Oklahoma Payday Loan Amount
- The maximum payday loan amount in Oklahoma is $1,500.
Oklahoma Rates, Fees, and Other Charges
- The monthly interest rate should not be more than 17%.
In Oklahoma, how much does a $200 payday loan cost?
With a minimum term of 60 days:
Total Interest Paid: $200*207%*(60/365) = $68
Total Payments: $200+$68 = $268
Oklahoma Payday Loan Term
- Payday loans in Oklahoma are available for periods ranging from 60 to 365 days.
Since July 2020, the Consumer Financial Protection Bureau (CFPB) has changed the rule so that lenders are no longer required to check a borrower's ability to repay a loan. Be cautious, assess your financial situation, and avoid falling into a debt trap.
- All criminal actions are prohibited, but a $25 Non-Sufficient Funds (NSF) fee is permissible.
The Oklahoma Department of Consumer Credit's website has more information about payday loans and their regulations.