Oklahoma

Oklahoma established their payday loan laws under the “Oklahoma Deferred Presentment Service Act.” This Oklahoma law regulates the amount of fees payday lenders change charge. Under this law, a payday lender cannot charge a service fee of more than 20% of the total amount of the loan. In no case shall the total amount in fees exceed $340.

The maximum term set for payday loans in Oklahoma is one month. If a customer is unable to payback the loan in full within 30 days, a new agreement may be written up. However, any customer that hasn’t paid their payday loan amount within the first 30 days will not be eligible to apply for another payday loan.

Oklahoma also prohibits “loan splitting.” Loan splitting is dividing the original amount of the loan into two separate loans. Payday loan lenders do this to charge more fees. Currently the limit on Annual Percentage Rates for payday loans in Oklahoma is 390% on a 14-day term limit.

All payday loan businesses in Oklahoma must obtain a license from the Administrator of the Department of Consumer Credit before they can operate. Applicants are required to get a license for each location if they have more than one payday loan store in the state of Oklahoma.