August 17th, 2009
LITTLE ROCK—Arkansans Against Abusive Payday Lending (AAAPL) formally announced today that the last payday lender has left Arkansas, declaring victory on behalf of all those victimized by a predatory industry that drowns borrowers in triple-digit interest rate debt.
AAAPL hosted a news conference today near a former payday lending store in Little Rock once operated by First American Cash Advance. First American, the final payday lender to cease operations in Arkansas, closed its last store on July 31. AAAPL released its latest independent research report, which highlights developments over the last year that ultimately culminated in payday lenders leaving the state for good.
July 17th, 2009
Webmaster Note: Michael Rowett serves as the Chairman of Arkansans Against Abusive Payday Lending (AAAPL) on behalf of Southern Good Faith Fund, an affiliate of Southern Bancorp.
Payday loans often create more problems than they solve.
Banks, credit unions offer alternatives for tapping quick cash.
Credit counselors can rearrange finances to free up money.
The recession drags on, and many consumers facing financial emergencies are looking for quick cash. For years, payday lending — in which borrowers get small loans to tide them over until the next payday — has been a popular option.
Currently, there are about 22,000 storefront payday loan stores nationwide, according to the Consumer Federation of America in Washington, D.C. On average, the industry makes $40 billion in loans and collects $6 billion in finance charges from borrowers each year.
But taking out a payday loan isn’t necessarily a smart financial move for the borrower.
March 26th, 2009
Webmaster Note: Southern Good Faith Fund has been leading the Arkansans Against Abusive Payday Lending coalition to protect Arkansans from abusive rapid refund anticipation loans.
LITTLE ROCK — A state lawmaker says he wants more protections for consumers who apply for so-called “instant refunds” or “cash advances” on their income tax refunds.Rep. Darrin Williams, D-Little Rock, said he plans to present Friday in the House Insurance and Commerce Committee a bill that would require any business offering short-term loans based on anticipated tax refunds to disclose to consumers any fees they may have to pay.
March 2nd, 2009
Housing Arkansas, a coalition of affordable housing advocates in the private, government and nonprofit sectors, held a news conference today to highlight legislation that would create a statewide housing trust fund for Arkansas. The trust fund would allow access to quality housing for a broad range of Arkansans.
November 6th, 2008
The Arkansas Supreme Court ruled Thursday that the Check Cashers Act violated the state constitution, according to the Associated Press.
In a 6-0 decision, the court overturned a Pulaski County judge who last year ruled that the act was constitutional after justices sent the case back to his court without ruling on the law itself.