Everything You Need to Know About Payday Loans in Sturkie, Arkansas
Payday loans are a type of short-term loan that is typically due on the borrower’s next payday. While payday loans can be helpful in times of financial need, they come with very high interest rates and can often lead to a cycle of debt. In Sturkie, Arkansas, however, payday loans are prohibited by law.
Why are payday loans illegal in Arkansas?
In 2008, the Arkansas Supreme Court ruled that payday loans are not legal in the state of Arkansas, citing the state’s constitutional usury cap of 17%. The court found that payday lenders were charging interest rates of up to 300% or more, which was clearly in violation of the state’s usury laws. This ruling effectively made payday lending illegal in the state of Arkansas.
What are the alternatives to payday loans in Sturkie, Arkansas?
While payday loans may be prohibited in Arkansas, there are still options available to those who need access to quick cash. Some alternatives to payday loans include:
- Personal loans from a bank or credit union
- Credit card cash advances
- Selling unwanted items
- Working overtime or picking up extra shifts at work
These options may not be as convenient as a payday loan, but they can help you avoid the high interest rates and potential debt cycle associated with payday lending.
Interesting Facts About Payday Loans in Sturkie, Arkansas
- There are currently no licensed payday lenders in the state of Arkansas.
- In 2016, the Arkansas Supreme Court upheld a decision that resulted in a payday lending company being fined $1.2 million for violating the state’s usury laws.
- A recent study found that payday loan borrowers are more likely to file for bankruptcy than those who do not use payday loans.
Apply Now
While payday loans may be illegal in Arkansas, at TheGuaranteedLoans, we offer a wide variety of loan options to suit your needs. Our application process is fast, easy, and confidential. Simply fill out our online application, and we will connect you with potential lenders who can help you get the cash you need. Remember, we are a connector service, not a direct lender, so you can trust us to match you with reputable and reliable lenders.
Don’t let financial stresses get you down. Apply for a loan with TheGuaranteedLoans today and get back on track.