Editor's choice: OppLoans Installment Loans
- APR starting at 4.66%
- Funding as soon as the next business day
- Accepts fair credit
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Compare your loan options in Oklahoma
If you need money to cover an emergency expense, a payday loan could help you in Oklahoma.
Even if you don’t have the most perfect credit, you may still have access to short-term loan options like a payday loan. Although they can be quite expensive, if you’re stuck in a tough financial situation, they could be a quick way to get out of trouble.
Can I get a payday loan in Oklahoma?
Yes. Payday loans are legal in Oklahoma under the Oklahoma Deferred Deposit Lending Act (Oklahoma Statutes Title 59 §§ 3101 et seq.), which governs the functioning of all payday lenders in the state. These laws apply to all payday loans provided through storefront and online lenders.
- Maximum loan amount: $500
- Loan term: 12 to 45
- Outstanding loans: 2
- Renewals: None
If you change your mind, you can cancel the loan agreement by 5 p.m. on the following business day. All payday lenders are required to be licensed. You can check to make sure yours is registered to lend by visiting the Oklahoma Department of Consumer Credit’s website.
Payday lenders you may want to consider
Check the websites of any providers you’re interested in to confirm they operate in Oklahoma.
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How much does taking out a payday loan in Oklahoma cost?
All payday loans will cost money, but Oklahoma law sets the upper limit lenders can charge.
- Financing fee, $0 to $300: $15 per $100
- Financing fee, $301 to $500: $10 per $100
- APR: A 14-day $100 loan has an APR of 390%
- Collection fees: $25 non-sufficient funds (NSF) fee
How can I apply for a payday loan?
Before you apply for a payday loan, you’ll need to be at least 18 years old, have a regular source of income and be a citizen or permanent resident of the US.
If you are, then you’ll need to submit some personal information on your application.
- 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
- Your employment and income
- If you’re applying online, details of your existing checking account
What else should I consider besides a payday loan?
Although a payday loan might be a good short-term solution to your financil troubles, there are other ways to deal with long-term problems. Oklahoma has programs like Temporary Assistance for Needy Families (TANF), Supplemental Nutrition Assistance Program (SNAP) and Low-Income Home Energy Assistance Program (LIHEAP) that can help you pay for your daily bills.
Additional options to consider if you’re short on cash
Bottom line
If you’re looking into a payday loan, Oklahoma has decent regulations in place to protect you from having to pay excessive fines. Be sure to read your loan terms before you sign to be sure your lender is abiding by the law.
Have any more questions about Oklahoma payday loans?
Ask an Expert
I do not have a checking account, only have an Elite paycheck plus card where my paychecks are deposited onto. Can I get a payday loan with that? Money can be downloaded on it and also deducted from this card.
Hi Peggy,
Thanks for getting in touch!
It’s helpful to know that a checking account is needed when applying online. We suggest contacting the provider directly to consult if other financial accounts aside from checking account can be used.
Otherwise, you can go for lenders that don’t require a bank account. Please note though that these loans will most likely cost you more than the average personal loans and some may require a collateral to secure the loan.
As a friendly reminder, review the eligibility criteria and the terms and conditions of the loan before applying to see whether it’s right for you.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki