Arkansas Cash Advance Consumer Resource
Greetings! This is the official CashAdvance.com page for all Arkansas residents. Here you can find the most up-to-date information on the payday loan industry in Arkansas, including laws, regulations and consumer protection resources.
Payday loans have essentially vanished from the Arkansas market due to an Arkansas court decision in 2008. As of 2010, Arkansas legislation recognized new interest rate caps that have suppressed the payday loan industry within the state, making them virtually impossible to find. The demand for payday loans is constantly increasing, though, and voters are moving to have the laws reformed. Check back for news updates on instant payday loans in Arkansas.
Do you have advice, tips, or thoughts you would like to share with other Arkansas residents? Feel free to contact us at arkansas@cashadvance.com
For further information regarding a cash advance in the city of Little Rock, please visit the link listed below in the Information by City section.
Information by City
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Arkansas Consumers Educated About Local Laws That Govern Cash Advances
CashAdvance.com is the only provider of online payday advances that openly educates consumers on the local laws that govern cash advance payday loans in their state or city. Keeping consumers educated ensures they make the best financial decision for their families in a time of need.
Cash Advance in Arkansas
The cash advance industry is one of the quickest growing businesses across the U.S., experiencing expansion due in large part to the economic downturn that has tightened the purse strings of many. Individuals who find themselves facing a sudden emergency requiring cash often seek out the services of the cash advance, or quick cash loan, industry. However, every individual considering a cash advance should carefully consider the move and become knowledgeable about the laws that govern the industry in their particular state. A cash advance in Arkansas is no different because like every other state, Arkansas has their own laws that can differ from those of other states.
When individuals are faced with a sudden emergency, often related to medical mishaps, auto problems, or unexpected bills; they turn to the cash advance industry for a quick loan to help cover them until their next paycheck arrives. A cash advance in Arkansas works much the same as it would in any other state. Individuals in need of quick cash write a check from their checking account to a lender for the amount of their loan, plus a fee that is usually a set percentage of the loan amount. The lender then provides the borrower with a check or electronic payment and holds onto the borrower’s check for a pre-determined amount of time known as the loan period.
At the point in time when the loan period expires, the lender will cash the borrower’s check and the transaction is complete. In the instance that the borrower does not have enough funds in their account to cover the check they wrote, they can ask for a roll over or extension of the loan period to wait for more money to hit their account. In this instance high interest rates begin to kick in making the situation potentially dangerous to the borrower.
Understanding the laws that govern cash advances in each state will help individuals avoid the pitfalls of these quick loans. The laws used to govern a cash advance in Arkansas attempt to reign in out of control interest rates by prohibiting triple digit interest rates because quick loans must comply with usury cap and small loan laws. Lenders may not make more than one loan at a time to one individual; however an individual may have more than one loan out at a time from separate lenders within a 72 hour period. Lenders may not pursue any criminal charges against borrowers unless a stop payment was made on their check or their account was closed.
Some of the other laws that govern a cash advance in Arkansas include:
• Maximum Loan Amounts: Lenders may not make cash advance loans greater than $400
• Loan Period: Cash advances in Arkansas can have loan periods ranging from a minimum of six days to a maximum of 31 days.
• Extensions: Borrowers may not make any extensions, roll overs, or consolidations of their cash advances
• Fees: Lenders may not more than 10% in fees on a loan. Additional fees and charges are also prohibited from exceeding $10.
Any individual considering a cash advance in Arkansas should carefully judge the scenario they are considering a short term loan for. In the event that a borrower struggles to repay the loan they have taken they could end up paying more than the initial loan amount. The APR for a 14 day cash advance in Arkansas is 579%.
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
Legal Disclaimer: This website does not constitute an offer or solicitation to lend. CashAdvance.com is not a lender, does not broker loans, and does not make loan or credit decisions. The operator of this Web Site is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. CashAdvance.com provides a service only and is not acting as a representative, agent, or correspondent for any service provider or lender. CashAdvance.com's aim is to inform users of possible lenders who may be able to satisfy the needs of a particular consumer. CashAdvance.com does not endorse any particular service provider, lender, nor loan product. You are under no obligation to use CashAdvance.com's service to initiate contact, nor apply for credit or any loan product with any service provider or lender. Service providers or lenders will typically not perform credit checks with the three major credit reporting bureaus: Experian, Equifax, or Trans Union. However, credit checks or consumer reports through alternative providers such as Teletrack or DP Bureau, which typically will not affect your credit score, may be obtained by some service providers or lenders, in certain circumstances. You will not be charged any fees to use CashAdvance.com's service. Learn more on our Rates & Fees section.
Availability: Residents of some states may not be eligible for a short term cash loan based upon lender requirements. CashAdvance.com does not guarantee that completing an inquiry form will result in you being matched with a service provider or lender, being offered a loan product with satisfactory rates or terms, nor receiving a loan from a service provider or lender.