The Ins and Outs of Payday Loans in Strang, Oklahoma
Payday loans have become a popular transaction in Strang, Oklahoma. These loans are small, short-term loans, typically ranging from $50 to $500, which are designed to help people in need of quick cash. Although payday loans can be helpful for individuals facing an emergency expense, they can also come with a high cost.
How Payday Loans in Strang, Oklahoma Work
Payday loans are legal in Oklahoma and are governed by state laws. To take out a payday loan in Strang, a borrower must provide identification, proof of income, and a post-dated check or authorization to withdraw funds electronically from their bank account, covering the loan amount plus fees. If approved, the borrower will receive the loan funds in cash, on a prepaid debit card or via direct deposit into their bank account.
The loan term for payday loans in Strang is typically two weeks, with the fee for borrowing $100 ranging from $15 to $17.65. APRs for payday loans can be extremely high, sometimes exceeding 400%. For example, if a borrower takes out a $500 loan with a 391% APR, they will owe $575 when the loan comes due.
The Benefits of Payday Loans in Strang, Oklahoma
- Quick access to funds: Payday loans provide borrowers with the ability to access cash fast, often on the same day they apply, which can be critical in an emergency.
- No credit check: Unlike traditional loans, payday lenders do not typically run credit checks, making these loans accessible to people with poor or limited credit history.
- No collateral required: Payday loans are unsecured loans, meaning that borrowers do not have to provide collateral to secure the loan.
The Risks of Payday Loans in Strang, Oklahoma
- High fees and interest rates: The fees and interest rates associated with payday loans can be extremely high, making it difficult for borrowers to repay the loan in full and on time.
- Debt cycle: For some borrowers, payday loans can quickly become a debt cycle. Borrowers who are unable to repay the original loan may take out additional payday loans to cover the debt, leading to a cycle of debt that is difficult to break.
- Scams: Some payday lenders engage in predatory practices, such as charging exorbitant fees or threatening borrowers who are unable to repay the loan.
Interesting Facts and Statistics about Payday Loans in Strang, Oklahoma
- According to the Oklahoma Policy Institute, the average Oklahoma payday loan borrower takes out nine payday loans per year, with each loan averaging $394, resulting in an average annual interest fee of $432.
- In Oklahoma, 1 in 8 adults has taken out a payday loan in the past 12 months, with 29% of borrowers taking out 12 or more loans per year, according to a survey by the Pew Charitable Trusts.
- According to the Oklahoma Department of Consumer Credit, the statewide average APR for payday loans in 2019 was 390%, with the average loan amount being $394 and the average fee being $15 per $100 borrowed.
Apply Now
If you are in a financial emergency and need access to cash fast, consider applying for a payday loan through TheGuaranteedLoans. We are a connector service, not a direct lender, and we work with a network of lenders to help find the best loan option for you. Simply fill out our online application, and we will connect you with potential lenders who may be able to provide you with the cash you need. Please remember that payday loans should only be used as a last resort, and it is important to explore all other options before taking out a payday loan.
If you have any questions about the process or need assistance with your application, please do not hesitate to contact us for further information.