Payday Loan
 
Payday Loans
Loan Application
For Payday Lenders
Find A Payday Lender
Cash Advance
Find A Payday Lender
 
Payday Loan Calculator Payday Loan News
Looking Inside the Math of Payday Loan APR Rates
Learn why APR numbers really aren't as egregious as they may seem.

Kentucky Sets the Bar on Payday Loan Reform
Read why not all payday regulation is good for borrowers.

Credit Help May Be On The Way For Millions Of Americans
Find out how the new CoreLogic credit score could affect you.

Minnesota Takes Action Against Online Payday Lenders
Find out more about the Minnesota Department of Commerce's stand against unlicensed payday lenders.

  [ View All Payday News ]

   
Payday Loan Benefits Key Benefits
Research payday cash advance lenders in your area

Instant approval low interest payday loan

Easy access to emergency cash

Calculate rates with our payday loan calculator

Explore faxless (no fax), no teletrack and military payday loan options

No credit check necessary for approval
   

   
Financial Newsletter

Enter your email to receive cash advance tips:

 
 
   

 

 
 

Arkansas Attorney General Fighting Online Payday Loans

 

Add to Google Add to My Yahoo! Add to RSS to MSN AddThis Social Bookmark Button

By: Javi Calderon

Arkansas Attorney General Fighting Online Payday Loans

Dustin McDaniel, the Attorney General for the state of Arkansas, has filed a lawsuit against an online payday loan lending company based in Delaware. 

McDaniel claims that the loan company was charging interest rates that violate the state’s constitution and Deceptive Trade Practices Act. According to the complaint, customers were paying over $100 in interest every two weeks for a $400 cash advance.

The suit was filed in Pulaski County and seeks to ban the company from doing business in the state. McDaniel is asking for all loans to be cancelled and all payments to be returned. 

The company in question hasreceived a D-minus rating from the Better Business Bureau

McDaniel has been on a crusade against payday loans since he took office in 2007. In 2008 he sued 20 payday lenders who he believed were in violate of the state’s 17% interest rate cap. He then went on to draft a letter to all 250 of the state’s short-term credit lenders requiring them to shut down or face prosecution. 

By the following year all storefronts had closed down and the Arkansas Supreme Court had overruled a 1999 law that was allowing lenders to operate in the state. The Supreme Court ruled that the law was in violation of the state constitution that set the maximum interest rate at 17%.

McDaniel didn’t stop there; he has continued to pursue lenders granting Arkansas consumers payday advances over the Internet.

Just last year, McDaniel’s office filed a lawsuit against a tax company that was offering Arkansas citizens short-term credit loans in expectation of their tax refunds. The suit claimed the company did not provide adequate disclosures and was charging excess fees impermissible under Arkansas law.

Arkansas is one of 17 states to ban payday loans.

 

 

 

 

 

 

 

 

 
 
Left Bottom Box Right Bottom Box
Left Bottom Box Right Bottom Box

Copyright 2021 www.PaydayCashAdvanceLoans.biz. All Rights Reserved.