Bonanza at a glance
- Population: about 608, 237th by size in Arkansas of 500 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 589 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: roughly 3.2% higher than at the 2020 Census (US Census Bureau).
- Rank among Arkansas places: 237th by size among 500 communities (US Census Bureau).
- Size percentile: larger than about 53% of the Census places in Arkansas (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 35.2318, -94.4161.
- Nearest larger cities (120-mile radius): Hackett, AR (3 mi); Pocola, OK (3 mi); Rock Island, OK (5 mi); Arkoma, OK (7 mi); Fort Smith, AR (9 mi) (US Census Bureau).
- Nearest smaller towns: Cameron, OK (10 mi); Fort Coffee, OK (10 mi); Midland, AR (10 mi) (US Census Bureau).
What a personal loan costs in Bonanza
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Arkansas lending rules that apply in Bonanza
Each row below is a Arkansas rule with its publisher and the date it was retrieved.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Bonanza
The steps below are worth completing first when you borrow in Bonanza:
- 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.