Arkansas

State Payday Loan Law Information

Payday loans in Arkansas are restricted to the amount of $400.  The loan term ranges from 6-31 days with no cooling off period and no rollovers.  Loans cannot be renewed or consolidated.  Only one outstanding loan at a time in one location is permitted.

The lender may charge a finance rate and fees of ten percent of the check amount plus $10 and a $5 charge for an ID card.  The lender is also entitled to collection fees on NSF checks, court costs, and reasonable attorney’s fees.  No criminal action is permitted unless the check is returned due to a closed account or stop-payment by the maker.

 

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