Cash Pay Advance

Payday lenders in Arkansas find themselves in a curious position because state Attorney General Dustin McDaniel is both defending the Check Cashiers Act and calling for an end to the lenders’ cash advance practices, Jamie Fulmer, director of public affairs for Advance America, said. McDaniel announced Tuesday that payday lenders statewide must shut down or face the likelihood of lawsuits, maintaining the fees charged violate the state’s constitutional ban on charging more than 17 percent on loans. He demanded that the lenders void any and all current and past-due obligations of their borrowers related to the payday loans. Fulmer said lenders in Arkansas are caught in the middle of an ironic situation since McDaniel is defending the Check Cashers Act and asking for lenders who are protected by it to cease and desist. Find Out More

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