Most Arkansas Payday Loan Stores Set to Close - LITTLE ROCK - Arkansas Attorney General Dustin McDaniel's remarked Tuesday that most Payday Loan Lending Companies will close or stop issuing high interest loans.
Of the 159 location targeted by McDaniel, 59 have responded. Seven are believed to have stopped issuing payday loans and 52 will comply with the 17%
interest rate. Arkansas State Supreme Court rulings make it clear that these high interest rate loans violate the state's consitution.
Not all the companies targeted will shut down. One payday loan provider, Advance America has announced it will adjust interest rates to comply with the law.
The company will not be offering any news loans until all options are reviewed. Advance America will temporarily offer current customers interest free loans.
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