Do you need money that you can repay in the short term? Check out this guide on payday lending in Oklahoma.
Oklahoma residents looking for quick access to funds can apply for payday loans. These loans, also referred to as cash advances and short term loans, don’t require you to have perfect credit. This guide will go through the nuances of payday lending in Oklahoma to help you decide your next steps.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure!
Are payday loans legal in Oklahoma?
Payday loans up to $500 are legal in the state of Oklahoma. The Oklahoma Deferred Deposit Lending Act governs the functioning of all payday lenders in the state. These laws apply to all payday loans provided through storefront and online lenders.
Oklahoma payday lenders offer these loans as short-term solutions. If you change your mind, you have the right to cancel the loan agreement by 5 p.m. the business day after you receive the loan.
Are payday loans legal in Oklahoma City?
Short term lenders to consider in Oklahoma
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
How a payday loan in Oklahoma might help you
There are many different reasons people turn to cash advances in Oklahoma. Here are some of the benefits:
- Multiple options. There are scores of direct payday lenders in Oklahoma, which means you have the power of choice. If you’re considering applying in person, you may be able to find a lender near where you work or live. You can also compare online lenders to find the right one for you.
- You can apply with bad credit. Bad credit history doesn’t have to stop you from getting a loan. Payday lenders in Oklahoma usually focus on your ability to repay the loan, rather than any black marks on your credit report.
- Quick access to funds. Look forward to receiving your loan on the same when you apply at a storefront, or the next business day when you apply with an online payday lender. This is a much quicker turnaround than is offered by conventional banks and lenders.
- Use funds in any way. There are no restrictions on how you use the cash, as long as it’s for legitimate purposes. In other words you can use the money on a gift, to pay off a bill, get your car repaired or just make it to your next paycheck.
How much an Oklahoma payday loan might cost
Here are the fees lenders can and can’t charge as per state regulations:
- Annual Percentage Rate (APR). The APR for a 14-day $100 loan is limited to 390%.
- Maximum rate and fees. Lenders can charge $15 for every $100 when the loan amount is less than or equal to $300. If the loan amount exceeds $300, lenders can charge an additional fee of $10. The maximum finance charge for a 14-day $100 loan is $15.
- Collection fees. Lenders can charge $25 in fees unless the check is dishonored because of forgery or theft.
“How can I apply for an Oklahoma payday loan?”
You can apply for payday and installment loans in Oklahoma by going online or visiting a physical store. No matter which option you choose, eligibility criteria will need to be met:
- You should be at least 18 years of age
- You should be an American citizen or a permanent resident of the US
- You should have a regular source of income
To complete your application successfully, prepare to submit some basic information:
- Your name, date of birth, social security number and a valid form of ID such as your driver’s license or passport
- Your residential address, email address and phone number
- Details about your employment and income
- If you’re applying online, details of your existing checking account
Important information about payday loans
While payday loans can be beneficial for some, they aren’t always the best option for everyone. Follow the link for more information on payday loan alternatives.
Have any more questions about Oklahoma payday loans?
What is the loan term for payday loans in Oklahoma?
The minimum term is 12 days and the maximum is 45 days.
Can a lender file a criminal case against me if I don’t repay the loan?
No, but your lender can file a case in a civil court. Not repaying the loan will also have an adverse affect on your credit rating.
Who can I contact if I wish to report an irregularity or file a complaint?
You can get in touch with the Oklahoma Department of Consumer Credit.