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: https://www.ok.gov/okdocc/
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File complaint: https://www.ok.gov/okdocc/Complaints/
index.html
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.
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