A guide to Payday Loans in Arkansas, USA.
What are the Citation (s) to Payday Loan or Small Loan Laws in Arkansas?
A: The relevant citation regarding Payday Loans in the Arkansas State Jurisdiction is
Ark. Code. Ann. § 23-52-101 et seq.; Ark. Const. art. 19, § 13
Q: Are Payday Loans legal in Arkansas?
A: Yes Payday Loans are legal in Arkansas (Applies to check cashers only).
Q: What is the Maximum Cash Advance Loan Amount in Arkansas?
A: The maximum Cash Advance or Payday Loan amount is $400.
Q: What is the Payday Loan Term in Arkansas?
A: The Payday Loan Term in Arkansas is 6-31 days.
Q: What is the Maximum Rate and Fee for Cash Advance Loans in Arkansas?
A: The Maximum fee for Cash Advance Loans in Arkansas is 10% of check + $10; $5 ID card
Q: What is the Finance charge for 14-day $100 payday loan in Arkansas State?
A: The Finance charge for 14-day $100 payday loan in Arkansas is $22.22.
Q: What is the APR for 14-day $100 payday loan in Arkansas State?
A: The APR charged for 14-day $100 payday loan in Arkansas is 579 percent.
Q: Is there a limit on the number of payday loans I can take at one time?
A: You can take one payday loan per location at one time.
Q: How many times can the lender rollover my payday loan in Arkansas?
A: The lender cannot rollover (renew, extend) the payday loan.
Q: If I cannot repay my payday loan can the lender initiate a criminal action?
A: No the lender cannot initiate a criminal action against the borrower, unless the check was returned due to closed account or stop-payment by maker.
Q: Can I be charged a collection fee for a payday loan?
A: Yes, NSF fee; Court Costs; Reasonable Attorney's Fees
Contact the Department Of Financial Institutions
If you have questions about payday loans please contact the Arkansas Department of Financial Institutions at:
Arkansas State Board of Collection Agencies
Address: Division of Check-Cashing Companies, 523 Louisiana Street, Suite 460 Little Rock, AR 72201
Phone: (501) 371-1434
Fax: (501) 371-1440
Regulatory Contact: Peggy Matson, Executive Director
Website: http://www.asbca.org/check_cashing/
Where can I find a payday loan store in Arkansas?
You can find the store nearest to your location by simply clicking on this link loc: Arkansas
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