Payday Loans or “Quick Cash” loans come in real handy when you are short on cash. Today you can go to brick and mortar business for a payday loan or cash advance loan and you can even get online payday loans. The interest rates are a little healthy, but the speed and convenience of getting the cash quick to cover an unexpected expense overrides the costs.

These are the rules, laws and regulations of payday loans in Arkansas.

Arkansas Payday Loan Law and Legislation

The Legal Status of payday loans : Legal
: Applies to check cashers only

Citation:
Ark. Code. Ann. § 23-52-101 et seq.; Ark. Const. art. 19, § 13

Payday Loan Terms:

Maximum Payday Loan Amount: $400
Payday Loan Term: 6-31 days
Maximum Finance Rate and Fees: 10% of check and $10 and a ID card charge of $5
Finance Charge for 14-day $100 payday loan: $22.22
APR for 14-day $100 payday loan: 579%

Payday Loan Debt Limits:

Maximum Number of Outstanding Loans at One Time: One per location
Rollovers Permitted: None – You cannot renew or consolidate
Cooling-off Period:
Repayment Plan:

Payday Loan Collection Limits:

Collection Fees: NSF fee
Court Costs
Reasonable Attorney’s Fees

Criminal Action: Prohibited – Unless check was returned due to a closed bank account and stop-payment by the checking account maker

Arkansas Payday Loan Information:

Regulator: 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

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