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Current Payday Lenders in Oklahoma – Terms, Rates, Legislation

The list of payday lenders in Oklahoma

  1. Check Into Cash

    • Website: https://checkintocash.com/
    • Address: 201 Keith Street, Suite 5 Cleveland
    • Service: Online/Offline
    • State: Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Kansas, Louisiana, Mississippi, Missouri, Nevada, Oklahoma, Oregon, Tennessee, Texas, Utah, Washington, Wisconsin, Wyoming
  2. ACE Cash Express

    • Website: https://acecashexpress.com/
    • Address: 300 E. John Carpenter Fwy, Ste. 900, Irving, Texas, 75062
    • Service: Online/Offline
    • State: California, Delaware, Florida, Idaho, Kansas, Louisiana, Minnesota, Missouri, New Mexico, Ohio, Oklahoma, Oregon, South Carolina, Texas, Tennessee
  3. FaaastCash

    • Website: faaastcash.com
    • Address: 515 South Riverside Avenue Medford, Oregon 97501
    • Service: Online
    • State: Alabama, California, Colorado, Illinois, Kansas, Louisiana, Mississippi, Missouri, Ohio, Oklahoma, Oregon, Tennessee, Texas
  4. Speedy Cash

    • Website: https://www.speedycash.com/
    • Address: P.O. Box #780408 Wichita, KS 67278
    • Service: Online/Offline
    • State: Alabama, Alaska, Arizona, California, Colorado, Delaware, Hawaii, Idaho, Illinois, Kansas, Louisiana, Mississippi, Missouri, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming
  5. Payday Champion

    • Website: https://www.paydaychampion.com/
    • Address: 412 Main St. #420 Houston, TX 77002
    • Service: Online
    • States: All US states
  6. CashOne

    • Website: https://www.cashone.com/
    • Address: 539 Commerce Street, Suite 1461, Dallas, Texas 75208
    • Service: Online
    • States: Alabama, California, Florida, Louisiana, Mississippi, Missouri, Ohio, Oklahoma, Tennessee, Texas
  7. LendNation

    • Website: https://www.lendnation.com/
    • Address: 1200 W Kearney St Springfield, MO 65803-1240
    • Service: Online
    • State: Idaho, Illinois, Kansas, Kentucky, Louisiana, Missouri, Nebraska, Nevada, Oklahoma, Texas, Utah, Wisconsin
  8. COMPACOM

    • Website: https://compacom.com/
    • Address: Unknown
    • Service: Online
    • States: Alabama, Alaska, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, Wyoming
  9. RISE Credit

    • Website: https://www.risecredit.com/
    • Address: P.O. Box 679900 Dallas, TX 75267-9900
    • Service: Online
    • State: Alabama, California, Delaware, Georgia, Idaho, Illinois, Missouri, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, South Carolina, South Dakota, Texas, Utah, Wisconsin
  10. Advance America

    • Website: advanceamerica.net
    • Address: 135 N Church St Spartanburg, SC
    • Service: Online
    • States: Alabama, California, Colorado, Delaware, Florida, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Nebraska, Nevada, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming
  11. GreenDayOnline

    • Website: https://greendayonline.com/
    • Address: 15727 Anthem Pky San Antonio, Suite No#45 ,TX 78249
    • Service: Online
    • States: Almost all US states
  12. Check `n Go

    • Website: https://www.checkngo.com/
    • Address: P.O. Box 36124, Cincinnati, OH 45236
    • Service: Online
    • States: Alabama, California, Delaware, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Michigan, Mississippi, Missouri, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Wisconsin, Wyoming

Are payday loans legal in Oklahoma?

Oklahoma had not changed payday loan regulations over years. It can be said they are restrictive in a certain way. But it didn’t stop lenders from imposing and withdrawing ~390% APR. 2020 saw Oklahoma Small Lenders Act to take the payday loan business under strict control: the monthly interest rate is 17%, max amount $1,500.

Takeaways:

  • Maximum amount: $1,500
  • Maximum Interest Rate (APR): 204%
  • Minimum term: 60 days
  • Maximum term: 12 months
  • Number of rollovers allowed: N/A
  • Number of outstanding loans allowed: Any as long as the principal amount of all outstanding loans is less than $1,500
  • Cooling-off period: N/A
  • Finance charges: 17% interest per month so long as the monthly payment doesn’t exceed 20% of the borrower’s gross monthly income
  • Collection charges: $25 nonsufficient funds (NSF); attorney’s fee up to 15% of outstanding amount at default
  • Criminal action: Prohibited

Am I eligible for a payday loan in Oklahoma?

The list below is the essential requirements to qualify for short-term payday loans in OK:

  • have an active bank account with proof of income;
  • be a US citizen;
  • be at least 18 years old;
  • have a stable and reliable source of income;
  • have a valid email address and phone number.

Payday loan amounts in Oklahoma

Oklahoma sets the max payday loan amount equal to $1,500. If you take out several payday loans, their combined principal sum cannot exceed $1,500 anyway. For example, if you have two outstanding $600 payday loans, you could issue a third one, but it must have maximum $300.

Maximum term for a payday loan in Oklahoma

Oklahoma defines the maximum repayment term of 12 months. This term is significantly bigger than most other US states. If we compare previous Oklahoma laws concerning payday loan, it allowed a max repayment term equal to 45 days.

Rates, fees and other charges in Oklahoma

Up to 17% interest per month are charged by lenders when you issue a payday loan in OK. However, a lender is not allowed to charge a rate over 20% of the client’s gross monthly income. It means the borrower should not have a gross annual income as low as $11,820.

Lenders can also withdraw you a $25 NSF fee if any of your monthly payments fail due to a lack of funds. If you missed payments, your case may be transferred to the court.

What is the statute of limitations on a payday loan in Oklahoma?

Oklahoma Small Lenders Act (Bill 720) is the main act under which payday lending services are conducted. Before starting to take out payday loans in Oklahoma, every lender (from the 2020 year) should obtain the deferred deposit lender license. This license is given by the Administration of the Department of Consumer Credit. It is necessary to pay $1,900 fees for each opening branch.

Oklahoma Small Lenders Act also states that direct lenders should utilize the statewide database to check out client’s eligibility for any deferred deposit product.

Consumer info

The Oklahoma Department of Consumer Credit enforces limits on finance charges, interest rates, contract terms, and more. The OK Department also has license and investigation responsibilities. It implies it can assess complaints about creditors and take steps to regulate matters if it clears out any rules that are broken.

Additionally to imposing fines, this department can revoke licenses and prevent lenders from further issuance of cash advance. Before you borrow from a lender, check out the department recodrs whether it is included into license register.

The Department controls a long list of lending types, inclusively of pawnbrokers, credit service organizations, mortgage brokers, and small lenders that offer payday loans.