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Anyone can get in a tight financial spot. If you’re considering a payday loan, take the time to read over Oklahoma’s regulations so you know exactly how much you can borrow — and how much a lender can charge you.
Yes, payday lending is legal in Oklahoma City under Oklahoma Statutes Title 3101 et seq. Under this, you can borrow up to $500 with a term between 12 to 45 days. In addition, Oklahoma allows you to have up to two outstanding loans at any given time.
The financing fee a lender is legally able to charge depends on how much you borrow. For amounts less than $300, there is a financing fee of $15 per $100 borrowed. For amounts between $301 and $500, there is a fee of $10 per $100 borrowed. This means a loan of $500 will have a financing fee of $65. That’s $45 for the first $300 and $20 for the last $200. Of course, this amount doesn’t include any database fees or extra charges, so be sure to read the fine print of your contract before you sign.
Before starting an application, you’ll need to have a steady source of income, be at least 18 years old and be a US citizen or permanent resident. Most lenders also require you have a regular checking account, though this varies from lender to lender.
When you’re ready to apply, you’ll have to provide some of your personal information. This includes:
Although payday loans can legally last up to 45 days, the 12-day minimum may be a problem for some borrowers. This is because quick turn around, coupled with high fees, makes it difficult for many people to come up with the money needed to repay a loan. When discussing terms with your lender, push for a longer loan term — this can make it easier to budget for your repayment and avoid default.
If your lender won’t offer you the term you need, or if you don’t think you can afford the high cost, you may want to look into some payday loan alternatives instead.
In addition to payday loans, you’ll also find lenders that offer installment loans. These are regulated differently than payday loans. You can borrow up to $50,000, and terms last 60 days to 49 months. In addition, costs are much lower — the highest APR you’ll receive on any installment loan is 27%.
If you were hoping to get a car title loan in Oklahoma, you’re out of luck. Because of the risks that come with defaulting — namely the repossession of your car — Oklahoma has banned lenders from offering this type of short-term loan to residents of the state.
Oklahoma has struck a fine balance between regulations that protect the borrower and regulations that allow businesses to make money. Because of this, you’ll have quite a few options when you compare payday loans throughout the state.
However, it’s still important that you understand how payday loans work so you can make the right decision for your finances.
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