Oklahoma Payday Loans Law
In Oklahoma, residents with financial difficulties can apply for a payday loan. Oklahoma payday loans are a type of cash advance designed for people who have an immediate need for money. It’s also important to note that this type of loan don’t require you to have a perfect or even good credit score to apply for it. You can contact a direct lending company to apply for a cash advance or pick a credit coordinating administration to connect you with a loan specialist who will endorse you.
In terms of population, the state of Oklahoma takes the 28th place in the United States and is one of the biggest producers of natural gas and oil. Its economy depends on aeronautics, horticulture, broadcast communications and biotechnology. In 2008, Oklahoma was one of the fastest developing economies in America.
Oklahoma Payday Loan Laws
In the state of Oklahoma payday loans, payday loans of up to $500 are completely legal. All payday lenders in the state is governed by The Deferred Deposit Lending Act of Oklahoma.
These laws apply to all payday credit given through physical stores and online loan lenders.
In most cases, Oklahoma payday lending companies offer such loans mainly as a short-term solution. If you change your mind and don’t wish to take out a payday loan anymore, you can do so by 5 pm the following business day.
Why an Oklahoma payday loan could be a good idea?
There are many reasons why people turn to payday loans in Oklahoma. Here are some advantages:
- Numerous options. In Oklahoma, there are many direct payday lending companies. This means that the power of choice is in your hands. If you’re thinking about requesting a payday loan in person, you’ll most likely be able to find a loan lender near your workplace or your home. To find the right lender, you should do thorough research on them.
- Applying for a loan with poor credit is possible. Poor credit history will not stop you from getting the payday loan you want. Usually, payday lending companies in Oklahoma pay attention to your ability to repay the advance and not your less-than-stellar credit score.
- Quick and easily accessible funds. When you apply for a payday loan online, you will most likely receive your cash on the day of your application or by the next business day at the latest. This is a much faster turnaround compared traditional banks and lending companies.
Oklahoma payday loans fees and charges
Let’s have a look at the fees lenders can charge according to state regulations:
- APR. The annual percentage rate for a two-week $100 cash advance is limited to 390%.
- Maximum rate and fees. Lenders may charge up to $15 for every $100 borrowed when the credit sum does not exceed $300. If the loan sum is more than $300, lending companies have the right to charge an additional fee of $10. The biggest finance charge for a two-week $100 loan is $15.
- Collection fees. Lending companies have the right to charge $25 in fees unless the check is dishonored in cases of forgery or theft.
How to apply for a payday loan
In Oklahoma, you can apply for payday loan by simply going online or visiting a physical store. Whichever option you choose, certain eligibility criteria must be met:
- You must be over 18 years of age
- You are required to have a steady source of income
- You must be a resident of the United States or an American citizen
To complete your application you’ll need to provide the following information:
- Your name, phone number, home, and email address
- Your birth date and details from a valid form of ID
- Your employer’s phone number and name
- Details regarding your income
Cities in Oklahoma where you can find payday loan lenders:
- Broken Arrow
- El Reno
- Oklahoma City
- Ponca City