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LITTLE ROCK (Legal Newsline)- Arkansas Attorney General Dustin McDaniel has led a charge that is aggressive payday loan providers, saying they prey from the bad and ensnare them with debt by recharging triple-digit rates of interest.
Final thirty days, the Democratic attorney general announced he sent 156 letters to licensed payday lenders demanding they stop utilizing exactly what he called illegal financing practices in Arkansas by issuing high-interest loans.
“since badly as i am worried about individuals who require $50, $100 or $250, i am more concerned about them spending $1,000 or even more to try to repay it,” McDaniel stated at a press meeting. Continue Reading