Payday Advance Oklahoma
Emergencies often occur at times when income is scarce, such as in between paydays. These unexpected occurrences can leave you shuffling to find the funds needed to deal with the situation on top of having to face their difficulties.
When funds are required at a moments notice, Oklahoma payday advance loans meet the need by providing you the necessary cash, often within hours. Therefore, payday loans are good sources of quick cash when an emergency strikes so you can focus more on the situation and less on acquiring the funds.
Oklahoma Payday Loans Explained
Payday cash advances are short-term loans for the purpose of meeting immediate financial emergencies or other pressing situations when you are short on cash. Many people do not have savings to fall back on so being able to get the necessary funds to meet dire situations can be a lifesaver.
Oklahoma payday loans can be acquired quickly via a short application process. Very little information is required to apply and credit checks are not normally done so loans can be obtained even if your credit is bad. Because they are short-term loans, cash advances are repaid in a short period of time, normally upon the date of your following payday. This means you can handle your financial crisis between paydays and recover quickly once your paycheck is received.
The Process for Acquiring Oklahoma Payday Loans
You can either seek Oklahoma payday loans through in-state lenders or obtain payday loans online. In either case, the lender must comply with Oklahoma payday loan laws.
Regardless of whether you decide to pursue payday advances from Oklahoma payday loan lenders or from payday loan lenders online, the process is similarly fast and easy. A short loan application form is filled out and submitted with a copy of your identification, bank account information, and proof of either regular employment or other income.
Your verification information and application are submitted for approval, which normally takes place in less than 24 hours. Once your Oklahoma payday loan is approved, the funds are wired into your supplied bank account.
Repayment of Oklahoma payday loans is also easy and there are several ways of repaying. If you take out a payday cash advance from an in-state brick and mortar store, you can return there on, or before, the due date to make the payment. Some of these stores require a personal check that is post-dated for the due date, which they can cash should you not arrive to make the payment in person. Some Oklahoma payday loan lenders, as well as most online payday loan lenders will deduct payment from your bank account on the due date.
Oklahoma Payday Loan Laws
Payday advances are considered legal in the state of Oklahoma and can be obtained either through approved state payday loan lenders or from online payday loan lenders. Online companies providing payday loans to Oklahoma residents must abide by the following laws governing loans in the state.
Residents can acquire up to $500 from a payday advance Oklahoma lender, which must be repaid within a 12 to 45 day time period. Lenders can charge $15 on every $100 borrowed up to $300 and can charge an additional $10 for each $100 beyond that amount. The APR on a $100 loan taken out for 14 days is 390% based on the $15 charge for that amount and time period.
Under Oklahoma payday loan laws, borrowers can only have two outstanding loans at a time. There are no loan extensions (rollovers) allowed so borrowers must repay Oklahoma payday loans by their due dates. Payday loan lenders can charge a $25 NSF (non-sufficient fund) fee if it has been disclosed in the initial agreement.
Where to Obtain More Information on Oklahoma Payday Loans
More information on Oklahoma payday loans as well as the laws and guidelines governing them can be acquired by contacting this office:
Oklahoma Department of Consumer Credit
3613 NW 56th Street, Suite 240
Oklahoma City, OK 73112-4512
Phone: 405-521-3653 or 800-448-4904 (In-state)