Payday loans in Oklahoma
On August 1, 2020, Oklahoma ended its deferred deposit (payday) licences. Licensed small lenders now make this short-term credit. They offer installment loans lasting 60 days to 12 months, fully amortized, as the Oklahoma Small Lenders Act sets out.
- Payday lending
- Only as installments
- Max cost
- None in the law
- Top amount
- Across all licensees, one borrower’s outstanding principal from small loans is limited to $1,500 and moves with CPI every other year. Payments due each month may not exceed 20% of monthly income before deductions.
Are payday loans legal in Oklahoma?
In Oklahoma, payday loans ended on August 1, 2020. They are now legal only as installment loans, as the Oklahoma Small Lenders Act provides. You repay an installment loan in roughly equal amounts over a period ranging from 60 days to 12 months. Each month, lenders can charge interest as high as 17%. Across all licensed small lenders, your total debt cannot exceed $1,500, a limit the regulator updates for inflation every other year. Furthermore, your scheduled monthly payments cannot go above 20% of your gross monthly income.
Lenders contacting you in Oklahoma via telephone or the Internet need a license issued by the Oklahoma Department of Consumer Credit. Before issuing a loan, every licensed lender has to verify your eligibility using a statewide database. Given these requirements, you ought to review the department's license lists, ensure your lender appears there, and report any complaints to the agency.
- The payday law in Oklahoma was replaced: on August 1, 2020, as the Small Lenders Act took over, every Deferred Deposit Lending Act licence expired.
- Under the Small Lenders Act (SB 720, 2019), unsecured installment loans lasting 60 days to 12 months may carry monthly interest up to 17%.
- No borrower may owe more than $1,500 in small loans when combining all lenders, a figure the regulator updates for inflation every other year.
- A statewide database must be used by lenders to check every small loan before they lend.
- For any small loan, monthly payments cannot be higher than 20% of what the borrower earns in gross monthly income.
Oklahoma payday loan laws
- Law in force
- Oklahoma Small Lenders Act
- Cited as
- 59 O.S. 3150 through 3150.27
- Fees under the law
- seventeen percent (17%) per month is the maximum periodic interest rate allowed
- Most you can borrow
- Across all licensees, one borrower’s outstanding principal from small loans is limited to $1,500 and moves with CPI every other year. Payments due each month may not exceed 20% of monthly income before deductions.
- How long a loan runs
- 60 days to 12 months
- Loans you can hold at once
- No limit on the number of loans was found; the $1,500 cap covers all outstanding small loans held with every licensee combined
- Installment lending limits
- Supervised loans up to $3,000 fall under 14A O.S. For 3-508B) loans, the statute permits an acquisition charge capped at one-tenth of principal. It also permits a handling charge for the installment account, up to $60 monthly when principal is $2,500 to $3,000.
Also checked against govt.westlaw.com. Full statute text.
Online lenders that list Oklahoma
Ten companies we track say they lend in Oklahoma: 3 online installment lenders, 6 tribal lenders and 1 loan broker.
| Lender | Kind | Posted APR |
|---|---|---|
 NetCredit | Installment | 34.99% to 99.99% |
 OppLoans | Installment | 99% to 195% |
 Rise Credit | Installment | 60% to 299% |
 Viva Payday Loans | Broker | Partner lenders quote 4.99% to 1,386% |
Tribal loans in Oklahoma
Any lender that uses telephone, Internet, or other means to get a consumer located in Oklahoma to take a small loan is treated as making small loans in the state, and a Department of Consumer Credit licence is required.
On the immunity claim tribal lenders make, see are tribal loans legal.
Six tribal lenders we track list Oklahoma as a state they lend in. Three of the six publish an APR, from 73.7% to 725%.
| Lender | Posted APR |
|---|---|
 Mobiloans | 73.7% to 405% |
 Spotloan | 99% to 490% |
 BrightLending | 325% to 725% |
 MaxLend | Not published |
 Minto Money | Not published |
| American Web Loan | Not published |
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Oklahoma and the states around it
| State | Payday lending | Max cost | Top amount |
|---|---|---|---|
| Oklahoma | Only as installments | None in the law | Across all licensees, one borrower’s outstanding principal from small loans is limited to $1,500 and moves with CPI every other year. Payments due each month may not exceed 20% of monthly income before deductions. |
| Arkansas | Banned | 17% APR | None allowed |
| Colorado | Only as installments | 36% APR | At any time, no single lender may provide more than $500. |
| Kansas | Allowed | $15.00 per $100 borrowed | $500 |
| Missouri | Allowed | Fees and interest can go up to 75% of the loan, and that includes renewals. | You may owe no more than $500 at once to one lender and its affiliates. |
| New Mexico | Banned | 36% APR | None allowed |
| Texas | Allowed | None in the law | State law sets no limit, though city rules can (Houston: 20% of gross monthly income per loan). |
Oklahoma loans with no credit check
Installment loan rates: Supervised loans up to $3,000 fall under 14A O.S. For 3-508B) loans, the statute permits an acquisition charge capped at one-tenth of principal. It also permits a handling charge for the installment account, up to $60 monthly when principal is $2,500 to $3,000.
See no credit check loans: the checks lenders still run, and the price.
Verify a lender's license in Oklahoma
- Look the lender up on the license list before you hand over any bank details.
- Lenders here answer to the Oklahoma Department of Consumer Credit.
- Had trouble with a lender? Report the lender.
Sources for Oklahoma
- When the Small Lenders Act was implemented, licences under the Deferred Deposit Lending Act ended on August 1, 2020.law.justia.com
- SB 720 enacted the Oklahoma Small Lenders Act in 2019, and it took effect on November 1, 2019.oscn.net
- Small lenders can charge a periodic interest rate up to 17% each month.; The sum of all outstanding small loans to one customer from all licensees cannot exceed $1,500, with adjustments for CPI every other year.; When scheduled monthly payments exceed 20% of gross monthly income, no small loan may be made.law.justia.com
- Small loans must be unsecured, run 60 days to 12 months, and feature substantially equal payments that fully amortize the debt.law.justia.com
- Any lender reaching Oklahoma consumers by telephone or Internet is considered to be making small loans in the state and requires a licence.law.justia.com
- Under 59 O.S., the Department of Consumer Credit grants the Oklahoma Small Lender licence. 3150-3150.27.oklahoma.gov
- Eligibility for every small loan must be checked using a statewide database.oksld.com
- The regulator lists the Deferred Deposit Lender Act (2003) and Oklahoma Small Lender (2019) laws on its history page.oklahoma.gov
- Fees were $15 per $100 on the first $300 under the former Deferred Deposit Lending Act.law.justia.com
- In the supervised loan schedule's top bracket ($2,500 to $3,000), lenders may impose an acquisition charge up to one-tenth of principal and a monthly handling charge up to $60.law.justia.com
- Licence rosters for every regulated industry, including Oklahoma Small Lenders, are published by the department.oklahoma.gov
- Complaints about the licence types it regulates are accepted by the Department of Consumer Credit.oklahoma.gov