Payday Loan Laws in Oklahoma
Payday loans can be a convenient way to get cash in emergencies. According to Payday Loan Laws in Oklahoma, payday loans are legal in the state but there are some limitations to borrowing, such as limits to how much you can borrow at any one time.
It is important to note that payday loans are not available in every state and laws and regulations vary by state. Information for Oklahoma Payday Loans is provided for your convenience.
What Are Pay Day Loans?
A payday loan is a short-term loan that usually does not require any guarantees and is borrowed against proof of your next paycheck. If you are employed and get a regular salary, you are usually able to get a small loan. The amounts vary but are usually a few hundred dollars, and different states have laws about the maximum amount a lending company can offer to its customers. The loan term is short and generally, you are expected to pay the borrowed money back from your next paycheck.
According to Payday Loan Laws in Oklahoma, the maximum loan amount is $500.00. One person can have a maximum number of two outstanding loans at any time. The loan term can vary from 12 to 45 days and there are also maximum limits to the interest rates and fees a company can charge for lending money. The maximum APR for a $100.00 loan for 14 days is 390% and the maximum finance charge for a similar loan is $15.00. The state laws also place a limit for collection fees at $25.00.
How To Apply for Loans
Many companies have no credit checks and when you apply for a loan online and some offer loans to people with a poor credit history. If you have had financial problems in the past and cannot get a loan from your bank, many payday companies are willing to lend you money. However, the amounts you can borrow are smaller than bank loans and the interest rates are higher.
Application forms are usually available online and they often take just a few moments to fill in. You will usually have to provide details of your employment and your salary, and in some cases, you may have to email or fax documents that prove your monthly income. Once you have filled in the form and emailed the necessary documents, the application is dealt with in a few hours. If the application is approved, you can usually have the money on your bank account on the as soon as tomorrow or at least within next business day.
There are a few things you need to consider before taking a loan. The short loan term (maximum 45 days according to Payday Loan Laws in Oklahoma) means that you will need to be sure you can afford to pay the borrowed amount back within a few weeks. If you do not pay the money back on time, you may have to pay additional charges and late payments can affect your credit record in the future.