Oklahoma Payday Loans

Out of all fifty states, Oklahoma currently has the lowest interest rate charged on payday loans, which makes it far better to get an Oklahoma payday loan than one from any other state. You can get better terms, or amounts of time on a loan in Oklahoma even though the interest rates are already so low. There are also smaller interest rates allowed in the state of Oklahoma than those that are already found on the loans in the state. Loans Payday is pleased to help you choose the right type of payday loan to meet your current situation. It takes only a couple of minutes to fill out an application and the money can instantly be deposited into your bank account. Don't wait; fill out an application as soon as you can.

Laws in Oklahoma Regarding Payday Loan Lending

The laws in Oklahoma are quite similar to other states where payday loan lending is a legal business. The APR or annual percentage rate is capped at 390%, which is only high until you compare it to other types of loans such as credit cards. It is lower than you will find in many other states that allow payday loans. The maximum amount a person can borrow is $500, with a 15% interest rate charged on all loans under $300 by the lender. If the loan is more than $300, the interest rate is 10 percent. The minimum loan term is 12 days, with the maximum loan term of 45 days.

Oklahoma currently has over 397 payday loan lenders operating in the state. The rate of growth in the state shows that there is potential to see that number grow even higher in the coming years.

Maybe you live in Oklahoma right now or you want to move to the state, but can't find the money to make the move. You may not live in the area or plan to move to the area, but still need a payday loan to meet your financial obligations until your next check comes. As long as you live in the United States, you are eligible to receive a payday loan through our company. Once you have the money, you can use it for anything you need. You can take care of an unexpected bill, pay for a new television, plan a party, or make a down payment on something you've always wanted. The only limits are your imagination.

You will find that you can use the money to pay for anything you need or want, once you get your money. The payday loan is paid back once you get your paycheck and the matter is settled. This is a temporary solution to the current problems you are facing.

We provide the fastest and easiest access to the money you need now through an Oklahoma payday loan. See just how fast we work by applying online today. As long as you have a few free minutes you can apply and receive the money instantly. Just use LoansPayday.info to get your money today.

We guarantee that you will find our website and services easy to use and faster than you expected and this applies to all residents of the US, not just those living in Oklahoma. We keep your information confidential and secure, and you'll find that it is easy, fast, and simple to apply for an Oklahoma payday loan through our company. We make all of our customers our top priority and we believe in keeping your information confidential so you don't have to worry about anyone finding out your personal information.

Companies can offer Oklahoma payday loans in the state under the Oklahoma Deferred Presentment Service Act. The lenders must adhere to specific rules regarding the fees they can charge. These fees are limited to 20% on the total amount of the loan, meaning an individual who borrows a total of $400 will pay $80 in loan fees. The total cost of the fees must be at or below $340.

The state of Oklahoma places a maximum term limit on all payday loans given in the state, with the limit being one month. Borrowers who cannot pay the loan back at the end of the term can apply for a loan renewal. If a borrower does renew their loan after the 30 days have passed, they are prohibited from applying for a second payday loan until the first loan is paid back in full.

The state of Oklahoma prohibits the practice of loan splitting, where the loan is split into two different loans. The company then charges an additional interest rate on each loan to increase their profits, but this is not allowed in Oklahoma. Oklahoma also places a limit of 14 days on the terms of the payday loan and an APR or annual percentage rate of 390% on all loans.

Prior to operating an Oklahoma payday loan business, a company must apply for and be granted a license from the Administration of the Department of Consumer Credit. Each time the company spreads into a new area or opens a new office, they must apply for and be granted a new license.

Oklahoma Unemployment Statistics

In January of 2005 the unemployment rate in Oklahoma was 5.2 percent, but this number dropped substantially in January of 2006 to 41 percent. This shows that 71,165 people were unemployed in the state. In the last ten years, the state of Oklahoma had an unemployment rate of 2.6 to 6.3 percent depending on the year.