Arkansas Payday Loan Laws
The Attorney’s General office has been adamant to eliminate all forms of payday lending in Arkansas. Ever since 2008, most lending companies have been shut down, although some are still available on the internet.
Payday loans are not legal in Arkansas. After the Check Casher Act was canceled in 2011, lenders stopped providing these kinds of loans to consumers. This also includes Arkansas installment loans which often carried high-interest rates.
Payday lenders were issued with a warning letter on March 18, 2008, by the Arkansas Attorney General to stop issuing new loans. They were also asked to void all current and past loans or face legal action.
What are the Typical Costs of an Arkansas Loan?
Other avenues are still available for consumers to access Arkansas cash advance. Online lenders still are providing their services. Moreover, the laws are constantly changing and there are those who are lobbying to make payday lending legal once again in this state.
Arkansas loans obtained from traditional banks and credit unions have charges associated with them. You will be expected to repay the principal along with interest. The amount of interest to be paid is dependent on several factors:
- Your credit rating
- The loan amount you wish to borrow
- The loan term
- The type of lender chosen
Other fees and charges include application fees, late charges, loan disbursement fee and NSF fees. Thus, it is always advisable to read the fine print carefully to know exactly how much you owe a lender.
Use our loan payment calculator to better estimate the loan costs.