(last updated 01/02/2018)
Oklahoma Payday Loan Laws and Regulations in (OK)
Payday loans and cash advances are legal in Oklahoma. The Oklahoma Department of Consumer Credit has been regulating Payday Loans and Cash Advances since September 1st, 2003. As of 11/20/2014 there were 51 licensed lenders and 326 licensed locations in Oklahoma.
The maximum payday loan allowed in Oklahoma is $500. The maximum payday loan as a percentage of income is not specified. The number of loans that can be open at one time is 2. The maximum permissible fees allowed in Oklahoma is $15 per $100 from $0-$300: an additional fee of $10 per $100 from $301-$500, a maximum APR of 390%. The cooling off or waiting period for obtaining another loan is after the 5th consecutive loan is repaid, 2 business days. The number of rollovers that are permitted is 0. The minimum loan term is 12 days. The maximum loan term is 45 days.
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Oklahoma, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Oklahoma Department of Consumer Credit.
The following classes of lending organizations may be exempt from some, all, or none of the laws set by the state of Oklahoma. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.