Payday Advance Arkansas
Those seeking to acquire a payday advance loan that live in the state of Arkansas will need to look elsewhere for quick cash to solve financial problems. Arkansas has prohibited payday loan companies from operating within the state and has set strict guidelines on payday loan companies operating outside the state, but that continue servicing Arkansas residents.
Why You Might Require a Payday Loan
Payday advance loans are fast and convenient ways of acquiring money to meet pressing financial needs. You might require a payday loan to make credit card or bill payments, car or rental payments, acquire medical attention, and other pressing financial needs. Short-term cash lenders agree to supply loans with the stipulation that you repay the loan amount plus any interest and fees on a specified date, usually on your following payday (thus the term 'payday loan'). There are normally no credit checks involved with payday advances.
When you opt to acquire a cash advance from a payday lender, you can expect the process to be fast and easy with approvals normally occurring within a 24-hour period. You are required to fill out a simple payday loan application and provide proof of employment along with personal identification. You will also be asked to provide checking or savings account information so that funds can be transferred to your account, once approved, and payment can be deducted upon the agreed upon date.
Online Payday Loan Providers
Although companies operating within the state of Arkansas are prohibited from offering payday advance loans, those doing business over the Internet are allowed. However, such companies must adhere to certain Arkansas guidelines governing short-term payday loans.
Internet payday loan amounts are limited to $400 and loan terms must fall within six days to 31 days. The maximum amount of interest charged per month is limited to ten percent of the amount plus up to $15 in associated fees. Rollovers, or loan extensions, are prohibited. Collection fees on overdue payday loans are limited to non-sufficient funds (NSF) fees, reasonable attorney fees, and court costs. There are no rollovers (extensions) allowed under current Arkansas payday loan law.
Other Fast Cash Options
Requiring cash quickly, before payday, is a common occurrence for those living throughout the U.S., but such financial needs are particularly necessary for Arkansas residents who are some of the most cash-strapped in the nation. Therefore, obtaining cash quickly in order to pay for unforeseen expenses is a real need for many of those living in the state.
There are other alternatives to Arkansas payday advances. You might seek consumer loans from a bank or credit union, seek advance pay from your employer, turn to emergency assistance programs, or approach family or friends for the needed cash. Military personnel might be able to acquire military loans at good interest rates if qualified.
Determine Your Need and Research Your Options
Rapid cash loans are often a real necessity of life. However, they should only be used as short-term solutions as they can further worsen your financial situation.
Therefore, before applying for a short-term loan of any kind, it is best to determine your actual monetary need and then conduct research. You should avoid requesting more money than is required since short-term cash loans often carry significantly higher interest rates, fees, and penalties. You should also shop around as lending companies often offer varying loan amounts as well as rates and fees.
Where to Obtain More Information
It is a good idea to know and understand payday advance Arkansas laws and guidelines before seeking cash advancement. This is especially true when seeking cash advance loans within a state that prohibits companies from supplying such loans internally.
If you have further questions on laws governing Arkansas payday advance loans, or require additional information on financial alternatives, you can contact the following office:
Office of the Attorney General
323 Center Street, Suite 200
Little Rock, AR 72201
Phone: 800-482-8982 or 501-682-2007