When an unexpected expense pops up, sometimes we can’t afford to wait until our next paycheck. That’s where payday loans come in. If you’re a resident of Douglas, Oklahoma, you’re in luck—payday loans are legal in Oklahoma. But before you take out a payday loan, it’s important to understand what you’re getting into.
What are payday loans?
Payday loans are short-term loans, often for two weeks, intended to cover emergency expenses until your next paycheck. Borrowers typically write a post-dated check or provide their banking information to the lender, who will deposit or withdraw the loan amount plus fees on the due date.
The fees associated with payday loans can be high. Oklahoma law allows lenders to charge up to $15 for every $100 borrowed, and loans can be rolled over up to two times, meaning additional fees could accrue.
How do I apply for a payday loan in Douglas, Oklahoma?
To apply for a payday loan in Douglas, you’ll need to provide the lender with your name, address, Social Security number, and employment information, including your employer’s name and address, and how long you’ve been employed there. You may also need to provide proof of income, such as a recent pay stub or bank statement. Some lenders may require a credit check.
The application process typically takes only a few minutes, and if you’re approved, you could receive the funds as soon as the next business day.
What should I be aware of before taking out a payday loan?
It’s important to be aware of the high fees associated with payday loans. Make sure you can repay the loan on the due date to avoid additional fees or collection efforts.
You should also be aware of your rights as a borrower. Oklahoma law requires lenders to provide borrowers with a written agreement, including information about the loan amount, fees, and due date. The lender is also required to disclose the annual percentage rate (APR) of the loan.
If you have difficulty repaying the loan, you have the right to request an extended payment plan, which allows you to repay the loan in small, affordable installments over a longer period of time. Lenders are required to inform borrowers of their right to an extended payment plan.
What are some alternatives to payday loans?
If you’re in need of fast cash but don’t want to take out a payday loan, there are some alternatives you may want to consider.
- Credit union loans: Some credit unions offer small, short-term loans with more affordable rates and fees compared to payday loans.
- Credit counseling: A credit counselor can help you create a budget and develop a repayment plan for your debts.
- Payment plan: Many service providers, such as hospitals or utility companies, offer payment plans to help you pay off your bills over time.
Interesting Facts about Payday Loans in Douglas, Oklahoma
- According to the Oklahoma Policy Institute, payday lenders in Oklahoma made $52 million in fees in 2018.
- The average Oklahoma borrower takes out nine payday loans per year, according to the Center for Responsible Lending.
- The maximum amount of a payday loan in Oklahoma is $500, according to Oklahoma law.
Apply Now
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