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Business Loan Understanding Payday Loans in Bassett, Arkansas
Payday loans are designed to offer quick relief for those in need of immediate cash. However, if you live in Bassett, Arkansas, you should know that payday loans are prohibited by law. We’ll discuss the reasons behind this and offer alternative options for quick cash that you can consider.
What are Payday Loans?
A payday loan is a short-term, high-interest loan that is usually due on your next payday. These loans are intended to help people who are in need of emergency cash. The borrower typically provides the lender with a post-dated check for the loan amount plus fees, and the lender provides the borrower with cash.
Payday loans are typically marketed to people who have bad credit or who are unable to obtain credit from traditional sources, such as banks or credit unions. The high interest rates and short repayment terms associated with these loans make them an expensive option for borrowers.
Why are Payday Loans Prohibited in Bassett, Arkansas?
In Arkansas, payday lending is prohibited by state law. The Arkansas Constitution caps the interest rate that lenders can charge at 17% per annum. However, payday lenders typically charge much higher interest rates, sometimes as high as 400%.
Because of the high costs associated with payday loans, the state of Arkansas has taken action to protect consumers. The Arkansas Attorney General’s Office warns consumers that payday lending is illegal in Arkansas and that lenders who operate in the state are in violation of the law.
Alternatives to Payday Loans in Bassett, Arkansas
If you find yourself in need of quick cash, there are several alternative options you can consider:
- Credit Cards: If you have a credit card, you can use it to make purchases or take out a cash advance. However, keep in mind that cash advances typically carry high interest rates and fees.
- Friends and Family: If you have friends or family members who can lend you money, this can be a good option. Just be sure to discuss repayment terms and expectations upfront to avoid any misunderstandings.
- Personal Loans: Personal loans from traditional lenders, such as banks or credit unions, can offer more favorable terms and lower interest rates than payday loans. However, the application process can be more involved, and approval can take longer.
- Selling Belongings: You can also consider selling items you no longer need or want to raise cash quickly. This can include furniture, electronics, or even clothing.
Interesting Facts About Payday Loans in Bassett, Arkansas
- In 2018, the Center for Responsible Lending estimated that payday lending in Arkansas drained approximately $25 million in fees from Arkansas consumers every year.
- Payday lending is illegal in 14 states, including Arkansas.
- In 2016, the Arkansas Supreme Court ruled that payday lenders who offer online loans to Arkansas residents are subject to the state’s usury laws.
Apply Now for a Personal Loan
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Don’t let a financial emergency get you down. Apply now for a personal loan with TheGuaranteedLoans and get the cash you need to get back on track.