Payday Loans in Oklahoma (OK)
When it comes to loans, there are a lot of options. But, without being informed properly, you might choose the wrong loan for you. Today, we’ll be taking a look at payday loans, more specifically payday loans in Oklahoma.
Such a loan can prove itself very helpful if you find yourself in a tight situation: for example, when you can’t pay your bills for the month or in case there’s an emergency you have to take care of.
While they may seem just the perfect thing for you, you have to understand what they imply and what obligations come with them. After all, something we are all trying to avoid is debt – and payday loans could easily place you on a road full of bills.
Introducing Payday Loans in Oklahoma
The laws of Oklahoma dictate how much lenders can lend to you and also the terms they can give for you to pay off your loan. The Oklahoma Statutes Title 59 §§ 3101 et seq. states that you can borrow a maximum of $500, and only for terms that last between 12 to 45 days.
Moreover, the same law forbids you to have more than two outstanding loans at the same time. This is put as a preventive measure so it will be harder for you to accumulate any debt.
For example, one common practice people resort to is applying for a second loan in order to pay off the first loan. In extreme cases, you can even apply for a third loan to pay for the second one that you still use to pay off the first one.
Of course, we advise against this, as it is very hard to escape this wheel of debt – if you think you cannot pay off your first loan before you apply for it, then it is better that you do not apply for it.
Naturally, as with almost every payday loan out there, if you apply for payday loans in OK you will have to provide your lender with your gross monthly income, as well as some contact and personal details.
Fees of Oklahoma Payday Loans
Now, let’s look into what you have to pay, depending on the amount you borrow. Once again, the state of Oklahoma decides the amount that a lender can charge.
Therefore, if you borrow less than $300, you will be charged a financing fee of $15 for every $100 you have borrowed. For amounts larger than $301 and up to $500, you will be charged $5 less for every $100.
However, these fees can get mixed and misunderstood pretty easy. To clear things up, we have an example for you. If you were to borrow $400, you will be charged $45 for the first $300 you borrow, and then $10 for the rest of $100 that fall in the second category of fees mentioned above.
However, if you change your mind and decide that you no longer need a loan after you’ve already applied for it, you can cancel it within the next business day, by 5 p.m.
There’s also a payment plan in place, which is activated after your third loan in a row – you will be able to make use of four instalments in order to pay off your outstanding balance; still, a fee of 10%, which is around $15 will have to be paid.
Oklahoma Installment Loans up to $3000
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