Payday Loans in Arkansas – Finding A Safe Alternative

Are you finding yourself coming up short when the time comes to pay your bills, or is there a special occasion in your future that you need extra funds for? Do you just need some breathing room financially to get back on your feet and on track with your budget? If you answered yes to any of these questions – there are options and help is out there.

Options For Payday Loans in Arkansas

A traditional or typical payday loan is actually a short-term loan to help you until you receive your next paycheck, but unfortunately these are usually low-dollar, high-cost loans, and the annual percentage rates (APRs) charged are usually triple-digits, which makes them difficult to repay and they can cost you much more than anticipated.  

Each state different laws regarding payday loans, and payday loans in Arkansas have been illegal since 2008

Although payday loans are illegal in Arkansas, there are lenders who have found ways around this rule, and these lenders can be assumed to be the most predatory and are not recommended.

Random Online Lender

If you have already started searching for options for payday loans in Arkansas, you’ve probably come across so-called “easy to use” sites that promise approval. These sites are not lenders, they simply collect your information and share it with people who bid for your loan. 

Your information may also be shared with advertisers and third-party marketers. 

Payday Loan Alternatives in Arkansas

Fortunately, there is a safe and affordable alternative to those predatory payday advance loans.

Instacash

Instacash cash advances can be used anytime, don’t affect your credit score, are accessible in the user-friendly MoneyLion mobile app.

To take advantage of this alternative to payday loans in Arkansas, there are only a few requirements:  

  • You must be 18 years or older to apply.
  • Be able to link your primary checking account showing consistent income deposits

Depending on your finances, you can request up to $250 in cash advances to cover an emergency expense, special occasion, or anything you need. In approximately two weeks, MoneyLion will automatically withdraw the amount you borrowed from your account as repayment, with no interest charged.

The Instacash membership provides you with access to a wide array of financial services to support and improve your financial health and wellness. You will save money on fees and interest and not have to worry about repaying immediately to avoid triple-digit APRs. 

Credit Builder Loans

This loan option from MoneyLion offers higher funding amounts, helps you improve you credit score when paid on time, and has lower risk due to smaller amounts.

For those who need more than $250 as a cash advance or when you have poor, bad, or even no credit at all, consider using a Credit Builder Loan from MoneyLion.  These are typically smaller loans that help you to build your credit back up and boost your score. Oftentimes, they are unsecured loans that do not require collateral.  The most important thing to note about Credit Builder Loans is to pay them on time and to make sure the lender reports your payments to credit bureaus.

Paying off a small loan such as this over a designated period of time demonstrates your ability to be responsible and manage your finances.  MoneyLion’s credit builder loan does help you build credit, as we will report your payments to all three major credit reporting bureaus.  

Understanding Your Credit Score

Your credit score is key for lenders to understand how much of a risk it would be to lend you money.  The higher the score, the more likely it is to indicate that you probably make timely payments and use credit responsibly. On the other hand, a low score may indicate that you may miss payments or overextend yourself. The best finance rates tend to go to those who have higher credit scores. 

Did you know that your payment history actually makes up approximately 35% of your FICO credit score? It does! That is why timely payment is so important.

Applying for a Credit Builder Loan

MoneyLion offers Credit Builder Plus loans up to $1,000 with a competitive APR to help you get started easily.  The benefits include no credit requirements, almost instant availability, manageable payments, and the opportunity to successfully build your credit and increase your FICO score. 

You’ll need to become a MoneyLion Credit Builder Plus member, but good credit is not a requirement. Download the app, create an account, and apply. There are a few questions regarding required personal information and a valid form of photo identification will need to be scanned. Click the link for additional information on MoneyLion’s Credit Builder Loan.

Better Your Future Today

Don’t get stuck in the vicious payday loan cycle!  Since 2013, MoneyLion has and continues to take pride in striving to support every hard-working American by positively changing their financial path, empowering them with fast, flexible online lending options, as well as safe alternatives to predatory and prohibited payday loans in Arkansas.  

Apply now and start down the path to build your credit for a better future by applying to get a low APR loan and/or 0% APR cash advances with MoneyLion in Arkansas today.

Build your credit and save

Join Credit Builder Plus to get a loan up to $1,000, credit monitoring, exclusive rewards, access to 0% APR cash advances, and more. Over half of members raise their credit over 60 points within 60 days!