Oklahoma Consumer Protections: Oklahoma allows payday lending with a $500 cap and tiered fee structure. Borrowers are limited to two outstanding loans at a time. The Department of Consumer Credit regulates lenders, and complaints can be filed with the Department or the Attorney General.
Interest Rate Cap: Oklahoma usury cap: 6% default rate; payday loans capped at $500 with $15 per $100 fee for first $300.
Key Regulations: - Payday loans (deferred deposit lending) capped at $500 with tiered fees: $15 per $100 on first $300, $10 per $100 on balance.
- Maximum loan term is 12-45 days.
- Borrowers may not have more than two outstanding payday loans at once.
- The Oklahoma Deferred Deposit Lending Act regulates all payday lenders.
Federal protections: The FCRA gives you the right to dispute inaccurate credit report information for free. Credit repair companies cannot charge before performing services (Credit Repair Organizations Act).
Free resources: Get a free credit report annually at AnnualCreditReport.com.
File complaints with Oklahoma Attorney General Consumer Protection Unit.