Arkansas Payday Loan – List of Best Payday Lenders in Arkansas

Arkansas Payday Loans

Paydays loans, also known as paycheck advances are a legitimate source of quick cash for someone looking to handle an immediate issue or unforeseen circumstance. There are many places to get such a payday loan in Arkansas. Sometimes taking a relatively small loan, and agreeing to the short term, may be the only option to avoid problems in one’s life. In such situations a payday loan makes sense. However, the consumer must be aware that he will pay an effective penalty, in the form of a high interest rate, for the privilege of being advanced the lump sum of cash.

In the late 90′s check cashing companies had become big business across the country and specifically in Arkansas as well. The payday loan “check cashing” companies will generally loan to anyone who can prove a legitimate source of income. That is why it is called a payday loan because the consumer is expected to pay it back out of the next paycheck. If the loan is not payed off then interest and fees may increase or the loaner could simply cash the check that he acquired from the customer as collateral. The result of that could be further fees at the bank side of things.

Best Arkansas Payday Loan Lender

These top payday lenders offer payday loan in Arkansas. You can apply them online now.

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Go to AmeriAdvance
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Great Plains Lending
Great Plains Lending

Due to lawsuits brought forth by the Arkansas Attorney General in the late 90′s it was necessary for the state congress to pass the Check-cashers Act of 1999 in order to keep such companies in business.  Technically, the act made it law that the sums borrowed would not be considered a “loan,” and neither would the resulting fees be denoted as “interest.”  It was not until 2005 that the language was removed from the act, but they did not go as far to eliminate all predatory pay day loan practices.  For that reason, it is incumbent upon the consumer to read all contracts and only to take a payday loan in Arkansas in the most extreme of circumstances.  Many consumers who have made a habit of borrowing at payday loan centers have ended up with quite enormous bills, and even encountered problems with the other properties that they may own.  Nevertheless, in some specific circumstances there may not be another option.

A payday loan customer in Arkansas should shop around to find the best possible “interest” rate and terms before signing the contract.  Many companies in Arkansas have been known to charge anywhere from 600% – 2000% annual percentage rate after everything is calculated appropriately.  Fortunately there are other lenders in the payday loan marketplace who will work to give you a better deal in a time of need.  Payday loans in Arkansas are often available 24 hours a day so that they can conveniently be accessed during an emergency or extreme time of need.  Try to take a loan for the least amount possible that will still handle the situation. Make sure that it is an amount that will be possible to pay off with the next paycheck and there should be no problems.

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