The Arkansas unemployment rate was at 5.1 percent according to the January 2006 data. This is equivalent to about 69,336 individuals who were without work. But as compared to the previous year which records the unemployment rate at 6.1 percent, it showed a good improvement. In fact, for the last ten years, the unemployment rate in Arkansas has not fluctuated more than 3 points.
Despite the improving employment statistics, we understand that everyone faces cash emergencies once in a while. And that is exactly what we are here for. Do you have a bill past due? Do you need to settle your credit card dues? Is your account overdrawn? We can absolutely help you. But let us remind you of your rights first.
A payday loan is nothing new in Arkansas. Payday lending is a legal business and as such the state laws regulate the industry. The following rules are laid out for both payday loan lenders and check cashers in an effort to protect the borrowers.
A class action suit was presented in court against Advance America, another payday lender, regarding the way they charge interest rates. The lawsuit also paved the way to defining the issuance of payday loans in the state of Arkansas.
The loans issued by Advance America are in smaller amounts than those offered by standard banks. The loans also offered shorter payback schedules. Since these are short term loans, the lender charged higher interest rates in an effort to recover the expenses of providing such service.
The lawsuit was presented to the Supreme Court of Arkansas. The business practices of the payday lender were put into question. As a matter of fact, the practices of the entire payday lending industry were placed under scrutiny. Advance America made an effort to justify its lending practices. But in the end, the court ruled in favor of the borrowers. The court questioned Advance America’s disobedience against the state law.
According to the court, payday lenders must maintain interest rates that are in accordance with the existing usury laws. It was ruled out that the payday lending industry is subject to the same lending laws imposed by the state. Such includes a restriction on interest rates to nothing beyond 17 percent as per the state constitution. As a result, all the lending agreements entered into by the lender and the borrower was deemed null and void. In the end, a settlement was agreed upon.
The state of Arkansas passed a bill in 2001 defining the rules that skytrailcash payday lenders have to abide by. This means payday lenders are not allowed to charge additional fees for bank account information confirmation or for copying documents. Payday lenders may charge additional fees for either processing or closing transactions which are previously opened. But no lender can charge a client over $25 or more than 10 percent of the cash advance value.
Moreover, the bill also imposes restrictions with regard to the fees incurred in deferring loans. For instance, fees for loan deferrals must not amount to more than $10.
To protect your rights as a borrower, the Arkansas House Bill 2440 lays out the following rules. And we want you to be completely aware of your rights as we also ensure to follow these rules.
The bottom line is the payday lending industry in the state of Arkansas is duly regulated by rules. We are quite ware of such laws. And we abide by it.
Whenever you need fast cash for whatever reason, you can count on our help. We make quick cash available so you can take care of those financial obligations. If you need our help, simply visit AdvanceCash.info.com to fill out the loan application. Rest assured that we will take care of you.
You do not have to desperately wait for your next paycheck. We provide you with a temporary loan and you can repay us when your paycheck becomes available. Once you complete the application, our representatives on standby will process it and make the money available on the same day. That way, you can settle whatever it is you need to take care of.
Our Arkansas payday loans services are quick and easy. We help you the best way we can by providing you with the funds you need to cover any emergency expenses.
We do not stress you out with a complicated process. We make it as simple as possible. This is why our process is designed to be straight forward. Not only do we guarantee quick and easy cash. We also assure you of a secure transaction.
We respect your privacy and we make it part of our duty to protect it. We make it a priority to protect your information. All transactions remain confidential. This is what makes us different. We are fast and efficient in servicing our clients and we are protective of our clients.
Arkansas State Board of Collection Agencies
523 Louisiana Street, Suite 460
Little Rock, AR 72201
Phone: (501) 371-1438
Fax: (501) 372-5383