Oklahoma Cash Advance Consumer information

Payday Loan usage info:

13% (thirteen percents)

Short term loan permit:

Authorized

Legislation:

59-3101 et seq

Maximum loan amount:

500$ (five hundred dollars)

Cash loan period:

Minimal loan duration is 12 days and maximum loan duration is 45 days

Fees:

From first to third hundred interest can be up to fifteen dollars for each hundred, and for amounts larger than 300$ interest can be with additional 10$ charge for every hundrer except first 300$

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If you’re thinking about getting a cash advance in Oklahoma, its best that you first find out the regulations regarding the transaction. The state currently practices several caps and limitations for payday loan, providing ample protection for the consumers. Here at our site, you can be made aware of these different rules, letting you make the most out of your application.

Payday Loan Process in Oklahoma

Obtaining a payday loan in OK is simple, usually taking as little as one week. Within this time, borrowers can send their application, get a response and have the cash deposited to their bank account. Following are the known requirements for each borrower:

• Must be 18 years old and above
• Must be a resident of Oklahoma
• Must be employed
• Salary must meet minimum requirements as set by lender
• Owner of a savings or checking account

It’s not always necessary for the borrower to be employed. Some lenders like: sky cashusa also offer their services to people receiving welfare checks. Even retired seniors have payday loan privileges with the borrowed amount usually dependent on their monthly check. Bad credit borrowers are also accepted.

Oklahoma Payday Loan Laws and Regulations

All borrowers should be aware of the limits placed by law on every payday loan transaction. According to OK policies, all lenders must adhere to the following caps:

• Maximum Loan Amount: $500
• Loan Term: 12 to 45 days
• Finance Charge $100 Loan in 14 Days: $15
• APR for $100 Loan n 14 Days: 390%
• Maximum Number of Outstanding Loans at a Time: Two
• Cooling-off Period: 5^th Repaid Consecutive Loan, 2^nd Business Day
• Repayment Plan: Allowed
• Rollovers: Not Permitted
• Collection Fees: $25 NSF fee

Maximum finance rates are dependent on the cost of the loan. Typically, the rate is $15 for every $100 borrowed. If the amount is between $301 and $500, an additional $10 is enforced.

Oklahoma Consumer Protection

Any questions, complaints and problems must be direct to the Oklahoma small loans regulator. Currently, the Oklahoma Department of Consumer Credit handles these kinds of issues.

• Address: 4545 North Lincoln Boulevard, Suite 104 Oklahoma City OK 73105
  Phone: (405) 521-3653
• Fax: (405) 521-6740
• Look For: Jack Stone, Deputy Administrator
• Web: www.oag.state.ok.us

To increase consumer protection, borrowers are advise to read the documents before signing their name. Any inconsistencies or vague portions of the transaction should be clear as this can lead to problems later on. To settle problems or verify the trustworthiness of a lender, borrowers can also contact the regulating body.

Oklahoma Payday Loan Alternatives

Cash advance loans are not the only option for short-term borrowings. Individuals also have the option of obtaining cash advance through their employers, negating the need for interest rates. Selling some items or simply pawning them off is also a good idea. Credit cards can be used for some purchases while large monetary needs translate to bank loans. If the required cash is small enough, you might also borrow from friends and relatives which is the easiest solution possible.

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