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Arkansas regulation of payday loans

Arkansas legislation provides that payday lending business is legal in the State. On the other hand, it is highly controlled by the state statutes in order to secure Arkansas citizens against predatory activities of some lending firms.

A borrower can receive a payday loan for the sum not more than $400. The term of the loan makes up a period between 6 and 31 days. A borrower can take only one payday loan at a time from one lender. It is prohibited for the same lending company to offer two or more payday loans for a borrower within a period not exceeding 72 hours. Payday loan customers are to be charged not more than $22.22 for a fortnight loan, which provides that the annual percentage rate on a $100 loan taken for 2 weeks shouldn’t be above 579%. Fees exceeding $400 are not allowed to be charged in the one-year period. A customer is forbidden to borrow a payday loan in order to pay back the old loan that he has received from another lender. Payday loans are not to be extended in Arkansas.

The State Board of Collection Agencies is responsible for controlling activities of payday lenders in Arkansas. This institution was established in 1965 and its goal is to provide all the information concerning payday loans to the State residents. It also regulates the whole payday lending industry, as well as handle with collection companies and their financial charges.

Relevant legislative bodies of Arkansas regulate payday lenders’ operations. Special legislative acts provide rules of charges and fees collection practices, when borrowers default on their payments.

Under the state law of Arkansas payday lenders are able to bring in a criminal suit against a borrower just in case he/she has closed a check account before repaying a loan. If the borrower intended to escape from repayments in such a way, he will most likely have a lot of problems, because such an infringement is considered to be a kind of check swindle and is punished with big fines. Other criminal suits against borrowers from lenders are prohibited in the State according to the law.

SmarSaver.Loanscom is a reputable and secure payday lending company that is happy to offer its services to Arkansas borrowers. It is always ready to assist in the situations when customers need urgent cash and don’t know where to apply for it. Practically every person has ever faced with difficulties of paying off the bills when they come unforeseen. In case you are not staying in Arkansas at present, don’t worry as we offer payday loans along the whole country. We operate quickly and without any obstacles. We don’t require collateral or credit history. Your can freely apply for a loan any moment.