Good news: Payday lending restrictions are not leading to increased online borrowing.
Bad news: Most borrowers use payday loans to cover ordinary living expenses, not unexpected emergencies.
Oklahoma's regulation of payday lenders began in 2003 with the Deferred Deposit Lending Act. Loans are limited to $500, exclusive of the finance charge.
- and give written notice to the lender at the address on the agreement you signed or at the location you made the loan.
- Repayment periods can range from not less than 12 days to up to 45 days from the initial contract acceptance by the lender.
- You can be charged an additional fee for a bounced check.
- You have a right to request an installment repayment after a third consecutive loan. This comes with an additional processing fee and limits additional deferred loans.
- The act requires certain types of lenders to be licensed annually, including licensing of each site at which these loans are made.
Not all payday lenders are required to be licensed under this statute. For example, banks, credit unions, pawn shops are regulated under the Oklahoma Department of Consumer Credit. Click on this link for a list as of July 27, 2012, of all currently regulated industry rosters, including Deferred Deposit Lenders in and outside Oklahoma
The Deferred Deposit Lending Act is enforced by the Oklahoma Department of Consumer Credit.