As with many other states in the country, Oklahoma has not fared very well during these tough economic times. Their casino businesses have been able to maintain a level of income for the government and many of the communities, but this is not nearly enough to make ends meet for most families. Some of turned to payday loans in order to pay for food and other essentials. Many of the politicians, in an attempt to protect their constituents, have started to create payday loan laws in Oklahoma that are incredible beneficial to the men and women that are living there.
Payday Loan Laws in Oklahoma and Licensing
In the interest of the consumer, protection is also a major factor when determining the licensing agreements and arrangements of the state. Payday loan laws in Oklahoma state that every payday lender must be licensed with the state in order to lend any money. This has meant that online lenders must be licensed and are therefore not likely to provide any kind of shady agreements with citizens. The “Check n Go” and “Speedy Cash” names are both allowed to service the Oklahoma area so long as they continue to abide by the laws that govern them through their licensing agreement with the state of Oklahoma.
Length, Fees, and Payday Loan Laws in Oklahoma
Many of the states in the country have a set amount of time for payday loans to be valid. Rather than create a range of days that lenders and debtors can establish some kind of arrangement, the length of the loan is usually a set time and no other. However, in an effort to allow flexibility on the part of both the lender and the debtor, the law allows for 12 – 45 days for the laws. This is one of the payday loan laws in Oklahoma that directly helps the men and women who are struggling to make ends meet.
This flexibility is also combined with a great cap on the amount of interest that the payday lenders in Oklahoma can charge their clients. The rate for $100 is around $15, which is much lower than in other parts of the country. Many other states have higher rates than that with additional fees for going over a certain threshold. In the interest of the people of Oklahoma, these laws have a strong citizen bias rather than one towards the companies who offer the services.
