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Even after it was determined payday lending was unconstitutional in Arkansas, two companies allegedly couldn't resist marketing the high-interest loans online to Arkansas consumers. Arkansas ...
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.
This is an accepted version of this page This is the latest accepted revision, reviewed on 24 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 ...
Online loans are predicted to account for 60% of payday loans by 2016. In 2011, $774 million of consumer spending was lost to repaying payday loans and $169 million was lost to 56,230 bankruptcies related to payday loans. Additionally, 14,000 jobs were lost.
For example, the average personal loan rate, as of February 2023, comes out to 12.10 percent, while the average payday loan reaches three-digit interest rates. Plus, you’ll be hit with even more ...
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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