An emergency fund is a stash of money set aside to cover the financial surprises life throws your way. These unexpected events can be stressful and costly. Medical or dental emergency. Unexpected home repairs.
Why are Payday Loans illegal in Arkansas? The Government considers Payday Loans too expensive and often associated with lenders' predatory practices. That's why in Arkansas Payday Loans are illegal since 2011 when the Check Casher Act was passed and the 17% APR cap was set.
In Arkansas, it is allowed to apply for an installment loan between $1000 and $5000and repay it in 6 to 36 months. These mandatory paymentsare made in equal, fixed sums, usually monthly. Online installment loans in Arkansas are generally unsecured, and you can take out an installment loan even if you have bad credit.
Each state different laws regarding payday loans, and payday loans in Arkansas have been illegal since 2008. Although payday loans are illegal in Arkansas, there are lenders who have found ways around this rule, and these lenders can be assumed to be the most predatory and are not recommended.Apr 4, 2020