When money gets tight, many people turn to payday loans to help them make ends meet. But before you apply for one, you need to know the rules and regulations regarding payday loans in your state. In Oklahoma, payday loans are legal and regulated under the Oklahoma Deferred Deposit Lending Act. If you’re in Hollis, Oklahoma and need a payday loan, here’s what you need to know.
What is a payday loan?
A payday loan is a small, short-term loan that is typically due on your next payday. It can be a way to bridge the gap between paychecks when unexpected expenses arise. These loans are usually for amounts between $100 and $500, and can be obtained quickly and easily.
How do payday loans work?
To get a payday loan, you’ll need to provide the lender with some basic information, such as your name, address, and employment information. You’ll also need to show proof of income and have a checking account in good standing.
Once you’re approved for a payday loan, the lender will typically give you the money in cash or deposit it directly into your checking account. The loan will be due on your next payday, and the lender will typically take the payment from your checking account. If you’re unable to make the payment, you may be able to renew the loan for an additional fee.
What are the fees and interest rates?
In Oklahoma, payday lenders can charge up to $15 in fees for every $100 borrowed, up to a maximum of $300. For loans over $300, they can charge an additional $10 per $100 borrowed. This means that if you borrow $300, you’ll pay $45 in fees. If you borrow $500, you’ll pay $65 in fees.
Payday lenders in Oklahoma can also charge up to 390% APR (annual percentage rate) on their loans. This means that if you borrow $300 for two weeks, you’ll pay $345 in total fees and interest – equivalent to an APR of 456%.
What are the risks?
Payday loans can be a quick and easy way to get cash when you need it, but they come with some risks. Due to their high fees and interest rates, payday loans can easily trap borrowers in a cycle of debt. If you’re unable to repay the loan on time, you may be forced to renew it, incurring additional fees and interest. This can quickly add up and lead to a debt spiral that’s difficult to escape.
Interesting facts and statistics about payday loans in Hollis, Oklahoma
- In 2019, there were 137 licensed payday lenders in the state of Oklahoma
- The average payday loan borrower in Oklahoma takes out 10 loans per year, with an average loan amount of $394
- Oklahoma has the highest payday loan usage rate in the country, with 13.5% of adults using payday loans
Apply now
If you’re in need of a payday loan in Hollis, Oklahoma, TheGuaranteedLoans can help. We’re a connector service that can connect you with potential lenders, making it easy to get the cash you need quickly and easily. Our online application is simple and easy to use, and we’ll keep your information secure and confidential. Remember, we’re not a direct lender – we’re simply here to help you find the right lender for your needs.