There is certainly legislation that is goodSB658) from Sen. Jason Rapert that could further simplify what the law states, and probably put a conclusion to your current advance of bad loan providers in Arkansas. But there is however much more legislation that is badHB1742, SB671, HB1958) that will make it much harder to prosecute predatory loan providers who open store within our state.
Arkansas has strong defenses for customers whom borrow funds as a result of our stateвЂ™s constitutional cap on rates of interest (17%). Due to that limit, the Arkansas Attorney General was able to turn off our final payday loan provider last year, and folks have now been plainly best off since that time. Read more “Loan providers who trap truthful, hard-working people in never-ending rounds of financial obligation want to weasel their in the past into Arkansas.”