Rebuked Payday Lender still Chasing Loans

by Mike Bevel, CollectionIndustry.com

The fact that his business was illegal, and that he was fined $1.3 million for failing to obtain state licenses for businesses ? none of that seems to matter to Dennis Bailey, an Arkansas man and owner of Fast Cash stores, a payday loan operation. No, what matters most to Bailey is that he?d like his money back.

Although most of the Fast Cash stores owned by Bailey have been shut down by the Arkansas State Board of Collection Agencies, store officials continue to harass customers who refuse to pay their loans. The problem with that is, part of the action enforced by the ASBCA was that all Fast Cash transactions were to be considered null and void. Best day ever for folks with outstanding Fast Cash loans; not so great, turns out, for Bailey and the Fast Cash family.

Bailey is appealing the order. In the meantime, it would seem, Fast Cash stores are continuing to break the law by going after funds that they technically aren?t supposed to be going after. And still without a license.

Bailey has remained unavailable for comment. His attorney, though, is claiming that the ASBCA?s ruling violates the Constitution. Which part, however, is still vague.