Oklahoma Payday Loans

Okla. Stat. Tit. 59 §§ 3101 et seq.
Status: Legal

Payday loans are legal in the state of Oklahoma, pursuant to Okla. Stat. Tit. 59 ยงยง 3101 et seq.  As of January 2017, there are approximately 452 companies offering payday loans in Oklahoma.  Regulatory practices in the state include limits on the number of loans a borrower can have out at one time, and recent legal findings have addressed regulatory loopholes.

Payday Loan Lending Laws in Oklahoma

Payday lending laws in Oklahoma are straightforward and simple.  A borrower can have no more than two loans out at one time, and the lender can charge a borrower a finance charge of $15 for every $100 advanced up to $300 (i.e. $45 for a $300 loan) and an additional $10 for every $100 amount after $300.

Oklahoma imposes a term limit of one month on payday cash advances offered in the state. The state also does not allow renewals or rollovers. A cooling-off period of two business days after the fifth consecutive loan repaid has to be observed before a person could apply for a new loan. There will also be a $25 nonsufficient fund fee for bounced repayment checks. The lender cannot file criminal charges against a delinquent borrower, although they can pass the loan to collectors to try and collect the owed sum.  Also, Oklahoma law does not allow a lender to engage in loan-splitting, meaning a lender cannot split a single loan check in two, a practice that could allow a lender to charge more fees.

Some Oklahoma cash advance lenders have made news in recent years due to business affiliations with the Native American tribes in the state.  In January 2015, The Oklahoman newspaper reported two online payday lending companies affiliated with the Miami Tribe of Oklahoma settled Federal Trade Commission charges they broke the law by charging consumers undisclosed and inflated fees as part of the lawsuit.  A legal decision in late 2016 also prohibits payday lenders from claiming affiliations with Native American tribes in Oklahoma to shield themselves from state regulations.  While these decisions do not reflect the entirety of payday lenders in the state, they do serve to underline the importance of a potential borrower understanding everything they can about a lending company, including who owns and operates the business.  If a borrower suspects a lender of engaging in predatory practices, they should contact the Oklahoma Department of Consumer Credit immediately.

Process

To apply for a payday loan in Oklahoma, a potential borrower must meet these requirements:

  • Be at least 18 years old
  • Be employed for at least one month.
  • Have an active checking account
  • Be a U.S. citizen or permanent resident.

Lending Rules*

Lenders in the state of Oklahoma are legally required to comply by the following limitations according to Okla. Stat. Tit. 59 §§ 3101 et seq.:

Maximum Loan Amount:
$500
Minimum Length of Loan:
12 days
Maximum Length of Loan:
45 days
Maximum Finance Rate & Fees:
$15 per $100: $0-$300; an additional fee of $10 per $100: $301-$500
Finance Charge for 14-day $100 Loan:
$15
APR for 14-day $100 Loan:
390%
Max # Outstanding Loans at One Time:
Two
Rollovers Permitted:
None (cannot renew; a loan made within 13 days after a previous one was entered into shall be considered a renewal and shall not be made)
Repayment Plan:
Yes
Collection Fees:
$25 NSF fee (if disclosed) unless dishonored due to theft or forgery
Criminal Action:
Prohibited
*The information displayed may not be current. For the most recent information, please visit http://www.paydayloaninfo.org/state-information/44.

Regulatory Information

If you have a complaint against a Oklahoma Cash Advance location you can contact your state regulator below:

Regulator:
Oklahoma Department of Consumer Credit
Address:
3615 NW 56th Street, Suite 240, Oklahoma City, Oklahoma 73112-4512
Phone:
(405) 521-3653
Fax:
(405) 521-6740
Website:


Oklahoma Lenders

Below you can find Oklahoma payday loan lenders in the following cities:

Oklahoma Statistics**

The following information is key demographic data for the state of Oklahoma from the Census bureau.

Total Population:
3,923,561
Median Household Income:
$46,879
Poverty Rate:
16.1%
Median Gross Rent:
$727
High School Graduate or Higher:
86.9%
Bachelor's Degree or Higher:
24.1%
**The information displayed may not be current. For the most recent information, please visit http://www.census.gov/quickfacts.

Borrow Safely, Borrow Responsibly

The strong regulations in Oklahoma serve to give potential borrowers a better sense of business security and to help ensure the lenders are repaid quickly.  However, potential lenders should not treat these regulations as their only safeguards against lending challenges.  Above all else, the potential borrower has the responsibility of learning all they can about the lending laws, practices, and expectations of a lender offering payday loan services.  Borrowers should contact the Oklahoma Department of Consumer Credit with any concerns or questions, but education and responsibility will serve them best.

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