Dorado Personal Loan Terms and Rules in 2025

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Arkansas Dorado

Dorado Short-term Loans Terms

Legal Status Illegal
Interest Rate (APR) 17% usury cap

Arkansas Short-term Loan Regulations

Arkansas has taken a strong stance against payday lending, reflecting its commitment to protecting consumers from high-interest loans. The state's laws are among the strictest in the United States regarding payday loans, effectively prohibiting these types of high-interest, short-term loans.

The cornerstone of Arkansas's payday loan regulations is the state's constitutional usury cap. According to the Arkansas State Constitution, Article 19, Section 13, the maximum interest rate that lenders can charge is 17% per annum, regardless of the lender's location. This rate is significantly lower than the typical rates charged by payday lenders, thereby making traditional payday lending operations infeasible within the state.

In addition to the constitutional cap, the Arkansas Supreme Court declared in 2008 that payday lending is "unconscionable and deceptive," further reinforcing the state's stance against these types of loans. This decision led to the closure of many payday lending storefronts across Arkansas.

Moreover, federal laws such as the Truth in Lending Act (TILA), which requires lenders to disclose the costs of loans, including the APR and total finance charges, also apply in Arkansas. These regulations ensure transparency and protect consumers from entering into loans without fully understanding the costs involved.

For more detailed information on the legal framework surrounding payday loans in Arkansas, you can visit the Arkansas Attorney General’s website and the Consumer Financial Protection Bureau. These resources provide valuable information on consumer rights and lending laws, helping Arkansans make informed financial decisions.

What Are the Alternatives for Short-term Loans in Dorado?

Explore healthier financial options beyond payday loans, including personal loans, credit unions, and budgeting tools, to break the cycle of high interest and financial stress.

Instant Installment Loans

Instant Installment loans offer borrowers a fixed amount of money repaid over time in regular installments, providing a predictable repayment schedule.

Fast Cash Loans

Fast Cash loans provide quick access to funds for short-term financial needs, typically requiring repayment within two weeks to a month.

Online Title Loans

Online Title loans require the borrower to use their vehicle title as collateral, offering a quick option for obtaining needed funds.

Emergency Loans Guaranteed

Emergency loans Guaranteed provide fast financial assistance in urgent situations, often with flexible repayment terms to ease immediate financial stress.

Payday Loans Online

Payday loans Online offer a convenient method to receive short-term funds through digital platforms, quickly deposited into the borrower’s bank account.

No Credit Check P2P Loans

No Credit Check Peer-to-Peer (P2P) loans allow individuals to borrow directly from other individuals, often with competitive interest rates.

Quick Debt Consolidation Loans

Quick Debt Consolidation loans combine multiple debt payments into one, simplifying repayment and often offering lower interest rates.

Bad Credit Loans Fast

Bad Credit loans Fast offer financing options for individuals with poor credit scores, providing access to funds despite credit challenges.

Requirements for Instant Cash Advance

  • Proof of Identity: Submit a valid government-issued ID or passport for verification purposes.
  • Bank Account Details: Provide your bank account information to facilitate the transfer of funds.
  • Income Verification: Furnish recent pay stubs or bank statements to confirm your income source.
  • Contact Information: Offer your current phone number and email address for communication.
  • Residency Proof: Include a utility bill or lease agreement to establish your current residential address.
  • Application Form: Complete the online application form with accurate personal and financial details.

How to Use Personal Loans - Useful Resources

Discover valuable resources on effectively utilizing personal loans. Gain insights into managing short-term financial needs responsibly with our comprehensive guide tailored for informed decision-making.

Industry
Address
Phone
Car Glass Replacement Shop
Address: 3484 West Hillsboro Street, El Dorado, AR 71730
Phone: +1 (870) 862-0001
Club & Association
Address: 451 Industrial Road, El Dorado, AR 71730
Phone: +1 (870) 862-6798
College/University
Address: 3696 East Main Street, El Dorado, AR 71730
Phone: +1 (870) 881-8267
Dentist
Address: 519 West Faulkner Street, El Dorado, AR 71730
Phone: +1 (870) 863-3171
Fitness Club & Center
Address: 3717 North West Avenue, El Dorado, AR 71730
Phone: +1 (870) 862-4496
General Practitioner
Address: 1127 Glenwood Drive, El Dorado, AR 71730
Phone: +1 (870) 862-1171
Government Office
Address: 711 South Martin Luther King Boulevard, El Dorado, AR 71730
Phone: +1 (870) 881-4185
Hospital
Address: North Newton Avenue, El Dorado, AR 71730
Phone: +1 (870) 863-5100
Hotel
Address: 2210 Junction City Road, El Dorado, AR 71730
Phone: +1 (870) 677-3939
Library
Address: 200 East 5th Street, El Dorado, AR 71730
Phone: +1 (870) 863-5447
Local Post Office
Address: 101 South Jackson Avenue, El Dorado, AR 71730
Phone: +1 (800) 275-8777
Museum
Address: 209 East Main Street, El Dorado, AR 71730
Phone: +1 (870) 863-5254
Pharmacy
Address: 715 North College Avenue, El Dorado, AR 71730
Phone: +1 (870) 639-6227
Rent-a-Car Facility
Address: 1220 North College Avenue, El Dorado, AR 71730
Phone: +1 (870) 864-9761
Restaurant
Address: 106 West Main Street, El Dorado, AR 71730
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Complaints about Short-term loan, Title Loan, or Personal Loan in Arkansas

Issue Type
Amount of Complaints
Charged fees or interest you didn't expect
44
Struggling to pay your loan
37
Problem when making payments
27
Problem with the payoff process at the end of the loan
24
Problem with additional add-on products or services
19
Getting the loan
16
Charged fees or interest I didn't expect
11
Incorrect information on your report
9
Getting a line of credit
8
Can't contact lender
6
The data is taken from consumer complaint database created by Consumer Financial Protection Bureau

Submit a Complaint for a Short-term lender in Dorado

If you need to submit a complaint against a payday lender, the Arkansas State Board of Collection Agencies is the regulatory body that can assist. This board regulates the activities of collection agencies and payday lenders in the state.

  • 523 Louisiana Street, Suite 460, Little Rock, AR 72201
  • (501) 371-1434
Submit a Complaint

Frequently Asked Questions about Short-term Loans

Are Payday Loans Legal in Arkansas?

Payday loans are illegal in Arkansas. The state's laws prohibit these high-interest loans to protect consumers from potentially predatory lending practices.

What are Some Safer Alternatives to Payday Loans?

Instead of payday loans in Arkansas, consider personal loans from banks or credit unions, credit card cash advances, borrowing from friends or family, or small-dollar loans from reputable financial institutions. These options typically offer more favorable terms and are regulated for consumer safety.

How Can I Report Illegal Payday Lending in Arkansas?

If you encounter a lender offering payday loans in Arkansas, report them to the Arkansas Attorney General’s Office. This helps enforce the law and protect other consumers from illegal lending.

What Should I Know Before Taking Out Short-Term Loans?

Before taking out short-term loans in Arkansas, examine the interest rates, fees, and repayment terms. Ensure the lender is licensed and that the loan terms adhere to state regulations.

Where Can I Find Financial Advice and Assistance?

For financial advice and assistance, consider resources like the Arkansas Legal Services. These organizations offer guidance on budgeting, debt management, and financial planning.

How Can I Improve My Finances to Avoid High-Interest Loans?

Improving your financial health involves budgeting, creating an emergency fund, and cutting unnecessary expenses. Educating yourself about personal finance and seeking advice from financial advisors can also be beneficial.

Arkansas Personal Loans Near Me

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