Bay at a glance
- Population: 1,821 — 145th in Arkansas, which has 500 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 1,878 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: a loss of about 3.0% since the 2020 count (US Census Bureau).
- Rank among Arkansas places: 145th largest of 500 (US Census Bureau).
- Size percentile: roughly 71% of Arkansas's places have fewer residents (US Census Bureau).
- Coordinates: latitude 35.7461, longitude -90.5521 (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Trumann, AR (5 mi); Lake City, AR (7 mi); Jonesboro, AR (9 mi); Brookland, AR (10 mi); Harrisburg, AR (16 mi) (US Census Bureau populations).
- Nearest smaller communities: Black Oak, AR (12 mi); Caraway, AR (13 mi); Monette, AR (15 mi), each a US Census place.
What a personal loan costs in Bay
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Arkansas lending rules that apply in Bay
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Arkansas State Bank Department Source says: "The Department is charged with regulating state-chartered commercial banks with main offices in Arkansas". | Arkansas State Bank Department as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 17% per annum for loans not made by or to governmental units or by federally insured depository institutions (Amendment 89, effective January 1, 2011) Source says: "shall not exceed seventeen percent (17%) per annum". | Arkansas Legislature — Arkansas Constitution, Amendment 89, § 3 (proposed by H.J.R. 1004 of 2009) as of 2026-09-16 |
| Payday lending status | Not permitted — all storefront payday lending eliminated; the Attorney General has worked to eliminate all forms of payday lending since 2008 Source says: "the Attorney General's office has worked to eliminate all forms of payday lending in Arkansas"; "all storefront payday loan operations in Arkansas have been shut down". | Arkansas Attorney General — Consumer Protection Division as of 2026-09-16 |
| Small-loan / installment lender licensing | See the latest published figure value_text left null: the State Bank Department does not publish a consumer small-loan license rate schedule that could be verified; storefront payday lending has been eliminated (see Payday lending status). See the linked regulator page for the licensee categories it supervises. | Arkansas State Bank Department as of 2026-09-16 |
How to compare offers in Bay
Run through this list before signing anything in Bay:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Arkansas using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.