Arkansas Cash Advance Laws & Regulations
Payday lending in the state of Arkansas became prohibited in November of 2008, when a controversial court ruling found that payday loans had to adhere to small loan usury caps found in the state constitution. The regulations listed below are basic guidelines that apply to small loans in the state. As of January 2012, no further regulatory changes have been instituted by the Arkansas state legislature. Check back at CashAdvance.com for updates on payday loan reform in Arkansas.
Here are some specific Arkansas regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
N/A - Maximum Finance Charges and Fees
Small loan interest rates cannot exceed more than 5% above the Federal Reserve Discount Rate, or about 36%. - Maximum Loan Amount
N/A - Number of Rollovers
None - Outstanding Loans Allowed at Once
N/A - Cool-Off Period
N/A
- Payment Plan
N/A - Collection Fees
NSF and late fees - Presentment Limit
One - Private Right of Action
Civil - Military Protection
None - Penalties
Arbitration and attorney fees
Resources:
Office of the Attorney General
323 Center Street, Suite 200
Little Rock, Arkansas 72201
Phone: (800) 482-8982
Web: www.arkansasag.gov
Information by City
More Information about Arkansas
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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.
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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.
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