Consumer Protection Law

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What is the current Oklahoma law regarding interest rate for…

Customer Question
What is the current...

What is the current Oklahoma law regarding interest rate for payday or small loans?

Lawyer's Assistant: Have you contacted the seller or manufacturer? What documentation do you have?

Actual loan papers. Interest rates range from 126.6% to 176.44%

Submitted: 6 months ago.Category: Consumer Protection Law
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Answered in 8 hours by:
7/29/2017
Consumer Protection Lawyer: Thelawman2, Lawyer replied 6 months ago
Thelawman2
Thelawman2, Lawyer
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Hello, my name is ***** ***** I will be helping you today.

Oklahoma has a payday loan statute which allows a maximum loan amount of $500. The maximum finance charge cannot exceed $15 for every $100 advanced up to the first $300. Then $10 for every $100 advanced in excess of $300. So the maximum charge for the $500 is $65.

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