Payday Loan Laws - AR
The rules and regulations issuers of payday loans must abide by in the state of Arkansas.
Legal Status:
Legal
Loan Terms:
Maximum Loan Amount: $400
Loan Term: 6-31 days
Maximum Finance Rate and Fees: 10% of check + $10; $5 ID card
Finance Charge for 14-day $100 loan: $22.22
APR for 14-day $100 loan: 579%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One per location
Rollovers Permitted: None (cannot renew or consolidate)
Collection Limits:
Collection Fees: NSF fee; Court Costs; Reasonable Attorney's Fees
Criminal Action: Prohibited (Unless check returned due to closed account or stop-payment by maker)
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