Oklahoma Cash Advance Laws & Regulations
Oklahoma has some of the most broad payday loan laws in the country, providing borrowers and lenders the freedom to negotiate loan terms and conditions that are suitable for them. Below is a brief summary of regulations for Oklahoma payday loans.
Here are some specific Oklahoma regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
45 days - Maximum Finance Charges and Fees
Interest cannot be higher than 15% for loans up to $300 and no more than 10% for loans ranging $301-500. Finance charges can be as high as $15 per $100. - Maximum Loan Amount
$500 - Number of Rollovers
None - Outstanding Loans Allowed at Once
Two - Cool-Off Period
Must wait till 2nd business day after completion of 5th consecutive loan before borrowing again.
- Payment Plan
Yes, if you show economic hardship. Terms determined by your lender. - Collection Fees
$25 NSF fee - Presentment Limit
One - Private Right of Action
Civil and criminal charges for fraudulent checks - Military Protection
N/A - Penalties
Arbitration, attorney fees, and all loan costs including late fees
References:
Oklahoma Statute 59-3101 et seq.
Oklahoma Department of Consumer Credit
4545 North Lincoln Boulevard, Suite 104
Oklahoma City, OK 73105
Phone: (405) 521-3653
Fax: (405) 521-6740
Website: http://www.bank.state.al.us
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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