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Arkansas Payday Loans

In 2009, Arkansas closed down the last of their hundreds of traditional vendors of payday loans and cash advances and passed legislation on it. The goal of this legislation was to eliminate street-front lenders that specialized in cash advances that involved paychecks. As you can see, the Arkansas state officials vow to protect their citizens from loan sharks that have previously drained at least $250 million from various families in the state.

Arkansas also comes with a 17% loan interest rate cap that a lot of small business like furniture stores or used car dealers that provide in-house financing complain about because they supposedly limit their chances of doing great business altogether.

Conversely, Arizona's Check Cashers Act of 1999 states that any income made through payday loans are considered fees as opposed to interest. Because of this, payday lenders were able to get around the limits of the constitution, which in turn encouraged a steady growth in the amount of payday lending companies there. In fact, at the very height of the boom of payday loans, the state was known to have more than 275 payday loan companies overall.

The Results

Although seen by others as a form of legislative victory in Arkansas, what this closure in the cash advance storefront has really done is stop the residents from getting payday loans on the street. Fortunately, there is still a wide array of cash loan offers on the World Wide Web. In general, online lenders tend to have very limited regulations, though, and are usually located in states where there are no limits in terms of interest restrictions or rates targeted towards payday lenders.

Online Lenders

Online cash loan providers have taken full advantage of this opportunity created by almost 15 states that have placed several kinds of restrictions or limits on traditional cash loan providers. Fortunately, the process of getting short-term loans online is actually incredibly easy for residents of states like Arkansas because borrowers can simply apply for quick cash advances from home while the lender directly deposit the funds into their bank account. At most, this could take up to an hour. It is that easy and quick.

Plus, online lenders usually don't ask for credit checks, either. Instead, they base their payday loans on whether their applicant has a checking account that is still in good standing and a verifiable income source. So, if you have a checkbook and a job right now, then you are sure to get approved for a payday loan in no time. Online lenders usually issue these loans from hundreds to thousands of dollars as needed, but they will need the loans to get paid back over short spans of time.

Overall, Arkansas is only one of a lot of states that are considering getting rid of storefront payday lenders. So, if borrowers still feel the need to use these services in the near or distant future, they might have to leave the state that they are in to get one or learn how to find the best payday loans online.