Legislators Meet to Discuss Payday Advance Lending

Historical archive, first published 2006 — payday-lending laws and rates have changed since. Preserved for the record.

Having drawn criticism from consumer advocate groups, the industry of payday loans has been under attack in Arkansas. A panel of legislators met this morning to discuss the topic.

Critics such as Arkansans Against Abusive Payday Lending claim that these short-term loans come equipped with unreasonable interest rates. We’ll keep you apprised as this story develops and the state’s payday advance fate is decided.

The practice of payday lending has drawn scrutiny lately from critics like Arkansans Against Abusive Payday Lending, who say the short-term, high interest loans trap poor people in a cycle of debt.