Individuals interested in obtaining a cash advance in Oklahoma City, Oklahoma, are able to find lower interest rates than found in other states on similar loans. This is because companies offering cash advance loan services in Oklahoma City, Oklahoma, must follow the rules and regulations found in the “Oklahoma Deferred Presentment Service Act” which was established by the state of Oklahoma legislature.
Rules and Regulations for Businesses Offering a Cash Advance in Oklahoma City
Any entity that provides a cash advance service in Oklahoma City must obtain the proper license from the Administrator of the Department of Consumer Credit to operate within the state of Oklahoma prior to offering loan services. Every business location in operation must have its own license even if the same business entity operates multiple locations within the state.
Furthermore, the rules and regulations governing cash advances in Oklahoma establish the amount of fees loan providers can charge individuals seeking their services. Interest fees on cash advance loans may not exceed 20% of the total loan amount, and $340 is the maximum amount a business offering a cash advance in Oklahoma City may charge for loan fees.
Oklahoma legislation additionally prohibits cash advance loan companies from dividing the total amount of the loan into two different loans. This process is known as “loan splitting,” and because this process ultimately allows loan companies to charge borrowers more interest, the state legislature put rules and regulations in place that stopped this practice.
Rules and Regulations for Individuals Obtaining a Cash Advance in Oklahoma City
Individuals who desire a cash advance in Oklahoma City are able to obtain loan services as long as the rules and regulations concerning payday loans are followed. Cash advances in Oklahoma City have a maximum loan term of 30 days and a maximum Annual Percentage Rate of 390% on a 14-day loan. Companies offering cash advances in Oklahoma City are allowed to draft a new loan agreement if the borrower is unable to pay the loan in full at the end of the 30-day limit. It is important to remember, however, that state legislation states that borrowers who are unable to pay the cash advance back within the first 30-day time limit are ineligible for another cash advance.
Obtaining a Cash Advance in Oklahoma City, Oklahoma
The cash advance industry in the Oklahoma City, Oklahoma is continually expanding due to the wide range of loan services offered to potential customers. The maximum loan limit is $500 and loan term lengths range from 12 days to 45 days. Interest rates vary depending on the amount of a loan and the company issuing the loan. Therefore, it is beneficial for individuals to compare the services provided by various companies. Borrowers seeking a cash advance in Oklahoma City may use the money for any reason necessary, and due to the easy application process, they may obtain a loan via the Internet, by telephone, or at a traditional business site.