Looking for an Unsecured Personal Loan in Arkansas?
Anyone can find themselves in need of a little help every once in a while. This can be needing help moving furniture to a new house, help beating an addiction, or asking for financial help when times get tough. The first step is recognizing that you need help; if you are struggling to make ends meet, accept this fact. Only then can you take the next step: asking for help. By going through our Loan Discovery Process, you can do just that. Fill out the short questionnaire and Loans Now can have a dedicated team member assist you with your financial needs.
It can be painful to ask for help. We do not like to admit that we cannot always do it on our own. Our pride can get the better of us. But not seeking help with your finances can lead you into even deeper levels of debt that you could struggle with for years and never get on top of it. By taking out an unsecured personal loan, you can help get your debt under control. You will be able to breathe again and relax knowing that you are no longer under the pressure financial stress can cause.
Unsecured Loans for People with Bad or No Credit
People with bad credit are constantly hitting a brick wall when it comes to seeking financial options. They are constantly denied a loan because of their spending habits in the past, or because of a situation that caused them to fall behind on payments. If they are approved, then they face high-interest rates or other forms of finance charges. Once someone’s credit has fallen to this level, it can be extremely difficult to pick themselves up from the fall. However, Loans Now can help you with your financial needs if you have bad credit. Here are the steps you need to take for us to help:
- Check your credit score
- Go through the Loan Discovery Process (mentioned above)
- Communicate your needs with one of our dedicated team members
People with no credit struggle as well. As mostly freshly-graduated high school students or those entering college, they face challenges that hold them back before they can even begin to start a life of their own. They typically do not have any form of credit in their history, and lenders are unable to judge their credit trustworthiness because of this. They usually lack a credit score for this same reason. Lenders rarely accepted people with no credit unless they have a cosigner, making it extremely difficult to be their own person and take control of their life. If you do not have an established credit history but have financial needs, Loans Now can help, and here’s how:
- We will explain how the process works
- Search for the best unsecured personal loans that fit your needs
- Work to provide you with the best loan terms available
Arkansas Struggles with Health
The obesity rate and the average hospital admissions in Arkansas are both higher than the rest of the nation. The state also ranks 47th for violent crime. This means there is a greater risk of running up some rather large medical bills. With Arkansas ranking 49th in terms of health care in the nation, and 46th in health care quality, more people are ending up with higher hospital bills. These bills can be a strain on your monthly budget. Medical bills are not done in installments and they are typically due in-full when the bill is received. That’s why taking out a personal loan is a good option. A personal loan can cover the medical bill and give you more time to pay the debt off.
By taking out a loan to pay for these bills, Arkansans are actually helping to protect their credit scores. An unsecured personal loan can pay off that medical bill, preventing the bill from negatively affecting your credit score on a monthly basis (again, because it is due in-full). By maintaining a solid repayment schedule on the loan – paid on time, in the correct amount – you can lessen the effect that medical bill would do and strengthen your credit score at the same time.
Arkansas Laws and Regulations for Bad Credit Personal Loans
Arkansas has placed its ability to regulate the interest rates on loans in the hands of the people. The state’s constitution specifically identifies this industry, and only by approval of the voters of the state can any proposed changes be made. Article 19 §13 of the state constitution originally established regulations to control the interest rates placed on consumer financing, including unsecured personal loans. This section stated that the maximum rate on any form of lending could be no higher than 5% above the Federal Reserve discount rate. The constitution went even further to protect Arkansan consumers and placed a cap on consumer loans at 17%. This was done to prevent borrowers in Arkansas from being assessed exorbitant interest rates.
This has since been repealed. This section, along with multiple amendments to the state’s constitution, has been removed through more recent amendments. Arkansas voters repealed Article 19 §13 under the premise that it would allow the people of the state to attain better financing. It opened up access to out-of-state lending as well as granted lending institutions the opportunity to earn more profit, creating a more competitive market. Currently, the maximum interest rate allowed by Arkansan law is set at 17% per annum (per year), as established by Amendment 89 of the State Constitution.
Loans Now: Core Policies & Procedures
- Never collect or share sensitive customer information: SSN, DOB, Address.
- Never collect up-front payment to process a customer’s loan application / or fund a loan. Loans Now will NEVER ask you to send us money in any form.
- Introduce customers to our Loan Discovery Process. A one-on-one loan service strategy that fits every customer’s unique needs with the right lender for them
Arkansas Personal Loan for Bad Credit Lending Regulator
Lending in the State of Arkansas is monitored by the state’s attorney general. The consumer protection division receives approximately 7,000 complaints a year, and the department has an online form to file a complaint should borrowers have the need to do so.
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K