Payday Loans in Oklahoma

Payday Loans
Explore our list of payday loan providers in Oklahoma. Whether you're looking for $255 payday loans online, same-day options, or no credit check loans in OK, we provide detailed information to assist your decision. Learn about the regulations, limits, and most reliable online payday loans in Oklahoma.
Offers: 6
Updated:
11.06.2024
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Recommended FinScore™
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100.00 – 20000.00 $
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Interest rate

from 0.05 %
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Loan term for the financial product

5 days – 3 months
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3.09
(20 Ratings)
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Interest rate

from 4.00 %
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Loan term for the financial product

to 1 months
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Recommended FinScore™
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300
650
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100.00 – 1000.00 $
Term
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Loan term for the financial product

1 days – 1 months
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4.06
(20 Ratings)
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50.00 – 1500.00 $
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Interest rate

208.04 – 782.14 %
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Loan term for the financial product

14 days – 31 days
Moneytree
Payday loan
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3.138
(13 Ratings)
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300
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$100-$500
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Interest rate

up to 482.32%
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Loan term for the financial product

up to 14 days
Rating by Finanso®
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3.23
(41 Ratings)
Recommended FinScore™
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100.00 – 445.00 $
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Interest rate

to 0.92 %
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Loan term for the financial product

to 24 days

In Oklahoma payday loan is a short-term, high-interest loan that is typically due on the borrower's next payday. Payday loans in Oklahoma are often used by borrowers who need quick access to cash to cover unexpected expenses or to make ends meet between paychecks.

In Oklahoma, payday lenders are required to be licensed by the Oklahoma Department of Consumer Credit, and loans are subject to certain regulations and limitations. The maximum loan amount is $500, and the loan term cannot exceed 45 days. Lenders are allowed to charge up to $15 in fees for every $100 borrowed, which translates to an annual percentage rate (APR) of up to 391%.

Oklahoma payday loans are easy to apply for, with minimal requirements and a quick application process. Borrowers typically only need to provide basic personal and financial information, proof of income, and a post-dated check or authorization to withdraw funds from their bank account on the due date.

Payday Loans in Oklahoma

Pros and Cons

Pros

Quick access to cash. Payday loans can provide borrowers with fast access to the funds they need, often within a day or two.

Minimal requirements. Payday loans typically have fewer requirements than other types of loans, making them easier to obtain for people who may have poor credit or a limited credit history.

Cons

High fees. Payday loans can be very expensive, with fees of up to $15 for every $100 borrowed, resulting in very high APRs.

Short repayment period. Payday loans are due on the borrower's next payday, which can make it difficult to repay the loan in full and cover other expenses.

How to Borrow a Payday Loan in Oklahoma?

Apply for a loan

  1. Find a lender. Look for payday lenders in your area or search online for lenders who operate in Oklahoma.
  2. Check eligibility. Review the lender's requirements for borrowers to ensure that you meet the eligibility criteria. You may need to be at least 18 years old, have a regular source of income, and provide proof of identity and a bank account.
  3. Submit application. Fill out the lender's application form, providing the required information such as your personal details, employment information, and the loan amount requested.
  4. Provide documentation. Some lenders may require additional documentation, such as proof of income, bank statements, or a copy of your ID.
  5. Wait for approval. The lender will review your application and documentation and notify you of their decision, typically within a few hours or days.
  6. Receive funds. If approved, the lender will provide you with the loan funds, either through direct deposit to your bank account or in cash if you applied in person.
  7. Repay the loan. Make sure to read and understand the loan terms and repayment schedule, and ensure that you have the funds to repay the loan in full on the due date, which is typically your next payday.

Requirements

  1. Age. You must be at least 18 years old.
  2. Residency. You must be a U.S. citizen or a permanent resident.
  3. Income. You must have a regular source of income, such as a job, Social Security, or disability benefits.
  4. Active checking account. You must have an active checking account in your name.
  5. Valid government-issued ID. You must provide a valid government-issued ID, such as a driver's license or passport.
  6. SSN or TIN. You must provide your Social Security number or Taxpayer Identification Number (TIN).
  7. Proof of income. You may need to provide proof of income, such as pay stubs or bank statements.

Rates

  1. Loan amount. In Oklahoma, payday loans can range from $100 up to $500.

  2. Loan term. The loan term can be between 12 and 45 days.

  3. Fees and interest rates. Lenders are allowed to charge a finance fee of $10 to $30 per $100 borrowed. The maximum finance charge is $15 for loans up to $300, and an additional $10 for loans between $301 and $500.

  4. Annual Percentage Rate (APR). The maximum APR for a 14-day $100 loan is 390%, though this can vary depending on the loan term and amount.

  5. Rollovers. Oklahoma law permits two rollovers or loan renewals. However, borrowers must pay the finance charges associated with the previous loan before rolling over.

  6. Collection fees. In case of insufficient funds, lenders can charge an NSF (non-sufficient funds) fee of $25.

Example payday loan 300$ - 10 days

  1. Loan amount: $300
  2. Loan term: 10 days
  3. Finance charge: In Oklahoma, the maximum finance charge for loans up to $300 is $15 per $100 borrowed. So, for a $300 loan, the finance charge would be $45 ($15 x 3).
  4. Total repayment: The total amount due at the end of the 10-day loan term would be $345 (loan amount of $300 + finance charge of $45).
  5. Annual Percentage Rate (APR): To calculate the APR, you need to consider the finance charge, loan amount, and loan term. In this example, the APR would be approximately 547.5%. Here's the calculation: (($45 / $300) x 365) / 10 = 5.475 or 547.5%.

