are payday loans legal in Arkansas - Fort Smith

SUZYQUE2
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I live in Fort Smith ( Arkansas ) I want to know if a payday lender from another state or country can legally lend here and if they collect on such a loan......Also do the these loans effect are credit scores? Seems if payday loans are illegal in Arkansas these loans should not be reported to the credit bureau.




OUCH!!!!!!Should have checked for typos!!!

Sub: #1 posted on Thu, 07/08/2010 - 14:04

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no biggie if you list the following

names of each lender
amount borrowed from each
total debited by each up till today
i'm guessing these are internet.

we do advocate paying the principle which is all that is owed.please provide the info requested,and we can help you here.

Sub: #2 posted on Thu, 07/08/2010 - 14:21

paulmergel paulmergel
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The payday loan laws only apply to check cashers, Internet payday loans are not regulated in your state. If I were you, I would contact:
The Division of Check-Cashing Companies, 523 Louisiana Street, Suite 460 Little Rock AR 72201, phone number, (501) 371-1434.

I am not absolutely clear on the laws in Arkansas, I have spoken with two different people from the division above and received two different answers. One answer was, Internet payday lenders are not legal in your state, the other one was Internet lenders are legal as long as they are licensed to lend somewhere in the U.S. I am still pursuing this matter and am attempting to get a correct answer, if you should decide to contact them, please post your reply here because I would love to know what you are told.

As far as overseas Internet lenders, I have never heard ANYone say these lenders have come to the U.S. to file a lawsuit against someone who defaulted on their loans.

If your lenders aren't located in the U.S., all you need to do is send a letter of dispute to the Credit Reporting Agency and inform them that the lenders in question are not legal in the U.S. You must also supply the lenders most recent information and address, ph number etc.

Sub: #3 posted on Thu, 07/08/2010 - 14:26

Shazzers Shazzers
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Of course, the fact that the Arkansas AG is suing an internet payday lender (LoanPointUSA) as we speak should give you a sense of Arkansas' policy. Of course, I doubt they'll go after anyone else (LoanPoint was their first serious attempt) till they see what the courts decide.

Sub: #4 posted on Thu, 07/08/2010 - 14:40

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Quote:
Originally Posted byAnonymous
Of course, the fact that the Arkansas AG is suing an internet payday lender (LoanPointUSA) as we speak should give you a sense of Arkansas' policy. Of course, I doubt they'll go after anyone else (LoanPoint was their first serious attempt) till they see what the courts decide.

Would you please post a link where you located that information, thanks!

Sub: #5 posted on Thu, 07/08/2010 - 14:56

Shazzers Shazzers
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(Posts: 17342 | Credits: 1592.79)

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