Pay day loan rules for OKC

Pay day loan rules for OKC

Numerous regulations control short-term loans. In Oklahoma, payday loan providers must proceed with the Oklahoma Deferred Deposit Lending Act. That legislation sets the finance charges, or rates of interest, a payday lender can charge.

Oklahoma City payday loan providers can’t charge significantly more than $15 in interest per $100 on loans as much as $300. They can’t charge a lot more than one more ten dollars cost for each and every $100 above $300.