Oklahoma Payday Loan Laws and Regulations

All borrowers should know the regulations placed by the law on every transaction of payday loans. The following rules and regulations must be followed as per the policies of Oklahoma:

- Maximum borrowed amount: $500
- Loan Tenure: 12 in 45 days
- Finance charge per $100: $15 (14 days)
- APR per $100: 390% (14 days)
- Simultaneously outstanding loans: Maximum two
- Cooling off period: 5th repaid continuous loan, 2nd business day
- Repayment plans are allowed
- Rollovers not allowed
- $25 NSF Fee as collection charge

Maximum finance rates might vary depending upon the cost of the loan. Generally, the rate if $15 for every $100 that is borrowed. If the amount is anywhere between $301 to $500, then an extra $10 is levied.

Oklahoma Consumer Protection

The Oklahoma Department of Consumer Credit is responsible for handling all complaints, queries and questions. This is the official small loans regulator of Oklahoma. You can contact them via phone, email or through their official website:

4545 North Lincoln Boulevard, Suite 104
Oklahoma City, OK 73105
Phone: (405) 521-3653 
Fax: (405) 521-6740
Website: www.oag.state.ok.us

Interesting Facts About Oklahoma
  1. This state is located immediately above the Texas. Its capital is Oklahoma City. The state has a size of about seventy thousand square miles. It is an oil producer that is the fifth largest in America as well as third in natural gas. One may say that its main commodity is in energy production. It was hailed as the “Oil Capital of the World” in the 1920’s.
  2. One can consider this place as where the first automated parking system was implemented. It was put up in July 16, 1935.  The patent for this parking meter was filed in May 13, 1935. There are other “firsts” in America that this state may lay claim on. It had the first: yield traffic sign, can of aerosol, tornado warning, (and only) city to be bombed during World War II (due to a mistake), Girl Scout Cookie to be sold, shopping cart and bread twist tie.
  3. The origin of the name Oklahoma means “red people”. It is derived from the Native American Choctaw words “okla” meaning people and “humma”, meaning red. The state also has the largest concentrations of Native Americans in the entire country. This is comprised mainly of the Choctaws, Chickasaws, Cherokees, Creeks and the Seminoles. It was planned to be an all-Native American state in 1905 under the name Sequoyah but it fell through. It is however still regarded as such by many state residents and Americans alike.
  4. The state has produced the highest number of astronauts. It is also where Henry Starr, one of the last outlaws during the Wild West days hailed from. His thirty-two year career in crime was one of the most for armed robbery than the famous gangs at that time combined.
  5. The state food here is fantastic. One of its staples is the all-time favorite southern fried chicken steak, black-eyed peas with biscuits and gravy. The other types are mostly influenced by Native American cooking which is primarily meat-based and rely heavily on vegetables and grains. Barbeques are also very traditional here. There are other influences to its state cuisine. The diverse mix of European immigrants as well as the African Americans played a very significant role towards the creation of their food.
  6. It has quite a number of state symbols. Its state animal is the bison. Its tree is the redbud, flower the mistletoe, bird the scissor-tailed flycatcher, game bird the wild turkey, furbearer the raccoon and reptile the collared lizard.
  7. The list of its historic sites are the following: Battle of Honey Springs Site, Fort Gibson, Frank Phillips House, George M. Murrell Home, Henry Overholser Mansion, Jim Thorpe House, Oklahoma City National Memorial Center, Sequoyah Home Site, Spiro Mounds, T.B. Ferguson House, Washita Battlefield National Historic Site, Will Rogers Memorial and Birthplace and the Woody Guthrie House.
  8. Will Rogers was born on November 4, 1879 and may probably be one of the most famous people to have come from this state. He was more than a cowboy who rode on horseback as the “Cherokee Kid” who did rope tricks. He was also an actor, writer and radio host. His life’s work affected many Americans during his lifetime and even years after. He passed away in a plane crash over Alaska on August 15, 1935. He was only fifty-five years old. There is an airport dedicated to his name, the Will Rogers World Airport as well as a museum called the Will Rogers Memorial Museum.
  9. Oklahoma is also the site of many freak acts of nature. On May 3, 1999 the fastest wind speed ever was recorded at three hundred eighteen miles per hour. The record that held the fastest wind speed before that occurred on April 26, 1991 that measured two hundred eighty six miles per hour. It also happened in the same state. This is because the state is one of the prime candidates in the entire country for tornadoes. Disasters of such nature are frequently recorded here with magnitudes at alarming levels. One of the worst took place in 2013 with a record width of about 2.6 kilometers! The state also has its fair share of thunderstorms every year. The severe weather and wind patterns are things to look out for when traveling to this area.

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