Payday loans in Arkansas
Date: Tue, 07/27/2010 - 10:43
I currently have 4 payday loans that I received online. I am having a hard time getting these paid off. I have closed my checking account today so they can no longer steal "interest" from me. I have just fould out that in Arkansas Payday loans that charge over 17% are illegal. Is there any legal recouse they can take on me to get me to pay? Today I filed a complaint online at the Arkansas Attorney General's website hoping they can help me out. But I'm scared this is going to come back to haunt me. Can anyway offer any advice? Or is there anything else I need to do?
The companies that I have payday loans with are below:
First Bank of Delaware annual percentage rate is 275.21% company is in Wilmington, DE
Mypaydayloan.com annual percentage rate is 651.79% company is in San Jose, Costa Rica
spotya.com annual percentage rate is 456.25% company is in Murrieta, CA
Discountadvances.com annual percentage rate 456.297% company is in Castries, St Lucia
Thanks so much for any help that you are able to offer me.
Kelli
I sent an email to the Arkansas State Board of collection Agenic
I sent an email to the Arkansas State Board of collection Agenices today and just get a response back. Here is what she said:
"
The Attorney General of Arkansas announced that any loans with an interest rate of more than 17% are void because the interest rate is greater than what is allowed by the Arkansas Constitution. It is my understanding from my discussions with the Attorney General's office that, because such loans are void, there is no obligation to make payments. If you have authorized the lender to debit your account or if the lender is holding a check on that account you will need to talk to your bank to see how to prevent the lender from obtaining payments. Again, this applies only to loans with interest rates that are more than 17%."
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I sure hope this is true, because I have gotten different answers from looking over this site. This really has me worried. HELP!! lol
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I would take the word of the Attorney General of your state befo
I would take the word of the Attorney General of your state before anyone else's.
