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Three years ago more than 250 payday lenders were doing business in Arkansas. As of this week, all are out of business.Arkansas represented a unique opportunity for opponents of payday lending.
A 2012 study by Pew Charitable research found that the majority of payday loans were taken out to bridge the gap of everyday expenses rather than for unexpected emergencies. The study found that 69% of payday loans are borrowed for recurring expenses, 16% were attributed to unexpected emergencies, 8% for special purchases, and 2% for other ...
Personal loans tend to have a minimum repayment term of 12 months, so you’d technically pay more in interest over the life of a loan compared to a payday loan ($205.55 vs. $153.42).
Depending on your state laws, these short-term loans are available in a few varieties: payday loans, pawn shop loans and car title loans. Payday loans. Also called a cash advance, a payday loan ...
This is an accepted version of this page This is the latest accepted revision, reviewed on 27 December 2024. Short-term unsecured loan A shop window in Falls Church, Virginia, advertising payday loans. A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a short-term unsecured loan, often characterized by high interest ...
McDaniel demanded that payday lenders in Arkansas shut down or face legal action, ordering nearly 156 outlets to shut down and stating, "In addition, I hereby demand you void any and all current and past-due obligations of your borrowers and refrain from any collection activities related to these payday loans."
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