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Richard
Richard, Attorney
Category: Legal
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Experience:  Attorney with 29 years of experience.
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What is considered a usurious loan in ark.

Customer Question

what is considered a usurious loan in ark.
Submitted: 1 year ago.
Category: Legal
Expert:  Richard replied 1 year ago.
Hi! My name is ***** ***** I look forward to helping you!
Arkansas has one of the less favorable consumer standards when it comes to usury laws. the consumer or personal loan general usury interest rate limitation in Arkansas is 17%. For non-consumers, the interest rate limitation is set at 5% above the Federal Prime Rate. In Arkansas, interest rates on judgments can be below the usury limitation rate of 17%. The interest rate on judgments in Arkansas is 10% or the agreed upon interest rate -- whichever is greater.
See: http://www.usurylaw.com/state/arkansas.php
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