I was just wondering if internet payday loans were legal in Arkansas. I looked at Arkansas law on payday loans and it said legal (applies to check cashers only). Is this saying that all internet payday loans are illegal?
Arkansas State Information
Legal Status: Legal (Applies to check cashers only)
Ark. Code. Ann. Â§ 23-52-101 et seq.; Ark. Const. art. 19, Â§ 13
Maximum Loan Amount: $400
Loan Term: 6-31 days
Maximum Finance Rate and Fees: 10% of check + $10; $5 ID card
Finance Charge for 14-day $100 loan: $22.22
APR for 14-day $100 loan: 579%
Maximum Number of Outstanding Loans at One Time: One per location
Rollovers Permitted: None (cannot renew or consolidate)
Collection Fees: NSF fee; Court Costs; Reasonable Attorney's Fees
Criminal Action: Prohibited (Unless check returned due to closed account and stop-payment by maker)
Where to Complain, Get 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
Regulatory Contact: Peggy Matson,, Executive Director
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.