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Arkansas Installment Loans Laws and Restrictions :
When your finances are very tight and the payday is too far away to meet your financial obligations in a timely manner, you must look for alternative ways to get money.
Sometimes you may not want your friends and family to know that you are short of money and therefore you will not borrow from them. Your needs for cash may be too urgent such that you don't have time to wait for a bank loan to be processed and this leaves Arkansas online payday installment loans as the best alternative.
Arkansas residents will go for online installment loans due to a number of benefits that come with them. Some of these benefits include;
Confidentiality - Arkansas online installment loans no traditional credit check instant approval lenders must protect your personal details and this information must not be shared with any third party. This means that nobody will have to know that you are facing financial difficulties.
Fast cash out - Installment loans companies work very fast to ensure that there is money in your account as fast as possible. This means that you can apply for the loan to meet your immediate emergencies.
Bad credit personal loans in Arkansas allow for all types of credit - Unlike the banks that are mainly interested in your credit score, even when you have bad credit it's still very easy to get approved for unsecured personal loans in Arkansas.
Easy and Secure - most Arkansas short term installment loans companies provide their services over the internet and this means that you can apply for the loan from the comfort of your home. As long as the company has been registered, the client is guaranteed that the transaction is secure.
If Arkansas personal online installment loans lenders were not regulated they could charge their clients exorbitant interest rates. When interest rates are too high, the Arkansas installment loan brings more financial problems to Arkansas loans borrowers because they will have to use too high a percentage of their paycheck to pay for the installment loan.
This situation would likely force the debtors into a culture of borrowing in order to meet their financial needs. The state of Arkansas has established rules and regulations that control this industry in a bid to protect debtors from unfair lending practices that may be used by some lending companies.
Terms and Limits of Arkansas Installment Loans
Arkansas laws stipulate that installment loan lenders must not charge an interest rate of more than 10% on the total loan amount or a maximum of $25 for the loan amount. The maximum amount of loan that one can apply for a payday loan is $400. The installment loan must be paid within a period of between 6 days and 31 days.
Payday advance installment lenders are not allowed to lend money to a debtor in order to allow them to pay off another installment payday loan. On top of this, the law forbids installment loans companies from giving a debtor more than one long term installment loan for a period of 72 hours. The law also stipulates that no borrower should pay more than $400 as a fee for installment loans within a period of one calendar year. Online installment loans with instant approval in Arkansas cannot be consolidated or renewed for whatever the circumstances.
Installment Loans Collection Practices
The residents of Arkansas are protected by law from unfair loan collection practices that may be applied by some lenders. Unless the borrower acquired the installment loan through a fraudulent means, the lender is forbidden from threatening the debtor with criminal activity in the circumstances that they default on the installment loans payments.
In a situation where the borrower is taken to a civil court for defaulting payment, the only fee he will pay includes attorney fee, court costs, and insufficient fund fees. Depending on the terms of the installment loan, the lender may be allowed to seize funds from your checking account in a bid to recoup the money they have extended to you.
However, if the court establishes that the lender was operating illegally in the state, the debtor will only be required to pay the face amount of the loan and any other fee that he may have paid must be refunded back to him. If the installment loan employs the services of a collection agency, they must ensure that such an agency has been licensed to operate in Arkansas.
There are only two circumstances where the lender will be allowed to press criminal charges on the debtors i.e. for reasons of stop payment marker and also account closure. These circumstances amount to fraud and can incur heavy fines as well as a possible jail term. This will happen when you close the account intentionally to avoid paying the installment loan. It is important to note that there are no other reasons that can make debtors to be charged with criminal charges with regard to installment loans online.
Dealing With Complaints About Installment Loans Companies
It is important to note that all installment loans loan companies in Arkansas are required to abide by federal Fair Debt Collection Practices Act every time they are trying to recoup money from debtors. This act protects consumers from lenders who may want to call them at inappropriate hours of the night and day and those who may want to leave threatening messages on their phones or harass borrowers in a series of illegal or intimidating fashions in an attempt to collect on the installment loan debt.
If the terms of the contract allow, the lender may visit a debtor in his place of work in case the debtor has defaulted payments. If a debtor is uncomfortable with the collection methods being used by collection agencies, he is free to contact Arkansas Board of State Collection Agencies who will look into the complaint. This board was established in 1965 in a bid to protect consumers from abuse and harassment by the collection agencies.
Arkansas installment loans have helped many Arkansas residents. There are many reasons why people apply for these loans for example; to meet medical bills, to pay for unexpected car repair, to pay for the repair on a damaged plumbing line, a broken transmission and so on.
However, it is important to note that online installment loans are not only used to pay for disasters, they can also be useful in good times for example when you want to travel to see a friend or when you are going for a holiday with your family.
If you are in need of fast cash and you don't have anywhere else to turn to, you should not hesitate to apply for an online same day installment loan.
Installment loans providers in the state of Arkansas do not require large amounts of unnecessary documentation to get approved!
Installment loans approval rates are high and you can receive your funds FAST!... Often as soon as 1 business day!