Payday Loans in Arkansas

Posted on Sunday, July 12th, 2009 at 2:57 pm in Cash Loan Info by State

Sometimes small needs in life become equally important like larger commitments in life. Arranging for your kids birthday party is as important as funding the college fees of your teenage kid. Repairing a broken down AC for your family in sweltering heat is as important as paying a mortgage installment. For these needs in life, whether they are big or small, you need some instant cash bailout. The payday loans or cash advance loans have been customized to provide temporary financial assistance to tide over these short term needs which often trouble us. That is why the payday lending industry is gradually growing to be a multi-billion dollar industry in USA. Arkansas is very much a part of this economic trend too.

These payday loans are safe and fast loans, which don’t require elaborate paper work as well as any collateral. That is why more and more people in Arkansas are opting for payday loans to fulfill their temporary pocket pinch till their next salary comes in. You will find payday loan agencies and outlets all over Arkansas. However they are mainly concentrated round major Arkansas cities like Little Rock, Fort Smith, Springdale, Jonesboro and Fayetteville. If you don’t have a payday lending agency nearby to your city or town in Arkansas then you can always opt to take a payday loan from any of the online payday loan websites of Arkansas.

The state of Arkansas unlike other US states such as New York, Maine and Massachusetts is liberal , and doesn’t have prohibitive laws against payday loans. Though payday lending is legal in Arkansas, there are certain regulations imposed to protect the citizens from predatory payday lending. The payday lending agencies need to obtain a license from the Arkansas government to operate their payday lending outlet in the state.

The Arkansas law stipulates that payday lending agencies must not charge more than $10 as fee for each cash or check advance extended. The rate of interest which can be imposed on payday loans is about 10%. Even if this might seem quite exorbitant to you initially but when you are running from pillar to post, to gather money, a payday loan is a safe and legal method to get rid of your financial tribulations. However, there are no rules in Arkansas regarding the number of payday loans that can be extended to a particular person within a stipulated period of time.

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