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Arkansas Payday Loans
You have come to the right place if you need some extra money to make it through to your next paycheck. Other people who have been in the same exact position have found a solution to their problem by using Loans Payday. It could not be faster or more convenient to finish the application process at Loans Payday to have the money that you need now. It only takes a few moments of your time to fill out the application on our website and, in many cases, you'll find the money appear in your bank account on the very same day you apply!
Payday Loan Laws in Arkansas
Payday lending is completely legal in Arkansas. At the same time, though, you'll find that payday lending practices are regulated by laws in the state legislature of Arkansas. These laws were put in place not to protect the companies, but to protect the borrowers and residents of the state from unscrupulous companies and lenders. Each company must list a schedule of the fees associated with check cashing, sales or insurance of money orders, and a first issue of any type of identification card and all this information must be clearly listed and understood by the customers. There should also be information listed on the type of alternatives to identification that can be used by customers. Arkansas also imposes strict laws regarding the fees a lender charges borrowers for services that are not completed. They also limit the price of identification cards to only $5 or less. The company cannot charge more than 10% to cash a personal check or money order as per the fee regulation imposed by the state of Arkansas.
In a count done in March of 2006, the state of Arkansas had 275 lenders working within the state.
We can help you by giving you a fast payday loan when the unexpected happens and you need cash quickly and you live in the state of Arkansas, but aren't sure where to turn or what to do. Do you need to pay your bills now, but don't have a way to find the cash to pay those bills? If you need to deal with your current financial needs and you live in Arkansas, we can help. Of course, you don't need to live in Arkansas to take advantage of our services because we have payday loans available in every US state, so no matter where you live, we can help. It doesn't matter what you need the money for; we can help you get it. You can receive a payday loan to take care of special projects, catch up on your bills, pay for a car repair, or take care of anything else you need. LoansPayday.info is the perfect place to start the process by taking just a few minutes to apply for a payday loan today.
In the state of Arkansas, if you do not have the money available to pay for an urgent situation, you can receive those funds through a payday loan. All you need to do is get a temporary solution through a payday loan and then pay back that loan when you get your next paycheck.
We are dedicated to giving you the best support possible and to provide you with the payday loan you need whether you live in Arkansas or one of the other states in the US. We can help you secure a payday loan if you live in Arkansas and need a loan quickly. Visit LoansPayday.info to find more information and to get started on applying for a loan right away.
We guarantee that you will find our website easy to use and our customer service second to none. Getting a payday loan through us is unbelievably easy and secure. All of your information will be protected to keep your information secure and safe. Our customers are our top priority and we make things as fast and easy as possible.
In 2001, Arkansas passed a new bill that set up specific laws relating to payday loans in the state. The bill essentially decided what a payday lender can do and what it can't do. The company can now charge an additional fee to pay for things they require to process the loan, such as checking an account or copying a document. Closing a loan that was previously open can also result in a fee. These fees much be 10% of the face value of the payday loan and cannot be larger than $25.
There are limits on the amount of money a payday lender can charge on a loan after deferment as set by the state of Arkansas. Under current laws in Arkansas, this limit is set at $10.
The House Bill 2440 requires the following, which is part of the state laws of Arkansas:
A borrower can only borrow money one time from a lender at any one time.
The original face value of the loan must be the same amount or less than the charges and fees attached to the loan following the deferment period.
A maximum amount of $400 in fees can be charged in a single year.
If the loan violates the rules of Bill 2440, the loan will be voided.
A borrower cannot receive two different sets of funds from the same lender within 72 hours.
A payday loan cannot be used to pay a payday loan from a different company.
Arkansas usury laws are the basis for payday loans and this was recently upheld in a court case involving the state. A class action lawsuit was filed against Advance America, though the case was later appealed. The company agreed to forgive the debts of its customers and to give customers refunds as part of a settlement when the case was dismissed. According to the legal limits imposed in the state of Arkansas, the company also agreed to lower their rates to meet those limits.
What was being debated was the type of loan known as a payday loan. This loan is smaller than an individual would receive from a bank, which is the main difference between a payday loan and a regular loan. These loans also have a much higher interest rate or fees associated because it has shorter terms in regards to paying the loan back. This rate isn't just higher interest rates, but bigger fees as well.
The Arkansas Supreme Court eventually heard the case against Advance America. The courtroom was a hotbed of activity, with the practices of the company called into question. The lawsuit said that the lending laws of the state were subject to the loans of the company, though Advance America claimed they did describe their payday lending practices. The state constitution places a cap on interest rates at 17%, which is clearly stated in the law. Eventually, the court voided the agreement between the customers and the lender. It was also decided that any customers should deal with loan disputes in the courtroom through legal actions.
Unemployment Statistics in Arkansas
As of January 2006, Arkansas had an unemployment rate of 5.1% or 69,336 of its residents did not have a job. The previous year this rate was 6.1%, which indicates a large drop in terms of those unemployed. In the last ten years, the unemployment rate in Arkansas has not changed more than three points.
- El Dorado
- Forrest City
- Fort Smith
- Hot Spgs Nationl Prk
- Little Rock
- Mountain Home
- North Little Rock
- Pine Bluff
- Van Buren
- West Helena