Installment Loans in Little Rock, AR

When the car needs a $1,800 repair or an urgent household expense comes up in Little Rock, an installment loan lets you borrow a fixed amount and repay it in equal monthly payments over several months or years. Our local directory lists 3 licensed branch offices operated by 1 lending companies in Little Rock, AR. The largest networks in Arkansas are ACE Cash Express. Every licensed installment lender in Little Rock must follow the Arkansas Constitution Amendment 89, which is enforced by the Arkansas Securities Department and caps the all-in APR on a $2,000 loan at 36% or less. Specifically, the maximum all-in APR on a $2,000, 24-month installment loan in Arkansas is 17%.

Your CU Partner is a free, independent educational resource, not a lender or loan broker, and we do not make loan decisions. According to the U.S. Census Bureau, the median annual household income in Little Rock is $66,098. Typical renters in Little Rock also face a median monthly rent of $1,049. Even with Arkansas's rate cap protecting Little Rock borrowers, upfront origination fees and optional credit insurance can still increase your monthly bill, so always read the Truth in Lending disclosure box before signing and compare local finance company offers with credit unions serving Little Rock. 14 credit unions are headquartered in Little Rock.

The table below shows the addresses, phone numbers, business hours, and Google ratings for licensed lenders in Little Rock, AR. We list these licensed businesses neutrally for your convenience and do not endorse, rank, or recommend any company. Before visiting a Little Rock branch, call ahead to confirm office hours and required documents, and verify the lender's license with the Arkansas Securities Department or on NMLS Consumer Access (nmlsconsumeraccess.org).

Understanding how a monthly loan payment fits into a Little Rock budget starts with looking at dollars rather than percentages alone. At the Arkansas maximum APR of 17%, a $2,000 installment loan repaid over 24 months has a monthly payment of $99. Over the full 24-month schedule, the total interest and mandatory fees on that loan equal $373. Based on U.S. Census Bureau figures, the median annual household income in Little Rock is $66,098. A monthly loan payment of $99 equals 1.8% of a typical Little Rock household's gross monthly income. That payment must fit alongside a median monthly rent in Little Rock of $1,049. For other loan sizes in Arkansas, the maximum all-in APR is 17% on a $500, 6-month loan and 17% on a $10,000, 60-month loan. By comparison, a federal credit union Payday Alternative Loan (PAL) under NCUA rules lets eligible members borrow $200 to $2,000 for 1 to 12 months at no more than 28% APR plus a maximum $20 application fee, and many federal credit unions are capped at 18% APR on most other personal loans ($100 per month and $396 in total interest on $2,000 over 24 months).

1. Government-issued photo ID and minimum age of 18. To apply for an installment loan at a licensed branch in Little Rock, you must be at least 18 years old, which is the minimum legal borrowing age in Arkansas. Bring an unexpired state driver's license, state ID card, or U.S. passport so the staff can verify your identity.
2. Proof of income and proof of Little Rock residence. Branch underwriters check your ability to repay by reviewing recent pay stubs, tax returns, or benefit award letters along with a utility bill or lease agreement showing your Little Rock address.
3. Active bank account information and credit check questions. Bring a voided check or bank statement showing your account and routing numbers if you want loan proceeds deposited electronically or plan to set up monthly payments. Ask the loan officer whether the lender reports on-time payments to the major credit bureaus, as many licensed installment lenders report payment history.
4. Signing the contract, receiving funds, and confirming your first payment date. Once you confirm that any unwanted add-ons are removed and the APR complies with the Arkansas cap, you sign the loan agreement and receive your funds by check, prepaid card, or bank deposit. Make sure you leave the Little Rock office with a complete paper copy of your contract showing the exact dollar amount of each monthly payment, your first payment due date, and confirmation that you can prepay early without penalty.