I found a payday lender in Arkansas willing to give me a loan. Is it legit?
If the company is offering true payday loans that need to be paid back in one lump sum with costs above 17% APR, it’s not legit. Payday loans are prohibited in Arkansas.
You could look for a few things in a company to determine if it’s reputable. These include, among other things:
- A physical address in the US
- A phone number
- Company registrations with the state
A legit lender won’t ask for advance fees before approving you for a loan or sending you funds. Read our guide on how to spot a payday loan scam to keep your money and personal information safe.
To report a payday lender operating in the state or a scamming company, contact the Arkansas State Attorney General. If you’ve accidentally accepted an illegal payday loan, you may not have to pay. Inform the State Attorney General and deal with the matter lawfully.