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Limits imposed on payday lending business in Oklahoma

There are the lowest interest rates for payday loans in Oklahoma. That’s why it will be sensible to borrow a payday loan in this State. Lending conditions that payday lenders offer here are the most favorable as well. You can get rid of your financial issues by applying for the services of loansassist.net which will provide you with an appropriate payday loan. You just spend a couple of minutes while filling in the application form and find necessary amount of money on the banking account.

The Oklahoma legislative acts which concern payday loans don’t differ much from the lending legislation of other American States where these operations are allowed. The maximum annual percentage rate equates 390%. This rate is not as high as rates established by the most out-of-state lending companies. The sum of the loan given at one time shouldn’t exceed $500. The interest of 15% is allowed to be charged for payday loans making up $300 and less. The 10% rate is set for the loans which amounts exceed $300. Lending period ranges from 12 to 45 days. The number of payday lending companies operating in Oklahoma is 397.

If you are an American citizen, you can take a payday loan from loansassist.net without any problems. As soon as you receive cash, you can spend it for any purposes you want. There are no limitations.

By using payday loans you can pay for any unexpected emergencies. You can repay the loan on your next payday. Payday loans can be great temporary way out of any financial difficulties.

Our firm can offer a quickly access to the money that is highly necessary to you by using payday cash advance of Oklahoma. You application will approved within a few minutes. Loansassist.net will assist you in getting money anytime.

The Deferred Presentment Service Act of Oklahoma is the law providing that payday lending business is legal in the State. What concerns fees on the loans, payday lenders should always correspond to the established rules. The level of the fee shouldn’t be more than 20% of the payday loan sum. For example, if a borrower takes a loan of $400, he is required to pay $80 in financial charges. Generally the final fee isn’t to amount more than $340.

In accordance with the Oklahoma law, payday loans can be given for a term up to 1 month. Borrowers who are unable to pay back the loan till the due date are allowed to ask for a loan renewal. If a customer has renewed the loan, he can’t borrower another loan before repaying the first one.

It is strictly prohibited by the State legislation to split one loan into two parts. In this case payday lending firms charge extra interest rates in order to gain more profit. That’s why this operation is forbidden in Oklahoma. A limit of 2 weeks and 390% for every payday loan is established by the State legislators.

In order to be able to operate legally in Oklahoma every payday lending firm is to get a license. The Consumer Credit Department’s Administration is the body responsible for it. If a lender wants to extend and establish new subsidiary companies, he is required to receive another license.