Legal Status
Legal
Citation
Okla. Stat. Tit. 59 §§ 3101 et seq.
Loan Terms
Maximum Loan Amount: $500
Loan Term: 12-45 days
Finance Charge for 14-day $100 Loan: 15 + database fee
APR for 14-day $100 Loan: #VALUE!
Debt Limits
Maximum Number of Outstanding Loans at One Time: 1 among all lenders. 59 Okl. St. § 3109
Rollovers Permitted: No renewals or deferments. 59 Okl. St. § 3109
Cooling-off Period: After the debtor has entered into a fifth consecutive deferred deposit loan, a lender shall not make a deferred deposit loan to a debtor until 8:00 a.m. on the second business day after the fifth consecutive deferred deposit loan has been paid in full. 59 Okl. St. § 3110
Repayment Plan: After 3rd consecutive loan, you may pay up to $15 and enter into an installment plan with 4 equal payments. 59 Okl. St. § 3109. (Information is the same, but there is a spelling mistake)
Collection Limits
Collection Fees: 25
Criminal Action: Prohibited. 59 Okl. St. § 3107