Oklahoma State - Payday Loans Information

Payday loans are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.

Legal Status: Legal

Loan Terms:

Maximum Loan Amount: $500

Loan Term: 12-45 days

Maximum Finance Rate and 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%

Debt Limits:

Maximum Number of 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)

Cooling-off Period: Second business day after the 5th consecutive loan repaid

Repayment Plan: Yes, after third consecutive loan. Repayable in four instalments. Fee of 10% up to $15.

Collection Limits:

Collection Fees: $25 NSF fee (if disclosed) unless dishonored due to theft or forgery

Criminal Action: Prohibited

Call for Cash: +1 (855) 462-5019

State Rate & Fee Regulations

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