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2024 Arkansas Military Loan Rankings

Updated January 23, 2021

Arkansas Military Loans

We have reviewed 1 option for Arkansas military loans.

Military loans are loans targeted at members of the US Armed Forces. Lenders specializing in military loans can be more familiar with the financial demands of preparing for deployment, Permanent Change of Station moves around the world, or other situations unique to military families. In many cases, these lenders have adapted their application process to the military, e.g. using military pay grades for pre-approval or using a Leave and Earnings Statement to demonstrate income.

Lenders making military installment loans range from regulated, established banks to unregulated, off-shore entities. This means prices and lending practices vary widely from great to predatory. The Military Lending Act prohibits typical payday loans to members of the military but not all military installment loans are covered by the Act so as with any financial product do your own due diligence before taking a loan. Do not immediately trust the lender because they have customized their process to the military. Short-term, emergency loans are best taken only when completely necessary and where a clear path to paying the loan off exists.

We review short-term military lenders and rank them according to reputation, costs, and licensing. Reputation considers state licensing and Better Business Bureau scores. Cost is based on terms, fees, and rates. Features include things like credit reporting or fee transparency. Being included on our list is not an endorsement or certification. The reviews are designed to help borrowers rate and judge the quality of lenders. We include all lenders we review both good and bad.

The lenders listed below include both civilian installment loan lenders and those specializing in military loans. Those who specialize in military installment loans are noted in the description. To see lenders who provide military installment loans in your state select your state below.

Our review of military loans considers three areas: reputation, cost, and features. Reputation considers things like state licensing and Better Business Bureau scores. Cost is based on terms, fees, and rates. Features include ares like credit reporting or fee transparency.

A listing in this table is not an endorsement by us as we include all lenders we have reviewed that offer loans to Arkansas residents.

Filter rankings by state:
Plain Green Loans
Loan amounts

Credit type ⓘ

Visit Plain Green Loans for product eligibility.

Our eligible credit type estimate is a general guide based on FICO® Scores:

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
Tribe Based Lender
Lender status
  • Based on our analysis these lenders offer loans to Arkansas residents. Check each lender's website for up-to-date information.

Additional Information on Arkansas Military Loans

Service members who are Arkansas residents can choose from 1 military installment loan lender.

The lenders listed here include civilian lenders and those specializing in military loans. If there are any that specialize in military loans it is noted in the description. Please visit military loans for more detailed information.

When we talk about Arkansas military loans we are referring to loans being marketed to or offered to members of the US military. In many cases the lenders offering these loans make them available to people with all types of credit history. The loans are tied to your pay day--meaning your payments are due and often automatically withdrawn from your checking account on the day you are paid. These loans usually do not require collateral and have a simple application process. In addition, Arkansas military installment lenders focused specifically on the military are generally familiar with the financial demands of deployment or PCS moves. In many cases, loans can be pre-approved or based on your rank and a LES.

The trade-off and downside to these loans is the cost is generally very high. These loans rarely make economic sense except in the most dire of unavoidable emergencies. It is best to make sure you have considered other options including friends and family before taking one. For longer term needs consider other Borrow Money Options if at all possible.

Military loans are covered by the Military Lending Act. The CFPB lists the rights covered by the MLA as,

  • A 36% interest cap

    Interest is capped at 36% Military Annual Percentage Rate (MAPR). MAPR includes the following costs in calculating your interest rate:

    • Finance charges
    • Credit insurance premiums or fees
    • Add-on products sold in connection with the credit
    • Other fees like application or participation fees (see execptions here).
  • No mandatory waivers of consumer protection laws

    A creditor can’t require you to submit to mandatory arbitration or give up certain rights you have under State or Federal laws like the Service Members Civil Relief Act.

  • No mandatory allotments

    A creditor can’t require you to create a voluntary military allotment in order to get the loan. An allotment is an automatic amount of money taken from your paycheck to pay back your loan.

  • No prepayment penalty.

    A creditor can’t charge a penalty if you pay back the loan early either partially or in-full.

Arkansas military installment lenders will vary from FDIC regulated banks to unregulated offshore entities. Predatory lenders with aggressive and sometimes illegal lending tactics do exist so take precautions before signing any documents and only take out a short term loan if it's necessary. If your loan terms do not follow the above rules we think it's best to avoid that lender. Doshound believes state-licensed lenders or banks are a safer choice for borrowers and would avoid unlicensed lenders. See Arkansas Payday Loan Laws for additional resources or visit Arkansas's payday loan regulator, the Arkansas Attorney General, for more information.

Doshound reviews military installment lenders according to reputation, costs, and features. The reviews includes both regulated banks as well as off-shore entities. Being included on our list is not an endorsement or certification. The list is a ranking and is designed to help borrowers rate and judge the quality of lenders.

The original Doshound military loan ranking for Arkansas residents was published on