Internet Payday Loans are very popular in Arkansas because of the easy process and fast loan approval. If you intend to apply for a payday loan soon, then knowing about the laws concerning this type of loan is essential. This article talks about the payday loans law in the state of Arkansas.
Payday Loan Terms
Payday loans obtained via the Internet has maximum limit of $400 with maximum term of 6 days to a month or 31 days. The finance fees and rate that payday lender can charge their clients is 10% of the actual check amount plus $5 for ID card. So, let say you borrow $100 online for 14 days, the finance charge is approximately $22.22. The APR of $400 for 14 day loan is roughly about 580 percent.
Collections and Debt Limits
In Arkansas, resident applying for payday loan online are limited to only one loan per company or location, with no consolidation or loan renewal whatsoever. Failure to pay or fund the checks upon lenders presentation to the fund could cost borrower a NSF fees, attorney fees and usual court costs and debts collected via civil case. Filling of criminal case disallowed unless there is intent to defraud lender from the very beginning.
Where Can We Go for Complaints or Questions?
If you have problem with a payday lender, you can ask the State Board of Collection Agencies for assistance. The board regulates collection activities and protects consumers from harassment and abuse. The office of the Division of Check Cashing Companies is the ones that handle complaints against Payday Lenders online, so when you need help you may write or call them.
Payday loans are one of the best sources of alternative fund, since anybody qualifying for a loan can get instant cash to pay for unforeseen expenses and medical emergencies.Share