Oklahoma authorized cash advance loans by enacting the “Oklahoma Deferred Presentment Service Act.” To operate in Oklahoma, check cash advance companies must be licensed. Loan splitting, or the separation of the initial loan amount into two distinct loans and charging interest on both, is prohibited. A payday loan borrower cannot have more than two outstanding loans at a given time. The cooling-off period in Oklahoma is the second business day following the 5th consecutive loan that is paid in full. A cash advance lender is prohibited from bringing a criminal action against defaulting borrowers.
A borrower can request up to $500 in payday loan funds.
The loan term ranges from 12 to 45 days.
A borrower is not allowed to extend or rollover a cash advance loan.
A payday loan business may charge a finance charge not exceeding the following: $15 per $100 advanced up to the first $300, $10 per $100 advanced that exceeds $300. The finance fee for a two-week loan in the amount of $100 is $15.
The APR for a two-week loan valued at $100 loan is 390%.