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Payday loan laws in Oklahoma

  • Status: Legal (Okla. Stat. Tit. 59 §§ 3101 et seq.)
For Lenders

Lending specifications:

  • Maximum loan amount: $500
  • Loan tenure: 12 - 45 days
  • Fees and finance charges: $15 for every $100 (up to $300); an additional $10 on every $100 advanced after $300
  • Finance charge on a 14-day $100 loan: $15
  • APR on 14-day $100 loan: 390%

Collection restrictions:

  • Collection fees: $25 NSF fee (if disclosed)
  • Criminal procedures: Prohibited
For Borrowers

Debt limits:

  • Maximum no. of outstanding loans at a time: Two
  • Rollovers allowed: None
  • Cooling-off phase: Second business day after the 5th consecutive loan repaid
  • Repayment plan: Available

Complaint cell:

  • Regulator: Oklahoma Department of Consumer Credit
  • Address: 3613 NW 56th Street, Suite 240, Oklahoma City, Oklahoma 73112-4512
  • Phone: (405) 521-3653
  • Fax: (405) 521-6740
  • Tollfree: (800) 448-4904 (In-state)
  • Regulatory contact: Jack R. Stone, Deputy Administrator
  • Website: http://www.ok.gov/okdocc/
  • File complaint: http://www.ok.gov/okdocc/Complaints/
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    • The debt settlement program typically lasts between 6 months to 4 years time.
    • At least 30% of the debt amount per creditor needs to be accumulated in the trust account for OVLG to give the creditor any settlement offer.
    • Not all creditors or debt collectors will accept a reduction in the balance, interest rate, or fees a customer owes such creditor or debt collector.
    • Pending completion of the represented debt-relief services, the customer's creditors or debt collectors may pursue collection efforts, including initiation of lawsuits.
    • That the use of the debt-relief service will likely adversely affect the consumer's creditworthiness, may result in consumers being sued by their creditors, and may increase the amount owed to creditors as a result of the accrual of additional fees and interest.
    • Savings a customer realizes from use of a debt-relief service may be taxable income.

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