Arkansas Payday Loan Laws and Legislation

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According to the state law of Arkansas payday loans are legal. However they are regulated by the corresponding statutes with the purpose to protect the residents of the state from fraudulent lending companies.

A maximum amount of a payday loan for a person is $400. It can be given for a term of 6 to 31 days. A borrower is allowed to take one loan at a time at one location. One and the same lender is forbidden to provide the same borrower with two consequent loans in the period less than 72 hours. For every loan given for 14 days financial charge should not exceed $22.22 as well as APR for every $100 borrowed for 14 days should not be more than 579%. It is prohibited to charge more than $400 in fees in the period of one year. It is also against the law to take a payday loan to repay the previously taken one from a different company. Payday loans in the state of Arkansas cannot be renewed.

In the state of Arkansas the State Board of Collection Agencies is monitoring the operation of all the payday lending companies. It was founded in 1965 and has the function of providing any information on the topic as well as regulating any activities that concern payday lending. It also deals with collection agencies and their charges.

Corresponding Arkansas authority bodies control the operation of payday lending companies. Special laws regulate the process of fees and charges collection in case of default payments.

According to the state law payday lending companies are allowed to take criminal action against a debtor in case the checking account of the latter gets closed before repayment is done. In case it was an intentional attempt to avoid repayments, the debtor is likely to get into a lot of trouble as such an action is considered a form of a check fraud and is fraught with serious penalties. Any other criminal actions against debtors from the side of lenders are illegal in Arkansas.

Loansdale.com is a very reliable company that is willing to offer its payday lending services to you in Arkansas. In such cases when cash is needed badly and quickly and you cannot imagine where to take it, we are ready to help. Everyone has been in the situation when an unexpected bill arrives and there is no cash at hand. Even if you are not currently in Arkansas, we can offer our assistance countrywide. Our service is fast and convenient with no hassle involved. No credit checks, no collateral. Feel free to apply.

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