Is It Your Time For Oklahoma Payday Loans
Oklahoma State Map
If you’re in the market for a payday loan then securing Oklahoma payday loans for yourself will not be a hair raising trip through a minefield that the press would have you believe that it will be. Like most things in life careful planning and research to acquire factual up to date information will aid you in successfully of finding a loan company perfectly suited for your particular needs. So what are some of the things that should be taken into consideration when seeking out in payday loan? How much of the law should I be aware of in my particular state in regard to their payday loan industry? And to seek all of these things out in answer these questions for yourself you’ll also find yourself getting an invaluable wealth of knowledge can utilize for yourself and someone else talking them to acquire just the right payday loan.
Oklahoma does indeed have a payday loan law, cited as 2003 O.S.L 240, enrolled senate bill no 583 sponsored by Monson and Littlefield of the senate. This law provides that the permitted fee for payday loans is $15 per $100 advanced up to the first $300. Lenders may charge a cash advance fee is $10 per $100 advanced in excess of $300. The permitted time period for a payday loan is a minimum of 12 days and a maximum of 45 days. The maximum amount of the payday loan allowable is $500.00. Rollovers are prohibited. Additionally, Oklahoma uses a state data base to help monitor the behavior of payday lenders.
Oklahoma State Flag
Oklahoma payday loans
The vast majority of the law is dealing with the requirements of the deferred deposit lender and what the state of Oklahoma requires of them to establish themselves, and conduct business in the state. Some other things that might be worth knowing if you are considering Oklahoma Payday Loans is that at the time a borrower enters into a payday loan transaction, the lender will give the borrower a pamphlet, approved by the Administrator of Consumer Credit. This pamphlet will describes the availability of debt management and credit counseling services and the borrower’s rights and duties in the deal. The pamphlet will provide the borrower with a toll-free telephone number for the Administrator that the debtor may contact to get information relating to debt management and credit counseling. This portion of the law was created to help make sure that the individual borrowing the money is reasonably informed of all of the rights and responsibilities of each party in the transaction.
This same law also provides parameters for what the lending institution can and cannot do in the effort to collect on a delinquent account. A few of these points are as follows:
In the state of Oklahoma lenders of payday loans cannot renew contracts, and prior to granting you a loan the lender is required to check and see if you have any outstanding payday loans already active. This is information that as a consumer you may need to know so that in the event that you are not able for whatever reason to service the payday loan in a timely manner then you know what your options are in that sort of a scenario. The ball of the necessary information going into a loan agreement not only makes you a well informed customer, you are also a customer that falls in the category of the least likely to default on your loan, and that works out in the best interest everyone concerned.