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What are the payday loan laws and regulations in Arkansas?
Due to payday loan becoming rather like a pawn, a cash advance that has huge interest rates (at times four times as much as the original sum borrowed) the State of Arkansas has decided to implement some harsh regulation on these types of loans. Payday loans are currently banned in the whole state. This of course does not mean that there aren’t other options for you, should you need a quick cash loan. The regulation is due to the Check Casher Act, defined by Arkansas Code 23-52-101 ET. Seq. was repealed in 2011.
There are other options which one can consider if a fast solution becomes necessary.
Tribal loans: You may consider going through a tribal lender. This is because of the legal rights of Native Americans and their respective community that has allowed a couple of lenders to circumvent the current regulations and may be able to provide you with a cash loan.
Credit card cash advance: there are many people who aren’t too interested in going to banks to apply for a credit however, at times it’s the best option available. Of course this cannot apply for those who have bad credit, they need to find another option
Joining a debt consolidation program: due to the overall debt of so many, who have applied for cash loans at the bad places every state has set up a specific debt consolidation program which allows debtors to pay their debt back without having to pay extra interest or any other additional fees. One of these programs in Arkansas include the Home Energy Assistance Program and the Food Stamp Program if you are in a harsh financial situation.
How much can you be charged by lenders in Arkansas?
Apart from the base amount that you have borrowed there are a couple of fees to take into consideration. The maximum rate of interest has to be no higher than 17%. Credit score counts a lot in the banks and if someone has a good credit score they can obtain credit for a lower rate too. You may need to count with the following additional fees, but their sum is always defined by the specific lender: application fees, disbursement fees, settlement fees, late fees, non-sufficient Funds (NSF) fees.
A few tips to borrow money in AR
Every borrower is really advised to learn more about loans and their maximum interest rates within the state. Although there are several lenders who try to circumvent the state regulations by offering payday loans online we advise you not to go for these, as these are not legal. Lenders of any sort of loans have to be licensed by the state.