Oklahoma State Information

Legal Status: Legal

Okla. Stat. Tit. 59 ยงยง 3101 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 12-45 days
Maximum Finance Rate and Fees: $15 per $100: $0-$300;  an additional fee of $10 per $100: $301-$500
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot renew; a loan made within 13 days after a previous one was entered into shall be considered a renewal and shall not be made)
Cooling-off Period: Second business day after the 5th consecutive loan repaid
Repayment Plan: Yes, after third consecutive loan.  Repayable in four installments.  Fee of 10% up to $15.

Collection Limits:
Collection Fees: $25 NSF fee (if disclosed) unless dishonored due to theft or forgery
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Oklahoma Department of Consumer Credit
Address: 3615 NW 56th Street, Suite 240, Oklahoma City, Oklahoma 73112-4512
Phone: (405) 521-3653
Fax: (405) 601-7639
Regulator Website

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