When economic conditions shift, many people encounter financial challenges. With the current market conditions, managing finances has become increasingly difficult when you suffer from bad credit and expenses knock on your door. In such conditions, people often seek loan options to address emergencies. One such way borrowers can manage is by opting for personal loans for bad credit in Arkansas.
Thankfully, in Arkansas, numerous lenders can provide personal loans to residents who accept their bad credit history. Are you one of the bad credit scorers? If yes, join us as we outline the best personal loan options for Arkansas residents with bad credit scores.
Top 7 Personal Loans for Bad Credit in Arkansas
Finding the right loan can significantly improve your financial stability. However, with numerous options available in Arkansas, it can become overwhelming to decide which one to take. To help you, we have compiled a list of the top 7 personal loans for Arkansas residents with less-than-perfect credit scores.
Beem
Beem is an app that offers its customers a range of financial services. Beem is a marketplace where you can compare and find personal loans that suit your needs. Beem partners with top personal loan providers to present you with the best options available. Beem is fast, and you can get matched with a personal loan offer in less than 60 seconds.
| APR | Loan Term Duration | Pros | Loan Amount Range |
| On Beem’s platform, you can find personal loans with competitive APR. The APR typically starts from 5.99%. However, it can go up depending on your credit score | You can find loans with a duration of 4 – 144 MONTHS | Quick and easy application process. Flexible repayment terms. Fast approval | Beem caters to a broad range of financial needs, offering personal loans that can range from as low as $ 500 to as high as $100,000. |
Best Egg
Best Egg is an online lender offering secured and unsecured personal loans. Loans from Best Egg might be a fantastic option for anyone wishing to consolidate their credit card debt.
| APR | Loan Term Duration | Pros | Cons | Loan Amount Range |
| APR can be high for loans from Best Egg. The APR ranges between 8.49–35.99% | You can find loans with a duration of 3–7 years | Provides loans to individuals with low credit scores. You can get loan offers within minutes, and once approved, funds can be disbursed within 24 hours | Best Egg charges an origination fee ranging between 0.99% to 8.99%. Higher rates for lower credit scores. | Best Egg offers loans ranging between $2000 and $50000 |
Upgrade
Upgrade offers personal loans through its Cross River Bank and Blue Ridge Bank lending partners. These loans may be utilized for various objectives, including debt consolidation, home repair, and significant purchases. They have a low credit score requirement, so people with less-than-perfect credit scores can also be eligible.
| APR | Loan Term Duration | Pros | Cons | Loan Amount Range |
| Upgrade’s personal loan APRs range between 8.49–and 35.99% | The duration of a loan generally ranges between 3–7 years | Fast loan approval and funding. No prepayment penalties | Upgrade Charges an origination fee, which can range between 1.85% and 9.99%. They also charge a late fee | Upgrade offers loans between $1,000 to $50,000 |
Prosper
Prosper is a peer-to-peer lending platform for borrowers and investors. Its flexible income and credit criteria make it a good option for those with low credit scores. However, Prosper also charges various fees, which must be considered before applying for a personal loan.
| APR | Loan Term Duration | Pros | Cons | Loan Amount Range |
| Prosper offers a personal loan with APRs ranging between 8.99%-35.99% | You can get a loan with a repayment period between 2–5 years | Low credit score requirement. Flexible loan amounts | Short repayment period. APRs can be high. Charges origination fee between 1% to 7.99%. | You can get a loan as low as $2,000, and the maximum amount is $50,000 |
OneMain Financial
OneMain Financial provides secured and unsecured loans. It can be a good option for those with low income and poor credit scores. They also allow co-applicants to apply with you, so your chances of securing a loan increase.
| APR | Loan Term Duration | Pros | Cons | Loan Amount Range |
| Loans from OneMain Financial fall on the higher APR side, with personal loan APRs ranging between 18.00–and 35.99% | The loan repayment period is also short. The personal loan from OneMain. Financial generally have a tenure of 2–5 years. | Fundings are quick. Allows co-applicant. No prepayment penalties. | High APR for bad credit borrowers. Origination fees apply. Lower borrowing limit. | You can borrow between $1,500 to $20,000 |
LightStream
LightStream offers unsecured personal loans with competitive rates; however, the eligibility criteria for securing a loan can be high. Lightstream demands a minimum credit score of 660, making it a viable option for people with exceptional credit.
| APR | Loan Term Duration | Pros | Cons | Loan Amount Range |
| The loan from LightStream can have an APR ranging between 7.49–24.99% | The loan term can vary greatly. LightStream offers a repayment schedule between 2–12 years. | Fast Approval and funding. No origination prepayment or late fee. Low APRs | Eligibility criteria can be high. There can be some limitations on the use of loans. The due date can not be changed. | LightStream offers loans between $5,000 and $100,000 |
Universal Credit
Universal Credit is an online lending platform powered by Upgrade. Loans from Universal Credit can be suitable for individuals looking to consolidate their high-interest loans. One advantage of Universal Credit is that you can qualify for an APR cut if you set up autopay for your monthly payments.
| APR | Loan Term Duration | Pros | Cons | Loan Amount Range |
| Universal Credit offers loans with APR ranging from 11.69 to 35.99% | The loan terms range from 2–7 years | Fast Funding. Autopay discount. | High APRs. Charges origination fees. between 5.25% – 9.99%. Charges late fees as well. | Universal Credit offers loans from $1000-$50,000 |
Reprise Financial
If you have a low credit score, need fast funding, or are looking for small loans, Reprise Financial can be a great option.
| APR | Loan Term Duration | Pros | Cons | Loan Amount Range |
| Reprise Financial APR ranges between 9.99–36% | The loan terms range can be 3, 4 & 5 years | Fast funding. Offers loans to those with bad credit scores. | APRs are high. Lower borrowing limits. | Borrowers can get up to $25,000 |
Read Related Blogs: Personal Loans For Bad Credit In Virginia
Conclusion
In summary, having bad credit does not mean your life is over. In Arkansas, numerous personal loan companies take into account variables other than credit score when offering loans. When applying for a loan, evaluating your needs and repaying capacities is essential to decide which option is best for you. When comparing your options, evaluate them based on the APRs they offer. How long will the loan take to pay off?
What are the other fees, including origination or late fees, and how much can you borrow? Making an informed choice is possible if you consider all of your options, considering each of these various factors. Regular payments from these loans can also help you build your credit score, providing you with better loan terms in the future.
FAQs
What Type of Loan is Easiest to Get with Bad Credit?
Secured personal loans or payday loans are often the easiest to obtain with bad credit. However, they come with higher interest rates and fees. Personal loans from lenders specializing in bad credit loans, like those listed above, are also viable options.
What is the Lowest Credit Score for a Personal Loan?
The lowest credit score required for a personal loan varies by lender. Some lenders may approve loans for scores as low as 550, while others may require a minimum score of 600 or higher.
How Do Bad Credit Installment Loans in Arkansas Work?
Bad credit installment loans in Arkansas work similarly to other personal loans but are specifically designed for borrowers with poor credit. These loans are repaid over a fixed period with regular monthly payments. The interest rates may be higher, but they allow borrowers to improve their credit scores with timely payments.
