Usury Limit and APR

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This topic has 1 reply, 2 voices, and was last updated 5 years, 8 months ago by rcooper.

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February 26, 2020 at 9:12 am EST #31709

pamela
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Is the Arkansas usury limit measured using the APR or the true interest rate of the loan. We have a small loan with a low rate, but the documentation fee and term of the loan is increasing the APR above 17%.
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March 2, 2020 at 11:23 am EST #31765

rcooper
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I’m not familiar with Arkansas’ usury rules. I’ve sent this to a member who might be familiar with AR law and can possibly help you out.

You might also check with the Arkansas Bankers Association or the Arkansas Department of Financial Institutions.
Thanks for the question.
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