Lenders in Oklahoma

  • CashNetUSA is an online lender that provides payday loans, installment loans, and lines of credit to borrowers in several states, including Oklahoma. The company offers fast funding and flexible repayment terms to help customers manage their short-term financial needs.
  • OppLoans is an online lender that specializes in installment loans. The company provides loans to customers in several states, including Oklahoma, and focuses on offering borrowers a more affordable and flexible alternative to payday loans.
  • MoneyKey is an online lender that provides payday loans and installment loans to customers in several states, including Oklahoma. The company offers a fast and easy application process and funds loans quickly to help customers manage their short-term financial needs.
  • Advance America offers cash advances, installment loans, title loans, and lines of credit to borrowers. The company has been operating since 1997 and has locations in multiple states across the US.
  • Check Into Cash offers cash advances, installment loans, and title loans. The company also provides check cashing and other financial services. Check Into Cash has been in business since 1993 and has over 800 locations in the US.
  • Ace Cash Express provides short-term loans, check cashing, prepaid debit cards, and other financial services. The company has been in business since 1968 and has over 900 locations in the US.
  • EZ Money offers short-term loans, cash advances, and installment loans. The company also provides check cashing and other financial services. EZ Money has locations in multiple states, including Oklahoma, Missouri, and Nebraska.
  • Approved Cash Advance provides cash advances and installment loans to borrowers. The company has locations in multiple states, including Alabama, Michigan, and Virginia.
  • Check 'n Go offers cash advances, installment loans, and other financial services. The company has been in business since 1994 and has locations in multiple states, including California, Florida, and Ohio.
  • Money Mart issues cash advances, installment loans, and other financial services to borrowers. The company has been in business since 1982 and has locations in multiple states across the US and Canada.
  • Speedy Cash offers cash advances, installment loans, and other financial services to borrowers. The company has been in business since 1997 and has locations in multiple states across the US.

Local Lenders

  • Loan Mart is a payday loan provider with over 70 locations in Oklahoma. They offer payday loans, title loans, and installment loans.
  • Midwest City Payday Loans is a local lender that provides payday loans, cash advances, and title loans.
  • Cash King Loans is a payday loan provider that offers short-term cash loans and payday loans to residents of Oklahoma.
  • Red River Credit Corporation is a payday loan provider that offers payday loans and installment loans to residents of Oklahoma.
  • TFC Title Loans is a lender that offers car title loans to residents of Oklahoma.

Alternatives

  1. Personal Loans. Banks and credit unions offer personal loans that typically have lower interest rates and longer repayment terms than payday loans.
  2. Credit Card Cash Advance. If you have a credit card, you can get a cash advance. Although the interest rates are high, they are still typically lower than those of payday loans.
  3. Pawnshops. They can be an alternative to payday loans in Oklahoma. In a pawnshop, you can bring in an item of value, such as jewelry or electronics, and use it as collateral for a loan. The pawnshop will give you a loan based on the value of the item, and you will have a set period of time to pay back the loan and get your item back. If you cannot repay the loan, the pawnshop will keep your item and sell it to recoup their money. Pawnshops can be a good option for people who need quick cash and have items of value that they are willing to use as collateral.

    How to Pay off a Loan

    When taking out a payday loan in Oklahoma, you will be required to provide a post-dated check or authorize the lender to withdraw the loan amount plus fees from your bank account on the due date. On the due date, the lender will deposit the check or withdraw the funds from your account.

    If you are unable to repay the loan on the due date, you may be able to roll over the loan, which involves extending the loan and paying additional fees. However, this can lead to a cycle of debt that can be difficult to break.

    Alternatively, you may be able to work out a payment plan with the lender. It is important to communicate with the lender if you are having difficulty repaying the loan, as they may be able to work with you to find a solution.

    Payday loans are legal in Oklahoma and regulated by the Oklahoma Deferred Deposit Lending Act. Under this act, payday lenders are required to obtain a license from the Oklahoma Department of Consumer Credit and comply with certain regulations, including a maximum loan amount of $500 and a maximum loan term of 45 days. The maximum finance charge for a $100 payday loan for 14 days is $15, which means the APR is about 390%. Oklahoma law also prohibits rollovers, which means lenders cannot extend a loan by charging additional fees or interest. Borrowers can only take out one payday loan at a time and must wait at least two business days after paying off a loan before taking out another. The law also requires lenders to provide borrowers with clear and concise information about the terms and conditions of the loan.

    Important

    Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

    How to Choose a Lender

    1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

    2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

    3. Carefully review all the terms and conditions of your payday loan contract.

    4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

    5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

    6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

    Other Loans

    FAQ

    Are payday loans available in Oklahoma?

    In Oklahoma, residents can legally obtain payday loans. These loans' terms include a possible 12-week to the 45-week loan period. The amount of a loan can range from $100 to a few thousand dollars.

    How many payday loans can you have in Oklahoma?

    In Oklahoma, you can only have two outstanding payday loans at a time. The minimum term for a payday loan is 12 days, and the maximum term is 45 days. After five consecutive loans, a borrower must wait at least two business days before taking out another payday loan. These regulations are designed to protect consumers from the dangers of getting trapped in a cycle of debt.

    Do Oklahoma payday loans go away after 7 years?

    No, payday loans in Oklahoma do not go away after 7 years. In general, debts do not disappear automatically after a certain period of time. If you owe a debt, you are legally obligated to pay it back, and the lender or collector can continue to pursue repayment. It's important to note that the statute of limitations for collecting a debt through legal means does vary by state, but it's typically longer than 7 years for most types of debt. In Oklahoma, the statute of limitations for most debts is five years. However, this does not mean that the debt will be erased after five years; it simply means that the creditor can no longer sue you for repayment after that time has passed.