When cash is needed and needed now (not in two weeks when you get paid), many residents of Arkansas and other states look to the newfound power of the payday loan industry and it’s subsidiaries. With more than 200 cash advance storefronts across the state, as well as a wide variety of online lenders, getting the money you need quickly and easily has never been easier.

For instance, say that you’re short on cash until your next paycheck, but your car needs new tires now. Instead of waiting for your next check and potentially inadvertently causing an accident, you can get the cash you need now with a cash advance loan.

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A typical cash advance loan is very short term, usually about two weeks or until the borrower’s next payday. Some states, Arkansas being one of them, allow the borrower to post-date a personal check made out to the borrower for the full loan amount plus all applicable fees. When the note becomes due (always due in full), the lender cashes the check and keeps the fees. If the check is returned for non-sufficient funds, the appropriate fees will be assessed.

Such payday and cash advance loans are not dependent on one’s credit score but is instead based upon the amount of your paycheck.

Arkansas state laws do have some protections in place for the benefit of both the lender and the borrower:

Maximum fees allowed are an initial $10 fee plus 10% of the loan amount for a two week period ($10 per $100).
A borrower cannot have more than one cash advance loan out per location.
No rollovers are allowed (i.e. you cannot pay off one cash advance loan with another), nor are consolidations allowed.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.