Oklahoma does do payday loans. If you are a bad credit borrower in Oklahoma looking for fast funding you will likely come across payday loans in Oklahoma. Although payday loans are illegal in some states, they are allowed for residents of Oklahoma. Every state that allows for payday loans has some set of rules that payday loan organizations must follow, and Oklahoma is no exception.
There are many regulations set for Oklahoma payday loans. Lenders must have loan periods that are at least 12 days long up to 45 days. The maximum APR that a lender in Oklahoma can charge a borrower for their loan is 204%. One unique thing about Oklahoma payday loans is that lenders cannot cause the monthly payments of their loan to exceed 20% of the borrower’s gross monthly income. The maximum payday loan amount is $1,500. Borrowers can have more than one payday loan in this state, as long as they don’t exceed that $1,500 limit. For example, if you are a borrower in the state of Oklahoma and you have one $700 loan, then your next payday loan can only be for $800. These are some of the general rules, there are more specific ones which you will find out if you apply for a payday loan.
If you have never heard of or applied for a payday loan before you may be curious about how these loans work. Payday loans are an extremely short-term loan that make funds available for borrowers with bad credit or no credit at all. These loans can definitely be fast—making funding available in as little as 24 hours. However, they can have severely high interest rates, and need to be repaid in a short amount of time, making them the perfect combination for loan default or missed payments.
Many borrowers with payday loans end up having to scramble to make their loan payments. And so, if you are thinking of getting a payday loan in Oklahoma, think twice, especially when there may be other options available. Look to bad credit personal loans in your state for funding that is more manageable and less expensive.