Governing law in Arkansas:

Under Arkansas state law, a payday advance is not allowed by state laws if the interest rate is in triple digits. A check payday loan lender cannot lend more than one cash advance at a time. Although, applicants can obtain 2 separate payday cash loans within 3 days. A lender is barred from commencing a criminal action against a borrower unless the check was returned due to a closed account or a stop payment was made.

Maximum loan amount:

The maximum payday loan amount is $400.

Loan terms:

The loan minimum term is 6 days while the maximum is 31 days.

Extensions:

Applicants are not allowed to consolidate or renew payday loans.

Fees and charges:

A payday loan lender cannot charge more than 10% or $25 of the face value of the payday loan. Besides, any additional charge must not exceed $10. The finance fee for borrowing a $100 loan for 14 days is $22.22.

Fee schedules and annual percentage rate:

The APR for a 2-weeks payday loan is 579%.