Regulator Details

Oklahoma Department of Consumer Credit

4545 North Lincoln Boulevard, Suite 104
Oklahoma City, OK 73105
Phone: (405) 521-3653
Fax: (405) 521-6740
Contact: Jack Stone, Deputy Administrator

Oklahoma Payday Loan Laws

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Oklahoma Payday Loan Laws Details

The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding Oklahoma payday loan laws contact the Oklahoma Department of Consumer Credit.

Payday loans are legal in Oklahoma (see Oklahoma Payday Loans or Oklahoma Installment Loans to compare fees and requirements for individual lenders).

Feature Specification
Amount (max) $500
Rates or Fees (max) $15 per $100: $0-$300;  an additional fee of $10 per $100: $301-$500
Term Limitations 12-45 days
General Loan Terms

In Oklahoma, no rollovers are permitted (cannot renew and a loan made within 13 days after a previous one was entered into shall be considered a renewal and shall not be made). The cooling period between loans is second business day after the 5th consecutive loan repaid. Oklahoma requires extended repayment plans.

For example, in Oklahoma the rates and fees on a 14 day, $100 loan are:

Terms Amount
Loan Amount $100
Fees $15
APR 390%
Sample Loan Terms

Oklahoma also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.

Feature Specification
Collection Fees $25 NSF fee (if disclosed) unless dishonored due to theft or forgery
Criminal Action Prohibited
Regulations on Collections
Finally, a more detailed excerpt from Oklahoma's statutes on finance charges is listed below. In general the tables above summarize this.

A lender in the business of making payday loans may not: (a) Make or renew a payday loan at a rate of interest that exceeds 36 percent per annum, excluding a one-time origination fee for a new loan; (b) Charge during the term of a new payday loan, including all renewals of the loan, more than one origination fee of $10 per $100 of the loan amount or $30, whichever is less; or charge a consumer any fee or interest other than a fee or interest described in paragraph (a) or (b) of this subsection or in subsection (2) of this section.

Citation: Okla. Stat. Tit. 59 Sections 3101 et seq.