in Arkansas I need help

Are all 4 loans storefront?

You will find the Payday loan laws for Arkansas here (just select your state),

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Three of these loans are storefront for two different places, the other one is with Eastside lenders. I borrowed $300 from them about a month ago and have paid $90 in financing with another $90 due to come out on the 7th of September.

Here are the breakdowns for my loans:

Kwik Cash- borrowed $350 pay back $400. I have paid the $50 fee over and over for close to a year. We have two loans here, one for me and one for my husband

Cash Advance of Benton- borrowed $500, pay back $589. We have paid on this one for 4 or 5 months, only able to pay the $89 each time.

Eastside Lenders- borrowed $300, pay back $390. I have made one payment of $90 to them with one due this week on the 7th.

Question - When you go to "renew" these loans, do you have to pay off the full amount, and then take out the loan again? Or do you just pay the fee and rollover the loan?

Eastside lenders is not going to be licensed in AR.

The difficulty here is that criminal prosecution is allowed if you stop payment or close your account.

On the Eastside Lenders, I simply refinance by paying the $90 fee. The same with Kwik Cash. Cash Advance of Benton, however, requires that we have the total $589 in cash before they will renew our loan. At the present time, we don't have the money to pay this and it is due today.

Kwik Cash is breaking the law then. I would suggest you call the Division of Check Cashing Co's in AR, phone: (501) 371-1434, and ask them what you should do.

I've talked to them before, and they are very nice.

Is there any legal way to get these paid for without renewing them each time for the $50? I want to pay them off, I did borrow the money, but I don't want to keep paying the $50 over and over, knowing that it isn't getting me anywhere.

Usually once you default you will be able to set up arrangements with the store and pay down the balance. The good thing is the fees stop. The bad thing is most places won't work with you until the check comes back to them. Since you can't close the account or do a stop payment, you will have to take all the money out of the account and cancel any overdraft protection you may have. Then the checks will go back NSF and you can work with them.

The other option is getting your bank to do a hard hold or debit block on the account. This would reject any debits. It's not closing the account so you wouldn't get into trouble, but it still makes it so nothing can go through. This way you wouldn't get fees from the bank for bouncing the checks.

I can't believe Quik Cash is doing this! They are usually sticklers for the law and make you go in and pay the check in full and re-write. Not just make you pay the "fee". Illegal. I'm just amazed because Quik Cash is licensed & there are all over around me. They are "by the book".

Maybe Quik Cash is different from Kwik Cash?

Ahhh.......Kwik / Quik / Lord.......... Thanks. I'm losing it now. :shock:

I think this Kwik Cash is a privately owned check cashing business, but regardless, they should be doing things legally. I would like to get out from under all of them and maybe the way to do it is just to let them go through the bank so we can then make arrangements to pay them off. What about the Eastside Lenders? If they are illegal in Arkansas, what can I do?

Check to see if your Kwik Cash has a current license in your state. They may not. It's worth checking out. They may be operating without a license. As for Eastside Lenders, they are not licensed. Your state is check cashers only, so they would not be licensed in your state (they're not licensed in their own state). You need to do something with your bank account to block their debits. I don't know the situation with your bank account since you have store front pdl's out. If you can't do anything but block the Eastside Lenders, by all means, put a block on them. They might get slick and try to put through an electronic check though. You need to send Eastside Lenders a letter telling them they are not licensed to do business with residents in your state and revoke their debit authorization. If you need help with this, just post. :D