Understanding Payday Loans in Lehigh, Oklahoma
Payday loans are short-term loan options that are available to help you tide over from one paycheck to another. In Lehigh, Oklahoma, payday loans are legal, and it is important to be familiar with how these loans work, the regulations surrounding payday loans, and the fees and interest rates attached to them.
How Payday Loans Work in Lehigh, Oklahoma
Payday loans are easy to access and require minimal documentation. The primary requirements include proof of income, identification, and an active checking account. You can receive a payday loan for a maximum of $500. If you are unable to pay back the amount borrowed within the set time frame, usually two to four weeks, you may be allowed to roll over the loan and pay a renewal fee.
Regulations Surrounding Payday Loans in Lehigh, Oklahoma
In 2018, Oklahoma passed a law that increased the maximum amount that lenders could charge for small loans in the state. Previously, lenders could charge up to $15 in fees for every $100 loaned. However, the new law allows lenders to charge up to $45 in fees for every $100 loaned.
The Oklahoma Department of Consumer Credit oversees the regulation of payday loans in the state. You can file a complaint with the department if you feel that your rights have been violated or if you have been a victim of predatory lending practices.
The Fees and Interest Rates Attached to Payday Loans in Lehigh, Oklahoma
In Lehigh, Oklahoma, lenders can charge up to $45 in fees for every $100 loaned. This translates to an annual percentage rate (APR) of approximately 390%. If you are unable to pay back your loan within the set time frame, you may be allowed to roll over the loan and pay a renewal fee.
Interesting Facts and Statistics about Payday Loans in Lehigh, Oklahoma
- In Oklahoma, the maximum amount that can be borrowed with a payday loan is $500.
- Oklahomans who take payday loans typically end up paying more in interest and fees than they originally borrowed.
- It is estimated that 1 in 8 adults in Oklahoma have taken out a payday loan at some point.
Applying for a Payday Loan with TheGuaranteedLoans
TheGuaranteedLoans is a connector service that can help you connect with potential lenders who may be able to offer you a payday loan. We work with a network of trusted lenders to ensure that you receive competitive rates and fees.
Our online application process is quick and easy. Simply fill out our online application form with your basic information. Once we receive your application, we will connect you with potential lenders who may be able to offer you a payday loan. You will be able to review the terms of the loan and decide whether to accept the offer.
Please note that TheGuaranteedLoans is not a direct lender. We do not make credit decisions or lend money. Instead, we facilitate your connection with potential lenders who may be able to offer you a payday loan.
The Bottom Line
Payday loans can be a helpful option if you need fast cash to cover unexpected expenses. However, it is important to be aware of the fees and interest rates attached to these loans, as well as the regulations surrounding them. If you are considering a payday loan in Lehigh, Oklahoma, be sure to do your research and make an informed decision.
Apply Now
Are you in need of a payday loan in Lehigh, Oklahoma? TheGuaranteedLoans can help you connect with potential lenders who may be able to offer you a loan. Fill out our online application form now to get started.