loan early in Arkansas is possible. However, it’s best to contact your lender to ask if they charge prepayment fees so that you don’t incur unexpected expenses.
Methodology
MoneyGeek researched and analyzed various personal loan lenders using important data points across categories that include loan affordability and accessibility, customer friendliness and support, lender transparency, flexibility and customer service.
We also analyzed which data points within each category significantly affect the decision when finalizing a personal loan lender. These essential factors are APR ranges, available loan amounts, minimum credit score, income amount, application fees and disbursement time.
MoneyGeek’s guides prioritize you, the consumer, so we also researched each loan provider’s customer support, business ratings and helpful features that ease your experience and make it straightforward, including prequalification, payment flexibility and mobile apps.
We finalized our picks keeping in mind your best interests. Our loan recommendations and expert tips help you make better financial decisions when finding a lender that meets your needs.
sources
- LendingClub. "About Us." Accessed October 27, 2022.
- LendingClub. "Personal Loans." Accessed October 27, 2022.
- Prosper. "Personal Loans." Accessed October 27, 2022.
- Upgrade. "About Us." Accessed October 27, 2022.
- Upgrade. "Personal Loans." Accessed October 27, 2022.
- Upstart. "Personal Loans." Accessed October 27, 2022.
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
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