Arkansas payday loans interest rates reached a high of 644%, but that has been resolved recently. Paotyday lenders in Arkansas agreed to stop loaning at 644% interest, according to the Arkansas attorney general. Payday loans are known to have relatively high interest. Read more by clicking the following link: http://www.courthousenews.com/2012/08/22/49527.htm
In terms of bankruptcy, payday loans,also called payday advance, can be discharged in bankruptcy.